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Biotech / Medical : Matritech (NASDAQ - NMPS)
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To: William J. Leiby who wrote (513)12/8/1997 7:27:00 PM
From: John McCarthy  Read Replies (2) of 849
 
William -

Mgmt said -

In an article in IBD dated 5/7/96 Matritech's management
is quoted as saying they expected $20 to $30 million from
the NMP22 test. They went on to say the test COULD bring in
as much as $250 million if doctors used it for early
screening (inferred off label). Lastly a fellow named Gary Lewis of Jesup & Lemont Securities estimated that the company could be
profitable by the end of next year (meaning the end of
1997) based on the Bladder test alone.

Given the fact that the Bladder test costs $50 bucks and a
cystoscopy $300 (I am quoting the article) you'd think that
this would be a no brainer. As we know - its not.

As things stand now (IMO) what keeps NMPS from going to $-0- is:

(1) A 1 WOMEN marketing department. (Her credentials bascially
read - I know how to get assay products into the high volume
DISTRIBUTION CHANNELS because thats what my RESUME says), and

(2) The colon test because there isn't any doctor competitive
product (I hope) like the cystoscopy i.e. I'm not giving
up a $300 pickoff procedure for some low $ margin test.

Whether these two factors hold up - we'll see.

In conclusion - there isn't ANY reason to hold this stock,
based on (1) its miserable success with the bladder test ,
and (2) an untested Marketing person whose basic role is
nothing less than full revenue responsibility.

I'm long a couple of thousand shares because I'm rootin for
the lady. Sans that, this thing is a turkey.

In conclusion, in 1996, some guys thought the distribution channels of America would beat a path to their door.

Now they know better.

Regards,

John McCarthy
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