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Biotech / Medical : Collagen Corp.
CGEN 1.715-3.1%9:30 AM EST
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To: OldAIMGuy who wrote (50)8/9/1997 9:46:00 AM
From: Jonathan Rothschild   of 72
 
Institutional buying in the last few minutes of Friday. Anticipation of company discussion on future splitoff on Tuesday after market earnings report. Investors are awaiting a definitive plan/structure of the deal. It's anyone's guess whether the company will declare a stock dividend on Tuesday, although they did say several months ago that the restructuring (e.g. dividend) would be within 6 - 8 months. This should be a good quarter, compared to last year, as Contigen sales have been renewed. Many investors (i.e. urologists) bought Collagen stock a few years ago just for Contigen and dumped it when they saw inventory problems. Bard has a new product manager that wants to market this product aggressivley to gynecologists which should really help the ramp. Breast business will burn money in the short-term and will only kick-in as a profitable business in two years. Silicon implants are still widely used in Europe and recent court cases have exonerated Baxter and others. Core wrinkle business is holding its own, but growth is slow. Hyaluform, on the other hand, is going better than expectations. New products this year will be introduced for dermatologists. I wonder whether it will be a me-too alpha-hydroxy acid cream, or something new and noteworthy. BSX stock will be freed up real soon. At today's closing price it's worth 110 million or about 60% of market cap before taxes. They own other public stock in another company worth at least another 10 million. Excluding these assests company is selling at less than 1 times sales which is really small for a device company. BSX should consider a stock buy back and they would Collagen for almost free in the process.
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