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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (1530)	5/14/2003 8:25:26 PM
From: SemiBull	Read Replies (2) \| Respond to of 3044

S&P comments on Millennium Pharmaceuticals Wednesday May 14, 1:35 pm ET (The following statement was released by the ratings agency) NEW YORK, May 14 - Standard & Poor's Ratings Services said today that there would be no effect on the ratings or outlook of Millennium Pharmaceuticals Inc. (NasdaqNM:MLNM - News; B/Stable/--) following the company's announcement that it received FDA marketing approval for its multiple myeloma treatment, Velcade. While the approval for the drug is a positive development, Millennium continues to consume cash at a high rate and is not expected to be cash flow positive for several years. Millennium has roughly $1 billion of cash after redeeming $578 million of its convertible debt, though it still has about $100 million of debt due in 2007. The company consumed $120 million of cash for the three months ended March 31, 2003. Significant growing cash flows from Velcade and Millennium's lead product, Integrilin, are prerequisites to an improvement in its credit profile. biz.yahoo.com