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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio

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To: tuck who wrote (301)	8/3/2001 2:34:32 PM
From: tuck	Read Replies (1) of 1005

Just had a listen to the ARNA CC: rd.yahoo.com*http%3a//tm%2eintervu%2enet/template/smirror/ivtemplates/ccbn/2001/july/23/ipc-ccbn-arna-07232001-52369-rl-8%2eram ARNA's small earnings miss due to delays in deal signing (the deals are now signed). Many non-cash expenses, company is cash flow positive and expects to remain so for this year and next year. Hear that? No burn. Negotiating with 3 multinational pharmas; in financial consideration for technology stage. Also talking with several smaller pharmas and biotechs. Internal and external programs on schedule. Switching to new technology which will increase GPCR discovery throughput from one per week to one per day. Will partner 5-HT compound if sufficient interest, otherwise will continue to develop internally. IND on track for year end. Might also partner HT 2 way program if partner can improve or hasten it. Looking for revenue sharing. Internal early preclinical programs: have picked several targets in oncology and metabolic (diabetes) disease, will announce some within the next year. Yahoo!'s cash figures aren't updated for the secondary. I'd have to listen to the CC again, can't decide if I heard $270 million or $217 million. Adding to Yahoo!'s given cash balance of ~$125 million the ~$130 (4.75M newly issued shares X $27.50) leaves $255. If they just signed deals and got upfront payments (I thought they said $5 million upfront), we may be closer to $270. OTOH, they are hiring chemists and such like mad. Anyhow, outstanding shares should be in the 31.5 million range now ( and float nearing 15 million). So we have something like $8 per share and positive cash flow. Many of the bailing insiders seem to be folks who bought into ARNA in the Taiwan part of the road show. These folks are probably not doing well with their local stocks, and ARNA may represent one of the few things on which they can take a profit. So I don't think it reflects on the company's prospects. BLUE HP nibbles ARNA: 300 shares @ $20.60, the current ask. Cheers, Tuck

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