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Biotech / Medical : Nortran Pharmaceutical -NRT.V

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To: Sapper who wrote (239)	12/5/1997 1:58:00 PM
From: F. Jay Abella, III	Read Replies (1) of 1185

To keep the thread alive, I will publish my present valuation for the company here. VALUATION FOR NORTRAN PHARMACEUTICALS - (all prices Canadian) Product Pipeline: Clinical (1) RSD 921 - Local Anaesthetic - licensed in Asia, 18 patient exposures in South America. Preclinical (8) 2 Pain Compounds including RSD 931 and NB-2 3 Anti-Arrythmics - including AAA, AAC, and AAP 1 compound for Cough 1 compound for Dermal Anaesthesia 1 compound for Libido, LE-1 Valuation RSD921 potential worldwide market as a local anaesthetic and Anti-arrythmic is conservatively $250mm. Multiply by 0.3 for Phase I and 0.10 market penetration first year = $7.5 contribution to market cap. Eight preclinical compounds contribute $5.0mm to market capitalization each. = $40mm TOTAL TECHNOLOGY VALUE = $47.5mm Cash and cash equivalents - LTDebt = $8.3mm TOTAL = $55.8mm MANAGEMENT FACTOR (rough estimates) Revenues since inception = $1.0mm Accumulated Deficit = $5.0mm Management factor = 0.20 TOTAL MARKET CAP = $55.8 times 0.2 + $55.8mm = $66.96 DIVIDED BY FULLY DILUTED SHARES OUTSTANDING = 31.0mm PRESENT MARKET PRICE PER SHARE = $2.16 PRESENT PRICE = $0.90

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