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Biotech / Medical : ARIAD Pharmaceuticals

ARIA 23.99

0.0%

Feb 17 4:00 PM EST

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To: RWReeves who wrote (707)	9/21/1999 9:09:00 PM
From: Biomaven	Read Replies (1) of 4474

Just took a quick look at the 10-Q. No conversions of the toxic convertible through June 30. They haven't taken down another tranche and no indication that they might do so. Instead, talk of another financing - a debenture (with warrants) secured by all their assets. Personally, I think they need a more fundamental restructuring. Their heavy ongoing need for capital over the next several years just isn't supportable by their weak financial position. Sure they can buy a year or so with one more financing, but that's about it, unless of course they can pull some mighty pretty rabbits out of their hat. Aside from an outright sale of the whole company, another idea would be to give up their equity interest in the genomics center. Although they get cash for it from HMR, the longer the project continues the weaker their balance sheet gets, and there doesn't seem to be any sign of quick returns from it. If HMR doesn't want it all, maybe someone like MLNM would be interested? I've no idea what the genomics center has to show for its work so far. Anyone else know? Peter

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