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Biotech / Medical : biocircuits BIOC
BIOC 4.580-0.9%Dec 1 4:00 PM EST

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To: Craig Rodkin who wrote (52)7/23/1997 4:32:00 PM
From: Steve Robinett   of 65
Craig, this does make sense, though it doesn't reflect the company as of today. Their quarter closed on June 30. The dilutive financing closed after the end of the quarter, in July. Effectively, they now have twice as many shares outstanding as at the end of the quarter.
Again, I notice the burn rate, now $2.5 million/quarter even with last quarter's sales. The $5 million July financing will evaporate quickly at that rate and the July 18th filings says expenses are likely to go up going forward. Their suggestion that the July financing gets them to Q2 '98 still looks highly optimistic to me.
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