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Biotech / Medical : Nortran Pharmaceutical -NRT.V
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To: Mr. Forthright who wrote (626)5/9/1998 2:33:00 PM
From: Wisee   of 1185
 
Mr. Forthright,

As previously posted, we are trying to put a realistic value on Nortran.

We are relying on reports from Nesbitt Burns (Christine Charette), and Ernst & Young
that reveal what a biotech company's market cap. should be after each stage of
clinical development.

This is where we think Nortran's market cap. should presently be:

(millions C$)
N/B E/Y
RSD921- Clinical Phase I $94 $99
RSD10xx- Pre-clinical $74 $78
RSD931- Pre-clinical $74 $78
TOTAL $242 $255

If we divide by the number of outstanding shares
(approx. 38 million after recent financing),

we derive a value/share of $6.37 $6.71
ADD: Cash
(after financing approx $15MM) $ .39 $ .39
------ ------
VALUE $6.76 $7.10


These values do not incorporate the Hoffman LaRoche deal, or the
labido enhancement drug.

We think it's only a matter of time before the market realizes Nortran's worth.

At $2.45, we are having ourselves another Boxing Day Sale!!


Wisee

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