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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: IRWIN JAMES FRANKEL who wrote (2167)	3/27/1999 7:36:00 PM
From: Bob Swift	Read Replies (1) \| Respond to of 10280

What will it take to turn the downtrend around and when ? Will it be (1) that the price gone down so much intraday or that it refuses to drop for a whole day that every bargain hunters start to jump in (This week ?)or (2) announcement of one or more partnership with major Pharms (soon ?) or (3) the realization that Xopenex is starting to sell well (2-3 months ?) or (4)an announcement of great Propulsid phase 2 result (sometime this year ?) At what price will SEPR be closed at,say, 3 months from today ?

To: IRWIN JAMES FRANKEL who wrote (2167)	3/27/1999 7:54:00 PM
From: Biomaven	Read Replies (1) \| Respond to of 10280

Irwin, You basically do the calculation Jonathan described in his post - you assume conversion (thus increasing the number of shares) but subtract out the interest or dividend payment. If the result is a lower EPS, that is the number you report, in which case the fully diluted number of shares would include the shares resulting from the assumed conversion. BTW, re-reading my post to which Jonathan was replying (as I should have done earlier) I see that he was correct in pointing out that for convertibles one doesn't use the treasury stock method in calculating dilution (as I incorrectly implied in that post). My apologies. Peter