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Biotech / Medical : T/FIF, a New Plateau -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (587)	7/30/2001 1:39:30 AM
From: tuck	Respond to of 2243

If I may butt in for a second, just with some additional info on MCLS: I took some notes from the last quarterly conference call, and posted a digested version on Trickle: Message 15745505 I can add to this a little. Their objectives for 2001 included the signing of 3 platform deals. They were talking big pharma type things, so I'm not sure that the Elitra and NBIX deals count. I'm looking for another deal, and the pop would be noticeable at these prices should they get one. Further, they projected a burn rate of $5 million per quarter going forward, not figuring upfront payments as a result of a deal into that. That's why I'm giving them one more quarter to make one of those deals. They do not intend to increase head count. Projected capex $7 million for the year, mostly for robotics at Emerald. That figure did depend on landing a couple of deals. The implication being that they would scale back spending in some way, if they didn't get 'em. This was as of 5/1/01. Did not hear their warning CC. MOGN may be the best idea of that list, in terms of multiple home run potential. I think certain of the trickle companies may be good for a fairly safe double over the next several quarters. But that's not T/FIF's usual style. NPSP has some leverage? I can only guess at the potential royalty streams, being clueless about the %s involved. Cheers, Tuck

To: scaram(o)uche who wrote (587)	7/30/2001 9:37:18 AM
From: rkrw	Respond to of 2243

MCLS <<Way below book.>> One thing to keep in mind is that if you back "intangible assets" out of their balance sheet, it's price to book jumps to over 2.0. Intangibles account for over half the company's roughly $100M in assets. Flip side, I listened to their last quarterly cc. In response to a question they claimed that their cash plus owned facility were probably worth more than the common stock market value. Stock was $2 at the time but cash position has weakened and their break even projections were pushed back.

To: scaram(o)uche who wrote (587)	8/6/2001 1:28:06 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 2243

finally going to make the changes to "2000" that reflect the trades from over a week ago. your photo from that time should suffice, but you can take another quick one now if you like. btw...... if anyone actually does work along with me, checking the figures, you're welcome to post your results for cash balance. it could only help. re. Bob and ORCH...... he doesn't think that his background fits with my challenge. He thinks that he'd come off like a spammer. I don't agree, and only solicited the "bits and pieces of ORCH" because I sincerely appreciated the suggestion. Anybody else hot on ORCH? Hidden in that last paragraph is a "thanks, Bob, for the suggestions". Tuck..... was down in L.A. over the weekend. Driving back last night, noticed the Yucca in an area about 20 miles south of Cajon Pass where there's some Joshua Trees. It's not like the areas that are near and dear to our hearts, but..... still nice. Anyway, it looked like the Yucca blossoms, long gone, might have characterized a banner year?