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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: Biotech Jim who wrote (7939)	5/7/2000 7:49:00 PM
From: Spekulatius	Respond to of 9719

Well after reading through my notes and searching the web, I guess I should have said less worse instead of "better and better". Clearly, the company is trying to conserve cash: - R&D expenses for 1999 have been at 59.4M$ versus 70.3M$ for 1998 - the formation of X-Ceptor is an example of creative financing (and I mean this in a positive way) - Sale of Marathon assets for 10M$ But we have got still - Abysmal sales of Ontac, Panretin - 18 % dilution - 160M$ in debt - Missed the financing window and instead prefers Elan to buy up its stock cheaply This still doesn't look very convincing though. I must have worn my pink glasses when I watched the news for LGND news recently. Their technologies (SARMS, STAT's) look impressive but their business acumen is another story.