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Biotech / Medical : biocircuits BIOC
BIOC 0.781+2.8%2:05 PM EDT

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To: Steve Robinett who wrote (46)7/22/1997 11:13:00 AM
From: Craig Rodkin   of 65
 
Steve,

I really don't think this is as bad as it appears. We needed the financing and we received it. We all knew shares would be issued for the second tranche thus diluting the value of shares, the problem is that they were at .75 and not a $1.

What we need is a 10Q with some sales and decreased spending. I expect sales to be down from expectations (we didn't meet the requirements for tranche #2), but to be promising due to the BD oral pact

I took a long weekend and just glanced at the paperwork today. I give everything a read today and comment tomorrow.

-Craig
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