Here are my, uh, thoughts a couple weeks old. If they answer your question, great!
1/08/07
TRGT
Price: $9.00
MC: $180m
c/s: 19.1m (7/06)
Cash: $68m est at 12/06. (Includes azn $20m milestone)
Burn: $24m in 2006
IPO: $9/sh on 4/18/06, post-IPO value was $172m.
Summary of value ($130m)
1. TC-1734 (a/k/a AZD3480), for AD and cognitive enhancement in schizophrenia. It has been in P2 and looks safe. AZN elected 12/06 to take it forward. Stepped low double digit royalty. $80m.
2. TC-2696. P2 in acute post-operative pain commenced 12-06. Doesn’t sound promising to me. $0m. The randomized, double-blind, single-dose trial is being conducted in the United States and is expected to enroll approximately 150 molar extraction patients. The trial includes five arms, 10, 25 and 50mg TC-2696, ibuprofen (400mg) as a positive control and placebo.
3. TC-2216, a product candidate for depression and anxiety disorders and other indications, such as obesity. P1 began 1/8/07. $40m.
4 TC-5619, a preclinical product candidate selective for NNR alpha7, b/u to x1734, with potential for schizophrenia, cognitive impairment and inflammation should be in P1 1H07. $10m. Add $30m when in the clinic.
5. TC-5214. Not sure whether the top-line p2 results using mecamylamine hydrochloride are sufficiently robust to now take this, one of the enantiomers of mecamylamine hydrochloride, forward. $0m. |
