*AV*--A few days ago I mentioned a mysterious stock. Some of you who
are regulars here knew I was talking about NPRO and wrote me to
verify. Well, I have established my position in NPRO at $1.75 to
$1.9375 with the majority of stock at $1.875 give or take a penny or two.
The following is a volume and price chart of this stock for the past
few months. I have been picking away at this stock to establish a
rather healthy position for an eventual move up. This action actually
preceded the ENMD, RIBI, TCLN endeavors of some of us. If you remeber,
I bought NPRO just under $1 and took it for the run up to $3 and
exited. After the "fall from grace" I was slowly and methodically
trying to re-establish a position.
So, here is the chart so everyone who does not know me well enough,
can see that this is not a situation where I got in low and expect
people to pad my wallet. We are talking about no more than 1/8 of a
point at best between my entry and anyone else that might want to
participate. I picked my price range and got my price without chasing
the stock. Lots of patience and determination.
DATE CLOSING PRICE OPEN HIGH LOW VOLUME
-------- ------------- -------- -------- -------- -----------
5/06/98 1.875 1.813 2.000 1.813 24,300
5/05/98 2.031 1.750 2.031 1.750 188,000
5/04/98 1.750 1.969 1.969 1.656 79,000
5/01/98 1.813 2.031 2.094 1.750 120,700
4/30/98 2.031 2.063 2.125 2.031 67,000
4/29/98 2.031 1.875 2.063 1.750 540,900
4/28/98 1.750 1.875 1.938 1.750 59,000
4/27/98 1.875 1.875 2.000 1.875 61,000
4/24/98 1.906 1.938 2.000 1.906 65,100
4/23/98 1.969 1.906 2.000 1.906 69,900
4/22/98 1.938 1.938 1.969 1.906 41,200
4/21/98 1.938 1.938 2.000 1.875 73,800
4/20/98 1.906 2.000 2.063 1.875 53,400
4/17/98 1.938 1.906 2.063 1.906 92,800
4/16/98 1.938 2.031 2.125 1.906 73,600
4/15/98 2.094 2.250 2.250 1.906 187,600
4/14/98 2.219 2.125 2.219 2.031 151,100
4/13/98 2.094 2.000 2.188 1.906 222,700
4/09/98 1.844 1.750 2.125 1.750 243,200
4/08/98 1.719 1.750 1.781 1.656 88,200
4/07/98 1.781 2.000 2.031 1.625 159,800
4/06/98 1.969 2.094 2.094 1.969 140,800
4/03/98 2.094 2.188 2.188 2.000 157,200
4/02/98 2.125 2.313 2.375 2.063 165,500
4/01/98 2.188 2.594 2.625 1.875 742,300
3/31/98 2.469 2.875 3.125 2.375 2,186,700
3/30/98 2.500 1.938 2.750 1.938 723,800
3/27/98 1.813 1.656 1.813 1.625 361,200
3/26/98 1.625 1.688 1.688 1.563 404,400
3/25/98 1.594 1.625 1.625 1.531 166,900
3/24/98 1.531 1.375 1.625 1.375 575,700
3/23/98 1.375 1.156 1.594 1.156 595,700
3/20/98 1.125 1.250 1.250 1.063 317,800
3/19/98 1.094 .906 1.125 .875 343,400
3/18/98 .906 .875 .906 .813 89,100
3/17/98 .875 .906 .906 .813 210,200
3/16/98 .844 .875 .938 .813 244,000
3/13/98 .938 .906 .938 .844 460,800
3/12/98 .938 .906 1.063 .875 658,500
3/11/98 .875 .938 .938 .875 360,000
3/10/98 .938 1.031 1.031 .906 419,700
3/09/98 1.000 1.125 1.125 1.000 166,400
3/06/98 1.000 1.031 1.094 1.000 26,000
3/05/98 1.063 1.125 1.125 1.031 35,600
3/04/98 1.125 1.125 1.156 1.094 88,700
3/03/98 1.125 1.188 1.188 1.000 164,500
3/02/98 1.156 1.156 1.188 1.125 66,300
2/27/98 1.188 1.250 1.375 1.156 277,400
2/26/98 1.156 1.125 1.250 1.125 111,500
2/25/98 1.188 1.188 1.188 1.125 136,200
2/24/98 1.188 1.125 1.188 1.031 215,300
2/23/98 1.094 1.188 1.188 1.031 163,800
2/20/98 1.063 .938 1.188 .938 104,500
2/19/98 1.125 1.438 1.438 1.125 118,000
2/18/98 1.375 1.563 1.750 1.250 145,800
2/17/98 1.625 1.938 1.938 1.500 126,700
2/13/98 1.938 1.906 1.969 1.906 17,000
2/12/98 1.938 1.969 1.969 1.875 35,300
2/11/98 1.813 1.813 1.969 1.813 48,300
2/10/98 1.875 1.906 1.969 1.875 94,400
2/09/98 1.906 1.906 1.906 1.875 13,700
2/06/98 1.906 1.938 1.969 1.875 55,200
2/05/98 1.875 1.969 1.969 1.875 13,700
2/04/98 1.875 2.000 2.000 1.875 36,000
2/03/98 1.938 2.000 2.000 1.938 9,900
2/02/98 1.938 2.000 2.031 1.875 46,600
1/30/98 2.000 2.000 2.063 1.938 61,600
1/29/98 1.938 2.156 2.156 1.938 97,400
1/28/98 2.125 2.125 2.188 2.000 372,300
1/27/98 2.063 2.000 2.125 1.906 34,000
1/26/98 1.906 1.938 2.000 1.813 45,000
1/23/98 1.938 2.031 2.031 1.750 83,800
1/22/98 2.094 2.250 2.250 2.000 118,000
