Biotech Valuation Message Board

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Biotech / Medical : Biotech Valuation

CRSP 55.26

+1.2%

Nov 11 3:59 PM EST

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To: LLCF who wrote (93)	3/23/1999 12:13:00 AM
From: John Metcalf	Read Replies (1) of 52153

How about looking at crater stocks from the ground up, in consideration of the view that the selloff represented a value that was not supported in the market. PGNS has about $3 per share in cash ($50mm), and an approved product that sold $60mm in '98 and will do so again in '99. It received a foreign approval in February. At $12 per share (16.3mm outstanding, 17.4mm diluted), the company is selling for cash plus 2.5 times sales. They have revenues and cash to go further. SNAP is selling at a 10% premium to book value. Though cash burn will escalate, they have money to advance programs. Downside should be protected by cash and equivalents of $5 - $5.50 per share.

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