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Biotech / Medical : NPSP NPS Pharmaceutical

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From: mopgcw	3/15/2007 6:50:22 PM
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mstar: We're placing NPS Pharmaceuticals NPSP under review while we evaluate the company's second major restructuring in the past nine months. On Wednesday, NPS announced the elimination of all but 35 employees and one office in New Jersey in order to preserve its remaining $145 million of cash through December 2008. This expands the company's breathing room to out-license late-stage compounds PREOS and teduglutide to partners with deeper pockets as well as restructure its convertible notes before they mature in June 2008. We expect to maintain our bearish outlook on the business, given the company's poor negotiating position; however, the most recent cost cuts may warrant a modest increase to our fair value estimate. Brian Laegeler

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