T/FIF, a New Plateau Message Board

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Biotech / Medical : T/FIF, a New Plateau

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To: michael_f_murphy who wrote (1151)	5/1/2002 1:17:34 PM
From: scaram(o)uche	Read Replies (1) of 2243

>> Are you double counting the value of cash: once in the various program's net value (a use of cash) and again as a cash balance? << Yes. Projects have no value if they can't be funded. To try to balance that act with what I consider to be a near-term attractive buyout in the model, I discounted the cash from 214M to 60M, and kept the RSV/lung project at an attractive 20M. Assets are (03/31) $241M. Book is (03/31) $17M. My valuation is 136M. The traditional biotech investor assumes that assets may lead to pharmaceuticals and pharmaceutical-like margins and profits. >> Don't see a reduction for the debt << Cash was discounted by 70%, and, as explained above, the $136M falls way short of current assets. Thanks, very much, for the discussion.

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