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: Galirayo who wrote (244)	11/9/2005 3:37:07 PM
From: BulbaMan	of 684

AXYX reported cash of $63.2 million as of 9/30/05. They have no long-term debt, but about $6.6 million in current liabilities. With a reported 53,680,721 shares out, that puts cash per share (less current liabilities) at about $1.05. The stock is now selling at $.83-.84 per share. There's also an investment in Oxis on the AXYX 9/30/05 balance sheet that they value at $5.8 million. (At today's quote of $.30, AXYX's 14 million shares are worth $4.2 million.) On Monday, AXYX announced that it abandoned further development of Phenserine. So, their burn rate of about $6 million in the 9/05 quarter should be substantially reduced going forward. FD: I picked up a few AXYX shares this morning with the hope that a deal will bring the stock to at least cash per share. Hopefully, I haven't gotten myself into another KDUS lifetime hold.

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