Torrey Pines Therapeutics was formerly a private company focused on CNS disorders and had several promising compounds for migraine and Alzheimer's disease. They did a merger with Axonyx, whose compounds failed for Alzheimer's and was left for dead, trading at a slight premium to cash. TPTX now has swapped out management, did a reverse split, changed the name to Torrey Pines, and essentially bagged Axonyx's clinical platform for their own. TPTX has a Phase II compound for migraine and later chronic pain. They also have a very interesting Alzheimer's platform with an ability to start up Axonyx's old pipeline should it make sense.
No one knows about TPTX. It has a healthy balance sheet and a lot of cash. We've been seeing a good deal of capitulation as old Axonyx shareholders sell and take their losses. However, going into the final weeks of 2006, the stock chart has bottomed out nicely and volume is coming back to the stock. At $6.40, it looks to go sharply higher in the near term.
Don't say I didn't tell you!
Good luck,
Tom C. |
