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Biotech / Medical : biocircuits BIOC
BIOC 0.690-1.8%3:06 PM EDT

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To: T.L.Smith who wrote (44)7/20/1997 4:33:00 PM
From: Steve Robinett   of 65
T.L. et al #2

After skimming over BIOC's latest filings, especially the impact of their recent financing activities as shown in the July 18 S3/A, my opinion on whether this dog can hunt has again changed, this time, back to no. The financing has come at a terrible dilution price. With the equivalant of 25 million shares now outstanding and subtracting the company's cash (the $5 million and change from the July financing), I get a ballpark valuation--being generous--of about $.05/share, a burn-rate of about $3.5 million a quarter and the prospect of rising expenses.
Any thoughts? I only gave the filings a quick read and may have missed something.
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