CORPORATIONS: Feverish Activity

Bio-Medical Sciences, Inc., was founded five years ago by a man who was then only 21, and it has never earned a profit or sold a single product. Yet some major financiers have invested $30 million in the company. Among them, Allstate Insurance has put up $3,000,000, Prudential Insurance $2,000,000, the Rockefeller family $1,560,000 and a Yale University endowment fund $1,000,000. Merrill Lynch co-managed a $25 million private placement for the firm in September. The company's highly speculative stock, issued at $10 a share in 1969, was selling last week at 84½...

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