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Technology Stocks : Tseng Lab on the move?
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To: bob who wrote (241)11/2/1998 4:29:00 PM
From: AJ Berger  Read Replies (1) of 251
 
Opps, I got my Math Backwards

If TSNG book of $1.50 is merged 3:1 to CLPA, then
TSNG is bringing $4.50 of book value to each CLPA
stock it will get. Assuming the $20 mil of cash
and $20 mil of new Venture Capitol is still intact
of CLPA, then they can just afford to merge with
TSNG. This would Create a Company with around
$6 per share book value, and around 10 million
shares outstanding, according to the company
share count of Cell Pathways. Still, that only
leaves TSNG with around $2 per share in value
to shareholders on Wednesday morning. Again,
I'm only talking Book Value here. These are
two companies both pissing aways $10-20 mil
a year on R&D with no revenues yet. Damn,
this is a mess. I can't wait to see how it
plays out on Wednesday Morning. Should be fun.

P.S. even if you assume that there will be IPO-like
action on Wednesday (see the Yahoo'ligans are dreaming)
then you have a poorly subscribed stocks that will
bearly make it out of the gate in the low teens, and
will probably close lower, leaving our 1/3rd valued
TSNG shares well below the $4 range. I just can't
understand how TSNG will vote on the merger tomorrow
when every indication points to a lower stock price
for TSNG. They could only be doing this if the
confidence in FDA Trails is low, or product to
market cycle may be longer than originally thought.
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