Pharmacopeia, Inc. (ACCL) (Prev: PCOP) Message Board

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Biotech / Medical : Pharmacopeia, Inc. (ACCL) (Prev: PCOP)

ACCL 4.112

+2.8%

1:46 PM EST

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To: Dr. Voodoo who wrote (59)	2/8/1998 1:55:00 PM
From: kinkblot	Read Replies (1) of 179

From the conference call: MSI 1997 revenues were $58M, and around 20% revenue growth is expected giving about $70M revenues for 1998. The combined entity will have $98M cash on the pro forma balance sheet as of 12/97. According to the Form S-1 filed 02-10-97 for the proposed IPO last year, there would have been a little over 8M shares outstanding (excluding the 1.5M options) at a maximum anticipated offering price of $13, for a market value of $105M. Neglecting options for comparison, 7M shares at $16.5 gives 116M, consistent with the IPO numbers plus one year of growth, so maybe that's why the stock action Thursday was a bit like an IPO. Two times revenues is not a high price for the market leader in a growth industry. The number of shares will be 18.8M, 20.5M fully diluted, so options held are 9% of shares outstanding. This does not seem out of line relative to the universe of small high tech companies, although I base this on a random sampling only. Will

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