The following is just a bunch of news stories that might be of
interest for anyone unfamiliar with NPRO. Also, I strongly believe
there is something going on behind the scenes at very high levels
at NPRO relating to their newly issued patent and some issues
concerning BMY. BMY may have presented a few roadblocks to NPRO but
the tables might be turning on that situation. Rumor, and I do mean
Rumor, has it that some alleged espionage might be involved. However,
it does appear that the extraction process developed by NPRO looks to
be the best process available and is patented. There might even be
some patent infringement relative to this. All in all, it is a Cancer
Bio-tech company, it has gone virutally unnoticed recently, has fallen
from grace after a quick pop up to $11+ on some good news, stymied
behind the scenes by a major pharmaceutical company in its efforts to
get FDA applications approved, and has something that is well into the
human clincal trials.
Above all, keep in mind the date if these releases. None of this is
new information. Also, keep in mind the trading history which
indicates that a rush to this stock is not necessary. There is plenty
of time to do your own research and to pick away at this company if
you desire. And finally, this is more of a longer term prospect and I
would say not to expect it to do an ENMD type explosion in price. This
will be a slow and controlled rise in price. However, you can never
discount the herd mentality out in the marketplace.
Andrew
Thursday April 9, 8:17 am Eastern Time
Company Press Release
NaPro BioTherapeutics Announces First Quarter Profit Resulting From
Up-front License Fee Paid by IVAX
BOULDER, Colo.--(BW HealthWire)--April 9, 1998--NaPro BioTherapeutics,
Inc. (Nasdaq: NPRO - news) today announced its results of operations
for the first quarter ended March 31, 1998.
The Company reported net income of $1,764,000, or $0.13 per share, on
sales revenue of $2,415,000 for the first quarter of 1998. This is
compared to a loss of $2,825,000, or $0.24 per share, on sales revenue
of $1,008,000 for the comparable quarter last year. The 1998 quarter
included other income of $4,070,000 from an up-front license fee. In
the absence of the license fee, the Company would have reported a
first quarter loss of $2,306,000 or $0.17 per share.
On March 20, 1998, NaPro and IVAX signed an agreement (the
''Termination Agreement'') terminating their 1993 development and
marketing agreement. Under the termination agreement, NaPro granted to
IVAX a royalty free, limited, non-exclusive license of certain of
NaPro's patent rights. In return for this license, NaPro received
$6.07 million, $2.0 million of which was deferred and will be
amortized to revenue as product is delivered to IVAX over the next 12
months and $4.07 million of which was recorded as revenue in the first
quarter of 1998. NaPro also received $3.75 million in April, 1998,
which will be recorded as license fee in that period, and will receive
an additional $2.61 million upon the issuance of the patent in Europe.
In addition, IVAX will return to the Company 1,126,398 shares of NaPro
common stock, which will be recorded as treasury stock, but will not
impact the Company's results of operations.
In commenting on the operating results for the first quarter of 1998,
Sterling K. Ainsworth, Ph.D., President and CEO of NaPro
BioTherapeutics, Inc. said, ''The roughly $4 million up-front
licensing fee from IVAX is responsible for NaPro recording a profit
for this quarter. It also represents a significant non-dilutive source
of cash for the Company during this transition period.
We are currently in discussions with a number of pharmaceutical
companies to market our product in various parts of the world. These
discussions, if they result in signed agreements, may add additional
license fee income over the next 12 months. Further, the cash received
from IVAX under the Termination Agreement should provide the Company
with adequate working capital to begin its own clinical program with
NaPro paclitaxel.''
