Thanks lungman424 and sirlarrywildeman for clearing that up for me. It makes complete sense now.

Price hit new 52-week high ($19.18) - 29-Jan-07

Last Trade: 19.08
Change: Up 0.87 (4.78%)
Prev Close: 18.21
Open: 18.20
1y Target Est: 21.38

Day's Range: 18.15 - 19.18
52wk Range: 10.95 - 19.18
Volume: 2,617,976
Avg Vol (3m): 1,013,110

Remaining $51.4 Million of Convertible Notes Due 2008 Converted Into Common Stock
Monday January 29, 4:00 pm ET

NOVATO, Calif., Jan. 29 /PRNewswire-FirstCall/ -- BioMarin Pharmaceutical Inc. (Nasdaq and SWX: BMRN - News News) announced today that in response to the previously announced call for redemption of its remaining $51.4 million aggregate principal outstanding of 3.50% Convertible Senior Subordinated Notes due June 15, 2008, 100 percent of noteholders elected to convert their notes into common stock.

Noteholders chose to convert their notes into common stock at a price of approximately $14.01 per share. As a result of this transaction and the partial exchange completed in September 2006, BioMarin has issued a total of approximately 8.9 million shares of common stock.

Jean-Jacques Bienaime, Chief Executive Officer of BioMarin commented, "The completion of this transaction further strengthens our balance sheet with the elimination of the final portion of the $125 million in convertible debt due 2008, along with interest expense savings. Our improving financial strength has positioned us well as we continue development of the Phenoptin clinical program and explore the possibility of BH4 to treat various cardiovascular indications."

About BioMarin

BioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. The company's product portfolio is comprised of two approved products and multiple clinical and preclinical product candidates. Approved products include Naglazyme® (galsulfase) for mucopolysaccharidosis VI (MPS VI), a product wholly developed and commercialized by BioMarin, and Aldurazyme® (laronidase) for mucopolysaccharidosis I (MPS I), a product that BioMarin developed through a 50/50 joint venture with Genzyme Corporation. Investigational product candidates include Phenoptin(TM) (sapropterin dihydrochloride), a Phase 3 product candidate for the treatment of phenylketonuria (PKU), and 6R-BH4 for cardiovascular indications, which is currently in Phase 2 clinical development for the treatment of poorly controlled hypertension. For additional information, please visit www.BMRN.com . Information on BioMarin's website is not incorporated by reference into this press release.

Forward-Looking Statements

This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc., including, without limitation, statements about: the development of its product candidate 6R-BH4 for the treatment of cardiovascular indications and the development of Phenoptin for treatment of PKU. These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: the results and timing of current and planned preclinical and clinical trials related to Phenoptin and 6R-BH4; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's 2005 Annual Report on Form 10-K and the factors contained in BioMarin's reports on Forms 10-Q and 8-K. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation, to update or alter any forward-looking statements.

Contact:

Investors and Media:
Eugenia Shen
BioMarin Pharmaceutical Inc.
(415) 506-6570
http://www.BMRN.com

Maybe I dont understand. Isnt a large part of the decision of a buyout up to Bienaime? No one can force a buyout right? So it doesnt matter how many shares he owns, he has to accept the offer right? Maybe I am totally lost here.

I love this post.

If of course a takeover occurs. From listening to Bienaimé in recent interviews/conference calls, it seems that pharma will have to drive a pretty nice deal for BioMarin to get bought out. ... he is not going easy! This of course is very good for investors, because it pretty much guarantees that it will be worth the wait for such a nice deal.

What type of stock price movements would you expect from:
1) approval of Phenoptin?
2) a buyout by BP?

Sounds like should hire me, purification of biotech products is all I have been doing for the past 6 months.

yup yup, I agree. I am not buying anything on margin. Having a margin account is just a requirement to buy/sell options. Everything I buy and sell will be paid for and covered by my own cash. I was more interested in advice on options if anyone has any experience. I am reading a couple books on options, browsing through some internet how-to sites, and taking lessons from my so-called investment mentor. I think after a month or two more of learning I will be ready for my first trial with options. And everything will be covered too... so no naked call writing or anything like that.

