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Biotech / Medical : Pharmos (PARS) -- Ignore unavailable to you. Want to Upgrade?

To: DinoRia who wrote (417)	1/12/1999 8:58:00 PM
From: yosi s	Respond to of 1386

Pharmos has no debt. As they issue shares for their debt. You can see that in the annual report. Pharmos is far from being bankrupt. as they have cash and line of credit. And look at their history. they were able to raise money under much more adverse situation. Now they need to polish up on their work. 1. Get BOL to move on time with NDA in Europe for Alrex and Lotemax 2. Get Le tobra into phase 3 ( modified) and NDA 3. Get us the results on sales year end Alrex and Lotemax and see trend in growth. 4. Most of all partner fot HU 211. 5. Complete cohort 3 of Phase 2 . it will be great to confirm those results.... For a nice price model see link: members.iol.co.il Also PR quote neuroinvestor. gives good info. Neuroinvestor is not paid by Pharmos Company Press Release NeuroInvestment Announces Investment Opinion on Various Biotech/Pharmaceutical Companies RYE, N.H.--(BUSINESS WIRE)--Jan. 12, 1999--NeuroInvestment today released its review of 1998 and analysis of 1999 prospects for biotech/pharmaceutical companies targeting neurological disorders. In 1998, the NI 'A List' outperformed the overall biotech sector markedly, with an average gain of 36.2%. Those companies with revenue-producing products performed dramatically better than earlier-stage companies, the latter handicapped by the limited capital available for financing and the fact that large pharmaceutical companies are 'low-balling' partnership offers. Gliatech (NASDAQ:GLIA - news) epitomized how a product launch can galvanize stock price performance, leading the neuro sector with a gain of 196% during 1998. This divergence will continue in 1999, with the more mature companies in the neuro sector expected to perform even better as a group than the past year. ''The Internet highfliers are looking very much like the speculative biotech sector of the early 90s, and as they experience their inevitable shakeout, many investors will return to what is now a far more mature biotech sector, since it offers growth potential unavailable elsewhere,'' said Dr. Harry Tracy, publisher of NeuroInvestment. ''The paradigm that we continue to emphasize is that companies with revenue-producing drugs will outperform. Thus, from among our A and B Recommendations, Gliatech and Pharmos (NASDAQ:PARS - news) will expand sales for products launched last year, and Cephalon's (NASDAQ:CEPH - news) launch of Provigil will surpass analyst estimates, extending well beyond the narcolepsy market. And before year-end, Interneuron (NASDAQ:IPIC - news) will file its application to market the first practically useful treatment for stroke. This year, the number of advanced human trials of new drugs being completed will quadruple compared to 1998. Thus we expect 1999 to be the best year for the neuro sector since 1995.'' Since 1995, NeuroInvestment has become the leading publisher of independent research information regarding companies specializing in the development of therapeutics for neurological/psychiatric disorders. Subscriptions: 1 year $360, 2 year $620. 3-month trial $110. Contact: NeuroInvestment, P.O. Box 458, Rye, NH 03870; 603-964-9640; fax: 603-964-7561; e-mail: neuroinv@neuroinv.com. Web Site: www.neuroinv.com.

To: DinoRia who wrote (417)	1/12/1999 9:44:00 PM
From: Tony van Werkhooven	Read Replies (1) \| Respond to of 1386

DinoRia- I assume your question is based on the following comment: Ik vraag mij af of ge al eens naar de balans gekeken hebt?? PARS is bijna falliet... Weet ge hoeveel korte termijn schulden pars heeft? Die moeten ze op een jaar of iets meer terugbetalen... In response to your question, the appropriate place to look is the most recent 10Q, a form filed on a quarterly basis with the Securities and Exchange Commission. The most recent filing can be found at sec.gov. If we look at the balance sheet, we see the following for liabilities: Short term liabilities..................3.4 Million Long Term ..............................3.2 Million Total Liabilities.......................6.6 Million The single largest liability is 4.5 Million for "Advances against future sales." Of the 4.5 Million total, 1.4 Million is included in Current Liabilities (due within 12 months). What gave rise to this liability is explained in one of the footnotes-Footnote 4 on page 7. There it is indicated that Bausch & Lomb (BOL) advanced PARS 5 Million, of which 4.5 Million is still outstanding. These amounts are to be repaid by PARS from future product sales. Pars is entitled to 28% of product sales, of which 8% is a royalty to be paid by PARS, hence PARS nets 20%. From this 28% of sales, there will be repayment of the advances made by BOL. Footnote 4 further explains that the 1.4 Million in advances that is included in Current Liabilities is management's estimate of the repayment in the next 12 months, which in turn is based on its estimates of sales. To the extent that sales differ from the assumptions, the amount to be repaid to BOL will also vary. I believe that this responds to the issue of short term debt. Totally seperate from the issue you brought up, PARS recently entered into an agreement under which it can draw funds in exchange for shares. This agreement results in the issuance of more shares and hence does not generate any debt. DinoRia- I hope that the above responds to your question. Please let me know if I should elaborate further. Tony