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Biotech / Medical : Biotech for less than cash value -- Ignore unavailable to you. Want to Upgrade?

To: rkrw who wrote (269)	8/20/2007 4:46:01 PM
From: Mike McFarland	Respond to of 684

only one of the bunch did well That's discouraging. It must be a lot easier to start something from scratch than to salvage old stuff. A tendency for management teams to just stay the course and run things into the ground.

To: rkrw who wrote (269)	8/20/2007 4:58:21 PM
From: Steve Lokness	Read Replies (3) \| Respond to of 684

Any winners here in your opinion? I have sold CRGN (when it sold third wave), RNVS after a nice short term gain and ANDS at a loss. I still hold GLGC and a little INHX - both way down. steve

To: rkrw who wrote (269)	8/21/2007 1:11:40 AM
From: pgo-neil	Read Replies (1) \| Respond to of 684

Thanks for the list. There are 3 other companies that might qualify... Lexicon [LXRX] is selling a big piece [about $205M] of itself and also partnering development risk [about $60M]. Its current market cap is about $263. Once all money is collected [small if], then they should have about $295M of cash. They say their burn rate is about $20M per quarter, so they have until 2010. Northfield Labs [NFLD] has about $40M cash and a market cap of about $32M. It burns about $6.5M per quarter, so it is just feasible that it could get FDA approval for its Polyheme before running to zero. There should have been a big "IF" in that last sentence. Point [POTP] has a market cap of about $1.6M and even after its severance package in mid-July probably has about $3.2M if they haven't been using their new consultants [old executives] too profligately. They reduced quicker than I thought and they may make it to December. But I think the Ph2 Pancreatic Cancer trial results will be available in a few weeks. I hazard that LXRX is the only one that doesn't fit last years pattern. Whether either of the other has a reasonable survival rate is reliant on how well the [already existing but not analyzed] data supports their progress. Cold Equations. Best, graham --