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Biotech / Medical : Collagen Corp.
CGEN 1.750-1.1%Nov 3 3:59 PM EST
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To: Rocketman who wrote (41)6/7/1997 11:09:00 PM
From: Jonathan Rothschild   of 72
 
While I agree with you that the tax implications on the sale of Target shares was of little benefit to shareholders, they used the money to buy out the Lipomatrix partnership and fund other development projects. They were forced to buy out the Lipo group because another company was moving in ahead of them. I hear that Contigen sales have resumed and will ramp up due to interest by Bard in selling to gynecologists. Two big blocks were crossed two weeks ago and volume has dried up since. I would give the new management a chance to perform as they have been barely in place a year. Regardless of how one feels about management, this stock is undervalued. They are selling at barely 2 times revenues which is the lowest of any mid-tier medical device company. Hyaluform is going better than anyone expected. Perhaps Biomatrix will file an NDA for the domestic market soon. This would help Collagen, as they have a marketing option for this product and it would complement as well as partially cannibalize their Zyplast/Zyderm sales. I can't say that I'm impressed with management. I liked Howard's combative style, but think he he may have scared away a few analysts. As this company approaches 100 MM in sales in 1999, they can't ignore its price and will sop it up. Look for a major restructuring later this summer,as the company has announced it is exploring a spinoff, splitoff or IPO after separating the two divisions. Cosmetic medicine is not to be underestimated. The Matrix lawsuit was a waste of legal expenses and effort, but fired as a warning shot to would-be competitors. I'm still long, but waiting for management to prove itself.
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