Biotech for less than cash value Message Board

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Biotech / Medical : Biotech for less than cash value

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To: dalroi who wrote (75)	7/9/2002 10:58:14 AM
From: RWReeves	of 684

Hi Stefaan! Interesting observation that "acla is special case yahoo lists its cash indeed around 70m but when looking into the 10q 35m is restricted cash for payment to calp"... Have you checked to see if CALP records it as a receivable? At one time the award was small potatoes, now it is a fair chunk of change. Not that CALP needs the money badly, but it was hard for ACLA to lose it. CALP is attractive as it has actual sales (ACLA on a more limited basis, would not be surprised to see that one picked up sometime). I noticed ARDM as another combination bio/meddev talked about, and in fairness INHL should also make the list as they are probably near or at cash and have always had some "magic multiple" that kept their valuation (in better times) up there. That seems to have all but vanished recently. General news for inhaled meds has been positive but stock price has not. I have all 4 in the portfolio and managed to lose money on at least 3 of them in the recent past <nvbg>. See you soon..... RWR

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