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   Biotech / Medicalbiocircuits BIOC


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To: Craig Rodkin who wrote (50)7/23/1997 9:27:00 AM
From: Steve Robinett
   of 65
 
Craig,
Sounds like we've got roughly the same take on BIOC. The BD deal does free them up to play to their strengths, i.e., developing new assays for the test menu but the recent financing makes the situation like a juggler juggling more and more eggs when someone tosses in a bowling ball. I agree more or less with your trading range comments.
Best,
Steve

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To: Steve Robinett who wrote (51)7/23/1997 11:01:00 AM
From: Craig Rodkin
   of 65
 
Steve ,

Below is the statement that was released for the Q. NOTE THE TOTAL AMOUNT OF SHARES USED TO DETERMINE LOSS/SHARE. This is fishy since they just stated (previously released statements) they had 15+M as of July 16 and a potential 6+m exercizable.

-Craig

----------------------------------------------------------------------

Wednesday July 23 10:26 AM EDT

Company Press Release

Source: Biocircuits Corporation

Biocircuits Corporation Announces Second Quarter 1997
Financial Results

SUNNYVALE, Calif., July 23 /PRNewswire/ -- Biocircuits Corporation (Nasdaq:BIOC) announced
today its financial results for the second quarter ended June 30, 1997. The company reported a net
loss of approximately $2.3 million, or $0.23 per share compared to a net loss of $3.7 million, or
$0.80 per share recorded in the second quarter of 1996. The second quarter results also compare
favorably to the first quarter 1997 when a loss of $3.5 million or $0.41 per share was reported.

``The $1.4 million reduction in losses is a direct result of the actions taken in April to reduce the burn
rate,'' stated John Kaiser, President and CEO. Mr. Kaiser further stated that, ``While placements of
IOS(R) units in end user sites during the second quarter did not meet the criteria for the second
tranche of the April financing, placements were approximately three times the first quarter
placements and the installed base of IOS systems has more than doubled since the first of the year.
Placement of units in end users substantially exceeded purchases by distributors, reducing distributor
inventory to a level well below first quarter levels.''

Mr. Kaiser also stated that, ``The improvement in end user placements and the previously announced
signing of the non-binding letter of intent with Becton Dickinson allowed the Company to
successfully close a $5.1 million financing to replace the funds that the Company would have
received in the second tranche of the April financing.''

BIOCIRCUITS CORPORATION
(a development stage company)

STATEMENTS OF OPERATIONS
(in thousands except per share data)
(unaudited)

Three Months Ended Six Months Ended
June 30 June 30
1997 1996 1997 1996
Revenues
Product sales $205 $111 $438 $156
Operating costs and expenses
Cost of sales 583 742 1,617 1,049
Research and development 1,027 1,662 2,507 4,015
Sales, general and
administrative 921 1,430 2,237 2,680
2,531 3,834 6,361 7,744
Loss from operations (2,326) (3,723) (5,923) (7,588)
Other income and expense 14 22 62 25
Net loss $(2,312) $(3,701) $(5,861) $(7,563)
Net loss per share $(0.23) $(0.80) $(0.63) $(1.77)
Shares used in computing net
loss per share 10,048 4,626 9,320 4,264
Pro forma net loss per share $(0.18) $(0.45) $(0.47) $(0.97)
Shares used in computing
pro forma net loss per
share (A) 12,985 8,249 12,345 7,758

(A) Including outstanding convertible preferred stock on an if converted basis

BIOCIRCUITS CORPORATION
(a development stage company)

CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)

June 30, December 31,
1997 1996

Assets
Current assets:
Cash, cash equivalents and

short-term investments $ 87 $4,944
Other current assets 2,312 1,987
Total current assets 2,399 6,931
Property and equipment, net 1,349 1,375
Restricted cash 255 376
Other assets 52 44
$4,055 $8,726
Liabilities and stockholders' equity
Current liabilities $1,258 $1,576
Long-term obligations -- 72
Total liabilities 1,258 1,648
Stockholders' equity 2,797 7,078
$4,055 $8,726

SOURCE: Biocircuits Corporation
Contact: John Kaiser, President & CEO of Biocircuits Corporation, 408-752-8706

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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.
Best,
Steve

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To: Steve Robinett who wrote (53)7/23/1997 4:37:00 PM
From: Craig Rodkin
   of 65
 
Steve,

I won't believe any of the numbers until we see the SEC filing. I noticed that 2 form 144s were filed today. I took this to be a bad thing and put in a sell order for 1-1/8 (GTC). Hopefully it went through. I'll know tomorrow.

-Good luck
Craig

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To: Craig Rodkin who wrote (54)7/23/1997 4:42:00 PM
From: Steve Robinett
   of 65
 
Craig, The sell order sounds like the right decision to me. The 144s are probably from the July financing--sell the stock, get your money back and a small profit, maybe hang onto the warrants.
Steve

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To: Steve Robinett who wrote (55)8/7/1997 12:09:00 AM
From: soozathelooza
   of 65
 
looks like we had a nice
22% pop today.

with decent volume....
lets see if it holds tomorrow...

paul.

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To: soozathelooza who wrote (56)8/7/1997 1:22:00 AM
From: Steve Robinett
   of 65
 
Paul, Somebody either knows something or thinks he/she knows something. I have doubts whether it's off to the races considerings the company's precarious finances. But you never know.
Best,
Steve

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To: Steve Robinett who wrote (57)8/7/1997 7:49:00 PM
From: soozathelooza
   of 65
 
i agree steve...

if you look at BIOC during the last
couple of months, it has constantly taken
2 steps up and one step back.
its been looking preety solid.

i didnt put my life into BIOC
but a double at $2 is not out of the question.

(hopefully the insiders DO know something !}

goodluck...paul.

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To: soozathelooza who wrote (58)8/19/1997 5:18:00 PM
From: John Liu
   of 65
 
Anyone see the news stories about BIOC's product on TV. Yesterday night I saw a news program that did a pretty lengthy discussion about their product. Anyone else?

John

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To: John Liu who wrote (59)10/22/1997 2:36:00 PM
From: Epics
   of 65
 
anyone still follow this stock?

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