No company mentioned. Only said "The corresponding author for this study is : AR Neurath, New York Blood Ctr, Lindsley F Kimball Res Inst, 310 E 67th St, New York, NY 10021
Change of Subject:
Have you noticed how bad the biotech company IPOs are? I've noticed two cancellations in the last week. The latest was Virologix Corp. The initial public offering in Virologix Corp. was postponed indefinitely due to market conditions, lead underwriter Rickel & Associates said on Monday. The market may be going higher, but it is not helping biotech IPOs. Not good news for Procept!
Procept seems to be hoovering at 3/4 to 13/16. With no demand for its shares. I'm wondering when the heavy selling will start. The rush for the exit door! Procept's annual meeting is not till 16 June 97. I hope we don't have to wait till then to have some positive news. I'm wondering why Procept hasn't tried to cut costs even further. They have little incoming revenue.
After relooking the financials for this company I came up with these observations:
1. For that last two quarters their expenses are averaging 2,500,000.
2. Cash usage per quarter is approximately 2,500,000.
3. Subtracting the total liabilities from cash & cash equivalents as of 31 Dec. 96 gives you a total of 3,363,000.
4. Assuming an expense of 2,500,000 (1st quarter) subtracted from 3,363,000 gives you a remaining estimate of 863,000. This figure is approximately one months expenses at their current rate.
If Procept paid all their bills now, they would be out of cash & cash equivalents. Of course, we know that they probably are delaying payment on liabilities and reducing expenses. Let's hope they have a new revenue source soon. I hope the 1st quarter results prove me wrong! |