Yeah, I agree with you lungman424 and sirlarrywildeman. I just wanted to check into it because 50% seemed like a lot. But institution is buying, small folk are buying, and the short ratio is decrease.... up and up we go. Despite there being very little value in trying to predict the future price, I predict that we slowly creep up to 19 until some news comes out. Then once some news comes out, I think 23 is a good target, maybe 25.

I know, I wasnt planning on doing any CYGX options. I just talking about options in general. I will be doing larger companies to start with, ones that are safe and very stable.

You know who I miss, good ol thaliowizard. Seems like when he comes around the stock price is on the verge of going up. Where ya been??

OT: I have officially been investing in stocks for 1 year now. Today I sent the application form to my broker to get margin and options approval. Anyone have any experience with options? I think I am going to start by writing a few put options and see how that goes. I do not ever plan on using margin (I will cover everything with cash), but having a margin account was part of the requirements to buy/sell options. Any quick tips on this sort of thing would be appreciated.

"but even he apparently agrees that he's not the guy to have in the CEO seat."

or maybe he just realizes that he is old

If (when) the PKU drug is approved, I wonder if this stock will double like some expect...

Personally, I doubt it will jump THAT much, but I still think it will make a nice run

lol, your awesome arnold. Such a cheerful person you are

This is a little weird:

"2006 was an excellent year, scientifically. The Company's accomplishments included ... Construction of a major manufacturing facility to manufacture large-scale synDNA(TM)"

I dont think that is true. Im guessing that they meant to say "initiation of construction" or "beginning preparations for construction"

I like the PR this morning.... Skolnick is already keeping his word to inform investors. Well done Skolnick!!

if there is a jump up in the share price tomorrow I think it will be clear that this message board has a (significant) impact on the stock price, because I doubt many people are checking the CEO Update section on the Cytogenix website daily

Man this update makes me happy!! I had to call my dad and let him know about it because he was getting a little upset about the current stock price. I think he and I are both feeling a bit more comfortable with the CYGX situation. It's definitely been a fun ride, and I am excited for the future of this company... and the $$ I will make on its success.

lol, im not scared. However, I also do not want to dissociate the character of my posts from my true, real life character. I am not usually a jerk, and I dont want to start abusing the anonymity of the internet to portray someone that I am not. To be a true man of integrity is the goal, and I kinda slipped up there.

wow, I sound like a jerk in this post. Sorry arnold, I didnt mean for this to sound so arrogant and rude.

hey arnold, its not 5% endotoxin. Read it again and use the grammar you learned in school. The % of endotoxins in the synDNA is not known just from reading that sentence.

*wow*

Even if CX717 completly dies, COR is not dead. They still have CX701, high impacts, a possible in-license to move forward, etc. So buying right now is very wise in my opinion. I doubt it will drop too much lower even if the FDA kills 717, but the chance of it going up in the next few years is immensely high. There are just too many things that have the opportunity to fly here... and only 1 thing that is on the verge of sinking.

Buy Buy Buy

but CYGX is staying strong

can someone say "slam dunk"?

lol! eom

Price hit new 52-week high ($18.46) - Jan. 24, '07 eom.

Insider trading:

Anyone have any thoughts on the insider trading being done by BMRN vice prez (Stuart J. Swiedler)?

Check this:
http://biz.yahoo.com/t/85/6589.html

Why doesnt he own more shares? Instead of exercising his options and selling, one would think he would just hold onto them. Im guessing there is just something I dont understand and I am not seeing the whole picture.

Also check out this:
http://finance.yahoo.com/q/it?s=BMRN

Why were 50% of all insider owned stocks sold over the last 6 months?? This seems really bizarre to me, and honestly somewhat of a red flag. I will have to try to research more about this.

This is also an interesting news find. The BioMarin website currently only states a commercialization plan for Naglazyme in the United States and European Union. Are we spreading our drugs to Asia? It sure looks that way.

What type of regulatory agency does Japan have and is Naglazyme even approved over there yet? Anyone know any details?

How will this effect BioMarin? In effect, if MPS VI rates are similar in Japan as they are in the US, there should be an 40% increase in Naglazyme sales. Keep in mind too that Naglazyme extends the life of patients, treatment is continued for all life, and dosing is based on weight... so the sales growth each year should be good for a long time. Just from some rough estimates based on 2006 earnings, jumping into Japan should yield at least another 10 million the first year.

