ARRIS - Another partner Message Board

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Biotech / Medical : ARRIS - Another partner

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To: CYBERKEN who wrote (182)	10/15/1997 4:14:00 PM
From: F. Jay Abella, III	of 353

Hi All: Barron's story prompted mt to take a look. Here's my conclusion as it will be published, along with a valuation at www.westergaard.com. From what I can tell, their lead asthma compound is NOT at all a value driver for the company. Nonetheless, I state - VALUE SHARE PRICE = $15.91 CURRENT SHARE PRICE = $13.325 "The shares of ARRS Pharmaceuticals are undervalued by $2.58 or circa $38mm in market cap. An appreciation in share price to this level would be almost entirely attributable to company management, who, in our model, has been rewarded for using its available cash prudently, and negotiating strong collaborations. However, if the company fails to introduce new compounds into Phase I clinical trials, its valuation will suffer as its cash contribution to market cap and revenue/accumulated deficit ratios decline." FJA

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