Except for the historical matters contained herein, statements in this
press release are forward looking and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements include the timing of deliveries
to IVAX under the Termination Agreement, the timing and likelihood of
the issuance of the European formulation patent, the potential for
marketing arrangements with other pharmaceutical companies and related
license fees, if any, and future cash flow. Such forward-looking
statements involve known and unknown risks that may cause actual
results of the Company to be materially different from the results
suggested by such forward-looking statements. Among the factors that
could affect matters are all aspects of competition from Bristol-Myers
Squibb Company [NYSE:BMY - news] and other producers of paclitaxel and
other drugs, delays with regulatory authorities, limitations on the
ability to market NaPro paclitaxel because of the intellectual
property rights of third parties, the amount and timing of paclitaxel
sold to the Company's marketing partners as well as the timing of
payments related to such sales, and other factors discussed in the
Company's periodic and other filings with the Securities and Exchange
Commission.
NaPro BioTherapeutics, Inc.
Statement of Operations
(Unaudited)
March 31,
1998 1997
Product Sales $ 2,415,000 $ 1,008,000
Expense:
Research, development
and cost of product sold 2,645,000 2,405,000
General and administrative 1,876,000 1,512,000
4,521,000 3,917,000
Operating loss (2,106,000) (2,909,000)
Other income/(expense):
License fee 4,070,000 --
Interest income 93,000 166,000
Interest and other expense (293,000) (82,000)
Net income/loss $ 1,764,000 $ (2,825,000)
Earnings/(loss) per common
share $ .13 $ (.24)
Earnings/(loss) per common
share, assuming dilution $ .10 (.24)
Weighted average shares
outstanding 13,549,358 11,791,892
Weighted average shares
outstanding, assuming dilution 16,961,508 11,791,892
-0-
NaPro BioTherapeutics, Inc.
Balance Sheet
March 31, December 31,
1998 1997
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents $ 9,828,000 $ 8,102,000
Accounts receivable 972,000 1,508,000
Inventory 2,122,000 3,122,000
Restricted cash 2,000,000 --
Prepaid expense and other 506,000 481,000
Total current assets 15,428,000 13,213,000
Property and equipment, net 14,529,000 15,187,000
Restricted cash 246,000 246,000
Inventory 2,836,000 1,176,000
Other assets 536,000 536,000
Total assets $ 33,575,000 $ 30,358,000
Liabilities and
Stockholders' Equity:
Senior convertible debt $ 7,054,000 $ 8,134,000
Other liabilities 9,057,000 7,564,000
Total current liabilities 16,111,000 15,698,000
Notes payable-long term 480,000 480,000
Minority interest 622,000 2,574,000
Convertible redeemable
preferred stock 4,514,000 4,344,000
Stockholders' equity 11,848,000 7,262,000
Total liabilities and
stockholders' equity $ 33,575,000 $ 30,358,000
Monday March 23, 8:08 am Eastern Time
Company Press Release
NaPro and IVAX Terminate Paclitaxel Development and Marketing
Agreement
BOULDER, Colo.--(BUSINESS WIRE)--March 23, 1998--NaPro
BioTherapeutics, Inc. (Nasdaq: NPRO - news) today announced that NaPro
and Baker Norton Pharmaceuticals, Inc., a wholly owned subsidiary of
IVAX Corporation (AMEX:IVX - news), have terminated their paclitaxel
development and marketing agreement dating from 1993.
Under terms of the termination agreement, IVAX will receive a
royalty-free, limited, non-exclusive license to NaPro's pending
patents for a stable formulation of paclitaxel in the United States,
Europe and certain other world markets. In return, NaPro will receive
a cash payment of approximately $6 million, additional payments of up
to approximately $6.4 million contingent upon the issuance of the
patents in certain jurisdictions, and the return of IVAX's approximate
1.1 million shares of NaPro common stock. NaPro will continue to
supply IVAX an agreed upon amount of paclitaxel.
''This agreement frees both IVAX and NaPro to separately pursue
registration of paclitaxel around the world, and allows both parties
to form other alliances,'' said Sterling Ainsworth, NaPro President
and Chief Executive Officer.
NaPro BioTherapeutics, Inc. headquartered in Boulder, Colo., is a
biopharmaceutical company focused on the development, production and
licensing of complex natural-product pharmaceuticals.
Except for the historical matters contained herein, statements in this
press release are forward looking and are made pursuant to the safe
harbor provisions of the Securities Litigation Reform Act of 1995.
Investors are cautioned that forward looking statements involve risks
and uncertainties which may affect the company's business and
prospects, including the risk that the transaction may not close, and
certain economic, competitive, governmental, technological and other
factors discussed in NaPro's filings with the Securities and Exchange
Commission.
Thursday March 19, 11:01 am Eastern Time
Company Press Release
SOURCE: NaPro BioTherapeutics, Inc.
