Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

MNTA’s 3Q14 financials and cash-usage guidance:

http://ir.momentapharma.com/releasedetail.cfm?ReleaseID=880594

…a European clinical trial application has been filed for M923, our biosimilar version of Humira in collaboration with Baxter. [Acceptance of this application for review by the EMA triggers a $12M milestone payment from BAX.]

In addition, we recently achieved a…[$7M] milestone in the development of our second biosimilar candidate, M834, also in development with Baxter.

I.e. the 4Q14 milestone payments earned in the BAX FoB collaboration sum to $19M (although the $12M amount for M834 might not be received until Jan 2015).

At 9/30/14, MNTA had $197.2M of cash (including $20.7M of restricted cash). Cash burn during 4Q14, excluding milestone payments from BAX, is expected to be $26M, which implies a net 4Q14 burn of $7M (if the $12M portion of the $19M BAX milestones is received during 4Q14 rather than in Jan 2015).

Thus, MNTA will have approximately $190M of cash on 12/31/14 on a pro-forma basis, even if there are no 2014 sales of generic Copaxone.

To date, MNTA has not used any portion of the $75M ATM facility.