RB, one can make a (decent?) guess of their cash position by looking at the
following, and perhaps one has to subtract if HMR does not get the $ 5.5
mill from the sale of TTNP stock. (see the SEC document at:
sec.gov )
Novartis adds about $23 mill to the balance sheet.
biz.yahoo.com
This is the balance sheet as of the end of September, before the Novartis deal;
they had about $6 mill in cash and investments:
biz.yahoo.com
TITAN PHARMACEUTICALS, INC.
(a development stage company)
CONSOLIDATED BALANCE SHEETS
unaudited
September 30 December 31,
1997 1996
(Unaudited) (Note A)
Assets:
Current Assets:
Cash and cash equivalents $ 5,504,797 $ 1,376,532
Short-term investments 500,000 13,000,000
Prepaid expenses and other current assets 332,956 193,324
Receivable from Ansan Pharmaceuticals Inc
[Nasdaq:ANSN
-
news]. 232,004 117,881
Note receivable from
Ansan Pharmaceuticals Inc. 1,000,000 -
Total current assets 7,569,757 14,687,737
Furniture and equipment, net 284,378 791,579
Deferred financing costs 50,000 96,349
Investment in Ansan Pharmaceuticals, Inc. -- 590,854
Other assets 18,350 199,830
$ 7,922,485 $ 16,366,349
Liabilities and Stockholder's Equity:
Current Liabilities:
Accounts payable $ 1,556,605 $ 692,982
License fee payable -- --
Accrued legal fees 147,051 587,800
Accrued sponsored research 115,009 163,905
Other accrued liabilities 592,591 233,044
Current portion of capital lease obligations - 265,462
Current portion of technology financing -
Ingenex Inc. - 570,711
Total current liabilities 2,411,256 2,513,904
Noncurrent portion of capital lease obligation - 481,676
Noncurrent portion of technology financing -
- Ingenex Inc. - 718,602
2,411,256 3,714,182
Commitments
Minority interest - Series B preferred
stock of Ingenex, Inc. 1,241,032 1,241,032
Guaranteed security value 5,500,000 -
Stockholder's Equity:
Common stock, at amounts paid in 49,622,782 49,619,784
Additional paid-in capital 6,521,353 6,521,353
Deferred compensation (501,280) (630,100)
Deficit accumulated during the
development stage (56,872,658) (44,099,902)
Total stockholder's equity (1,229,803) 11,411,135
$ 7,922,485 $ 16,366,349 |