NaPro BioTherapeutics, Inc. Presents at 2nd Annual Colorado BIO
Investment Conference
BOULDER, Colo., BIO Investment Conference, March 19 /PRNewswire/ --
NaPro BioTherapeutics, Inc. was formed in 1991 to take advantage of
opportunities in the area of natural product pharmaceuticals. To date,
NaPro has engaged in the development of (1) paclitaxel and
paclitaxel-related compounds (taxanes); and (2) other unique primarily
plant-based natural compounds. NaPro paclitaxel is being developed and
sold through exclusive marketing and development programs with major
pharmaceutical companies and was first approved for commercial sales
in Australia in January, 1995. The initial US NDA was filed in March,
1997 and received ''tentative approval'' in December, 1997.
Paclitaxel Market: Bristol-Myers' product TAXOL(R) was initially
approved by FDA for ovarian cancer in December, 1992 and was
subsequently approved for breast cancer and Kaposi's Sarcoma. NaPro's
paclitaxel was initially approved in Australia in January, 1995. 1997
sales of BMS paclitaxel totaled approximately $941 million.
F.H. Faulding & Company Limited: 20-year exclusive development and
marketing agreement covering Australia, New Zealand and 8 other
countries in Southeast Asia. Faulding has been selling NaPro
paclitaxel commercially since January, 1995. NaPro receives 30% to 40%
of top line revenues for paclitaxel sales. NaPro is responsible for
manufacturing the bulk active drug substance and Faulding is
responsible for clinical and regulatory development and marketing.
IVAX Corporation: 20-year exclusive development and marketing
agreement covering North and South America, Europe and Japan. IVAX has
completed pivotal Phase II/III clinical trials in breast and ovarian
cancers and Kaposi's Sarcoma. IVAX filed for European marketing
authority late in 1997. IVAX currently sells NaPro paclitaxel in
Argentina and Uruguay. NaPro receives a cost plus payment for
manufacturing and a substantial share of defined profits (total
approximates 30% to 40% of top line revenues). NaPro is responsible
for manufacturing the bulk active drug substance and IVAX is
responsible for clinical development, regulatory approvals and
marketing.
Plantation Development Partners: NaPro has semi-exclusive agreements
with professional nurseries under which millions of yew trees are
grown in an environmentally friendly manner. NaPro relies entirely on
cultivated yew trees as raw material for its manufacturing process.
NaPro has a number of lead compounds in early stages of development.
NaPro intends to continue development of these compounds internally
until clinical development partners are selected.
SOURCE: NaPro BioTherapeutics, Inc.
Tuesday March 31, 9:08 am Eastern Time
Company Press Release
Napro Receives Paclitaxel Patent
BOULDER, Colo.--(BUSINES WIRE)--March 31, 1998--NaPro BioTherapeutics,
Inc. (Nasdaq: NPRO - news) announced today that it was issued a United
States patent relating to a novel method of stabilizing formulations
of paclitaxel. This patent includes a number of claims that encompass
methods of stabilizing paclitaxel in Cremophor EL(R) and ethanol, as
well as claims directed to stable formulations. Under NaPro's March
20, 1998 termination agreement with IVAX, the issuance of the patent
in the United States triggers a requirement for IVAX to make an
additional $3.75 million payment to NaPro.
Commenting on potential implications of this US patent, Dr. Sterling
K. Ainsworth, NaPro's President and Chief Executive Officer, said:
''The priority application relating to this patent has been on file
since 1992 and consequently has been subject to extensive review. This
patent strengthens NaPro's intellectual property portfolio, and should
facilitate NaPro's search for new strategic partners.''
The patent has been assigned number 5,733,888 in the United States and
is entitled ''Injectable Composition.''
NaPro paclitaxel is currently being sold commercially in ten countries
outside of the United States in Australia, the middle East and
Southeast Asia through F.H. Faulding Co. LTD. NaPro BioTherapeutics,
Inc. headquartered in Boulder, Colorado, is a biopharmaceutical
company focused on the development, production and licensing of
complex natural-product pharmaceuticals.
Except for the historical matters contained herein, statements in this
press release are forward looking and are made pursuant to the safe
harbor provisions of the Securities Litigation Reform Act of 1995.
Investors are cautioned that forward looking statements involve risks
and uncertainties that may affect NaPro's business and prospects,
including certain economic, competitive, governmental, technological
and other factors discussed in NaPro's filings with the Securities and
Exchange Commission.
Contact:
Gordon Link Janet Dally (investors)
NaPro BioTherapeutics, Inc. Justin Jackson (media)
VP and Chief Financial Officer Burns McClellan, Inc.
(303) 530-3891 (212) 213-0006 |
