mogo:
You, mogo, and other lurkers interested in GNSA, would be well advised to spend a little time with GNSA's Home
Page. You can access it by going back to the page before
this one and clicking on Profile thereon below where you
inputted the company's stock symbol to access this thread for GNSA.
When GNSA's Profile page appears, scroll down to Home
Page under Company Links. When GNSA's Home page appears,
begin with the company's profile and continue from there
through its other aspects.
The Company Description below Company Links here on SI's
Profile page for GNSA is, by now, ancient history,
largely inapplicable to the extant and future GNSA and
therefor misleading, IMO.
You should also contact GNSA's IR person, Laurie Little,
@ (800) 729-9991, Ext. 4879, and request an investor kit.
Since February 1997, when Donald E. Panoz (DEP) assumed
the Chairmanship, GNSA has been transitioning from a
research and development oriented biotechnical company to a specialty pharmaceutical company. DEP had interested a
long-time business acquaintance and friend, Carlo Salvi
(CS), the Chairman of "Sicor" in joining forces with him
in this endeavor and Gensia became Gensia Sicor. As a
result, CS is GNSA's largest individual shareholder
(38.5%) and, when DEP became Chairman, CS became a
director and Chairman of GNSA's Executive Operating
Committee. In November 1997, DEP also assumed the duties
of President and CEO and CS became an Executive Vice
Prsident of GNSA.
Mr. Panoz comes to the tiller @ GNSA having been a
founder of both Elan Corporation (NYSE: ELN) and Mylan
Laboratories (NYSE: MYL).
While I do not believe DEP regards himself as a maven of
the biotechnical industry, when it comes to the
pharmaceutical business, it is definitely not DEP's
"first day." Look at the coverages for ELN and MYL, then
look at the numbers covering GNSA.
If you look at the Recent Quarter Results Table at the
bottom of GNSA's Profile page here on SI, you'll note
that when DEP assumed its chairmanship, GNSA was losing
almost $13 million per month in 1Q97. Due to his
reorganizational, restructuring, and cost-cutting efforts over the ensuing five quarters, that hemorrhaging has
been staunched and it is anticipated that GNSA could
report profitability for, perhaps, I believe, the first
time in its history, if not in 2Q98 then in 3Q98. FY98 is expected to finish in the black.
When profitability is a "fact accompli", I suspect DEP,
now armed with something to talk about, will be hitting
the bricks with GNSA's dog and pony show to speak to The
Street, many of whom already know who DEP is and what
he's done. A few more investors may then get to know what the new Gensia Sicor is all about.
In the meantime, you might want to monitor Free Edgar or
Edgar Online this week and next for substantiation of
recent insider buying.
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