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Biotech / Medical : PRCY - ANY BODY HAS ANY NEWS ON THESE
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To: Bert Kuo who wrote (292)12/15/1997 4:35:00 PM
From: Coha  Read Replies (1) of 670
 
This agreement with Bard is a major step in the right direction. Combine that with the continued cost cutting and the niche products retained by Procyte and the strategy begins to come better into focus. I would like to know the details of the contract before jumping to any major conclusions, but it is good to see the company forge ahead with a cohesive plan, and the execution of that plan.

Bert - regarding your valuation questions: my advice (fwiw) is to get a copy of the latest qtr. financial (one can be found on the prcy web page) before making decisions based on service data. Not that service or independent data is always incorrect: it often is up to date - just sometimes it can lead one to wrong conclusions. In this case, with $14.2 mil in cash (off of latest 3rd qtr financial), cash value stands at $1.06/share. More importantaly, in the last qtr the company lost 12 cents a share, NOT 67 cents. For the 3 qtrs to date, the company has lost 40 cents. Now as I have noted in previous posts, they may need to find some outside financing somewhere down the line, but with no debt on the balance sheet they should be able to secure a collateralized loan for part of it if that is required.

By the way, the current ratio is current assets divided by current liabilities. A healthy company has a current ratio above 1; generally it is more relevant in a company outside of the development phase (where a lot of cash can be on the books from financing) and firmly up and operating.

Coha
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