I did a brief reading of Photogen's documents on EDGAR. Curiously, they have a market cap of $622mm!! There's only $4.3 in cash and equivs (to mid-2000 or so). They plan to raise capital in this quarter and have a pledge of $5mm in a private placement.
There are a number of development programs, all preclinical. There are more diagnostic programs than treatment development. There are a number of patent applications, mainly use and apparatus patents (I didn't find an NCE program). They recently announced a deal with Elan in lymph cancer detection.
Dr. Gerald L. Wolf, lead investigator in their lung and prostate cancer programs, has joined PHGN's staff as medical director, and has moved his lab to Tufts Univ (where it is sponsored by PHGN).
I find this valuation astounding -- perhaps you can explain it. By contrast, Pharmacyclics is worth a third less (circa $425mm), even though it has $126 mm in cash and equivs, advanced trials, NIH sponsored research, composition of matter patents, etc.
Please tell me why Photogen is worth so much more money than the more advanced, better financed PCYC. I must have missed it. |
