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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Michael Young who wrote (3359)	4/6/2001 10:15:46 AM
From: jayhawk969	Respond to of 52153

"MLNM is in no way cheap. Maybe after it gets cut in half again?" Through there next stock split?

To: Michael Young who wrote (3359)	4/6/2001 10:28:49 AM
From: nigel bates	Respond to of 52153

MLNM is in no way cheap I didn't say they were - or weren't. It's clear, though, that the company doesn't want its ambition to become a large pharma to be foiled by becoming part of a large pharma... nig

To: Michael Young who wrote (3359)	4/6/2001 12:08:11 PM
From: scaram(o)uche	Read Replies (2) \| Respond to of 52153

>> MLNM is in no way cheap. Maybe after it gets cut in half again? << The company is doing all-inclusive 50:50 deals with companies that have market caps of 10-20X that of their own. In five years and IMO, they'll have the best pipeline in the entirety of pharma. Total assets 12/31/96 were 87.8M. Changes in shareholder equity since then...... <CAPTION> TOTAL ACCUMULATED STOCKHOLDERS' (IN THOUSANDS, EXCEPT SHARES) DEFICIT EQUITY - ----------------------------- ------------ ------------- <S> <C> <C> Balance at December 31, 1997....... $ (99,366) $ 91,755 Net income......................... 10,338 10,338 Unrealized gain on marketable securities....................... 33 ---------- Total comprehensive income..... 10,371 Issuance of common stock........... 96,600 Repurchase of common stock......... (23) Exercise of stock warrants......... Employee stock purchases........... 5,630 Forgiveness of notes from officers......................... 79 Stock compensation expense......... 565 Write off deferred stock compensation..................... Stock compensation earned.......... 853 401K stock match................... 532 --------- ---------- Balance at December 31, 1998....... (89,028) 206,362 --------- ---------- Net loss........................... (351,960) (351,960) Unrealized loss on marketable securities....................... (768) ---------- Total comprehensive loss....... (352,728) Issuance of common stock........... 580,533 Repurchase of common stock......... (1) Exercise of stock warrants......... Employee stock purchases........... 2,226 Issuance of Common Stock in exchange for note from officer... (1,026) Forgiveness of notes from officers......................... 87 Deferred stock compensation........ Stock compensation expense......... 1,815 Write off deferred stock compensation..................... Stock compensation earned.......... 928 401K stock match................... 1,210 --------- ---------- Balance at December 31, 1999....... (440,988) 439,406 --------- ---------- Net loss........................... (309,619) (309,619) Unrealized gain on marketable securities....................... 11,503 Foreign currency translation....... (309) ---------- Total comprehensive loss....... (298,425) Issuance of common stock........... 945,004 Issuance of common stock pursuant to conversion of subordinated notes............................ 297,062 Repurchase of common stock......... (52) Exercise of stock warrants......... 168 Employee stock purchases........... 75,693 Repayment of notes from officers... 641 Deferred stock compensation........ Stock compensation earned.......... 919 401K stock match................... 1,867 --------- ---------- Balance at December 31, 2000....... $(750,607) $1,462,283 ========= ========== At this time, sector "research premiums" are squeezed pretty damn dry. That's on a historical or absolute (some excellent companies are selling for cash-in-hand) basis. Beyond using cash as the bottom line measure of absolute value, one can also use what a pharma would be willing to pay for a company as that "absolute". I recently re-entered the stock with a modest position, after having not been a shareholder for some time. I'm curious about the basis that you use to say that the company is "in no way cheap". Thanks.