Don't Floss, You Lose - (ATRX) To the RESCUE. Message Board

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Biotech / Medical : Don't Floss, You Lose - (ATRX) To the RESCUE.

ATRX 0.0001000

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Aug 1 9:30 AM EST

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To: Clouseau who wrote (154)	9/10/1999 11:20:00 PM
From: Fred McCutcheon	Read Replies (1) of 182

What is there about this company that I am missing? a) 1. It has 47 million cash & investments 2. It has 3 million of other working capital 3. Its only liability is the convertible notes (43 million at June 30). These notes are convertible at the COMPANY'S option after November 2000 @ $19 per share or 2,263,158 shares of common Add this all up and there is 47 million of cash less 4 million of interest to the note call date for a net of 43 million on 13.5 million shares to be outstanding or $ 3.19 per share. b) 1. 3 current products in the market and several more in the pipe 2. Sales starting to ramp up through Block and others. 3. Gross margins of which a software company would be proud (81.4% last quarter) 4. 35 million of license fees yet to come from Block 5. Sales are now covering G&A and starting to contribute to R&D In any other pharmaceutical company this would be wildly exciting. c) The board is sufficiently confident of the company's financial position that it has been buying back shares and convertible notes to the tune of 10 million At the current price of 7 3/16 you get all of the operations for (7.1875-3.19)*13,500,00 which equals 54 million, not a lot more than the future Block payments. Any thoughts?? Fred McCutcheon

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