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Biotech / Medical : CNSI Cambridge Neuroscience
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To: molemania who wrote (197)7/14/1997 9:42:00 PM
From: NeuroInvestment   of 675
 
Burn rate and cash aren't a problem. CNSI has close to $50 million in cash, or, to put it another way; the current stock price is barely above cash per share. Thus at this moment the market is not valuing the R&D or TBI as worth anything. The burn rate....$3.7 million for the last quarter reported. About 3 years worth of cash at current burn levels (and the burn will go down after TBI trial finishes). The main and only real issue at this point is the TBI trial data. Even though one can make a solid case that CNSI is badly oversold now,I have it as a hold because the TBI data is so crucial, and not to be taken for granted. It is interesting that my use of the word Hold for CNSI was interpreted by the market in its usual way today. While I would prefer to think that this is not so, I have had a couple of calls from senior market watchers today speculating that it was my going public with the downgrade from buy to hold that caused CNSI to slip today. It should not have been so, when I say hold, that is what I mean. It is true that with the price at cash level, there is little if any downside risk, the question is to what degree TBI data mixed with market leeriness of stroke outcome will permit a significant move up.

Regarding my publication, e-mail me at neuroinv@nh.ultranet.com if you would like info. I do not want to commercialize this thread. NeuroInvestment
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