Top level screen would be sub cash, no debt, two or more years cash on hand.
AGTC, CYCC, TRVN, JNCE, VICL, VBLT, NLNK, IMDZ, CYTR, CMRX, CBIO, NVIV, TENX, ARAV, MNLO, ACHN, ETTX, ADRO, SRRA, PTIE, PRTA, ZYNE, AKBA, CLBS, ADVM, MLND, SCPH, EDGE, PIRS, CALA.
Looking back, using a cut of 12/31/07. Around an equal number of bankruptcies to takeovers. Some reverse merges.
The biggest discounts to cash went bankrupt: AGIO (debt load), TPPH, OSCI (debt), PANC, CJC (debt).
Biggest winner by far was INHX, bought by Bristol. $25m market cap, $56m cash, small burn rate.
ANDS was another winner, HCV play, acquired by Merck.
Of the smallest 35 market caps at that time, not counting reverse merges, quick glance, the only ones still around are PTN and TKM (ABUS). |
