>> MLNM is in no way cheap. Maybe after it gets cut in half again? <<
The company is doing all-inclusive 50:50 deals with companies that have market caps of 10-20X that of their own.
In five years and IMO, they'll have the best pipeline in the entirety of pharma.
Total assets 12/31/96 were 87.8M. Changes in shareholder equity since then......
<CAPTION>
TOTAL
ACCUMULATED STOCKHOLDERS'
(IN THOUSANDS, EXCEPT SHARES) DEFICIT EQUITY
- ----------------------------- ------------ -------------
<S> <C> <C>
Balance at December 31, 1997....... $ (99,366) $ 91,755
Net income......................... 10,338 10,338
Unrealized gain on marketable
securities....................... 33
----------
Total comprehensive income..... 10,371
Issuance of common stock........... 96,600
Repurchase of common stock......... (23)
Exercise of stock warrants.........
Employee stock purchases........... 5,630
Forgiveness of notes from
officers......................... 79
Stock compensation expense......... 565
Write off deferred stock
compensation.....................
Stock compensation earned.......... 853
401K stock match................... 532
--------- ----------
Balance at December 31, 1998....... (89,028) 206,362
--------- ----------
Net loss........................... (351,960) (351,960)
Unrealized loss on marketable
securities....................... (768)
----------
Total comprehensive loss....... (352,728)
Issuance of common stock........... 580,533
Repurchase of common stock......... (1)
Exercise of stock warrants.........
Employee stock purchases........... 2,226
Issuance of Common Stock in
exchange for note from officer... (1,026)
Forgiveness of notes from
officers......................... 87
Deferred stock compensation........
Stock compensation expense......... 1,815
Write off deferred stock
compensation.....................
Stock compensation earned.......... 928
401K stock match................... 1,210
--------- ----------
Balance at December 31, 1999....... (440,988) 439,406
--------- ----------
Net loss........................... (309,619) (309,619)
Unrealized gain on marketable
securities....................... 11,503
Foreign currency translation....... (309)
----------
Total comprehensive loss....... (298,425)
Issuance of common stock........... 945,004
Issuance of common stock pursuant
to conversion of subordinated
notes............................ 297,062
Repurchase of common stock......... (52)
Exercise of stock warrants......... 168
Employee stock purchases........... 75,693
Repayment of notes from officers... 641
Deferred stock compensation........
Stock compensation earned.......... 919
401K stock match................... 1,867
--------- ----------
Balance at December 31, 2000....... $(750,607) $1,462,283
========= ==========
At this time, sector "research premiums" are squeezed pretty damn dry. That's on a historical or absolute (some
excellent companies are selling for cash-in-hand) basis.
Beyond using cash as the bottom line measure of absolute value, one can also use what a pharma would be willing
to pay for a company as that "absolute".
I recently re-entered the stock with a modest position, after having not been a shareholder for some time. I'm
curious about the basis that you use to say that the company is "in no way cheap".
Thanks. |