Anyway, I hope this is true, it is good for those suffering and it is good for investors. Can't beat a win-win situation! However I would like to confirm this article just to be sure.

About MPS VI
MPS VI (also known as Maroteaux-Lamy syndrome) is a debilitating, life-threatening genetic disease caused by a deficiency of the enzyme N-acetylgalactosamine 4-sulfatase. This enzyme deficiency leads to the accumulation of certain complex carbohydrates, glycosaminoglycans, in the lysosomes, giving rise to progressive cellular, tissue and organ system dysfunction. An estimated 1,100 individuals in the developed world have MPS VI. The majority of individuals with MPS VI die from disease-related complications between childhood and early adulthood.

If anyone has some time, you should learn more about MPS VI. Seriously, this drug really helps those who are suffering from this condition. I love biotech just for this reason, these drugs can have a powerful effect on people and even save lives.

Japan's AnGes MG to market US remedy for rare children's disease
Jan 22, 2007

AnGes MG Inc., a developer of genetic medicines, plans to market in Japan in one or two years a remedy for an intractable childhood disease created by U.S. firm BioMarin Pharmaceutical Inc., sources close to the Japanese company said.

The drug, called Naglazyme, treats Maroteaux-Lamy syndrome (MPS VI), a disease caused by a rare genetic metabolic disorder.

It will be the first medicine for which Agnes MG handles sales entirely on it own.

Source:
Business in Asia Today - Jan 22, 2007

Interesting news, looks like BioMarin is planning on expanding in May. Does anyone know more about this?

BioMarin Leases 85,000-SF Novato Office Bldg.
January 16, 2007

Biopharmaceutical Developer Plans May Occupancy

BioMarin Pharmaceutical Inc. leased the entire 85,000-square-foot office building at 300 S. Bel Marin Keys Blvd. in Novato, CA.

The biopharmaceutical developer inked a six-and-a-half-year deal last month valued at approximately $6.6 million, based on the asking rate. BioMarin will occupy the building in May upon completion of tenant improvements to provide additional office/lab space.

Whitney Strotz and Mark Maguire of NAI BT Commercial in San Jose represented BioMarin. Robert Miller of Miller International LTD in Alamo represented the landlord, Paul Sade and Eleanor Sade Trust.

I think one thing to keep in mind though is that Stoll is planning on the stock price rising (significantly?) this year and better financing can then be had. So while resources are currently limited, it is just a temporary situation. More shares are going to be issued when the financing is more favorable.

As far as in-licensing, Stoll has made his reasoning pretty clear behind pursuing a new compound(s). It should be fairly obvious to the market why he is pursuing this. From every speech that Stoll has given, I have yet to hear a hint of faltering faith in Ampakines. I do recognize that the market might have the wrong perception, but Stoll is doing a great job of offering a clear picture that the market should heed.

Just my personal view, but I really like the idea of in-licensing as long as it is 1) a worthwhile compound and 2) not detracting too much focus away from high impacts, 701, 717, etc. Stoll is such a leader that those two requirements will not be overlooked. He has done a great job leading this company so far and it would be out of character for him to make a decision that would not ultimately help progress Cortex as a business.

Last Trade: 18.37
Change: Up 0.76 (4.32%)
Prev Close: 17.61

1y Target Est: 21.38

Day's Range: 17.59 - 18.46
52wk Range: 10.95 - 18.40
Volume: 2,847,923
Avg Vol (3m): 969,608



Today it looks like the major upward resistance was broken... but then again, I dont know much about technical chart analysis.

There definitely is a takeover rumor afloat. Im not sure if the jump today can be attributed to a rumor though. BMRN is sitting pretty whether they get bought out or not... it is looking pretty clear that the PKU drug is going to make it all the way and their current products are doing might fine as well. It will be interesting to see how the stock trades after Friday.

thanks market_fest4. You are definitely correct about the pessimism and people getting burned. And icebrg brings up a good point too.

Yeah, i agree about averaging down. Already done! If this stock does go back up to $5, I will actually be very thankful for this drop to $1. It has taken a long time, but it will be very much worth it in the end... that is if the FDA cooperates.

Question for all:
If the FDA removes all restrictions on CX717, will the stock price jump back to $5?

In theory it should, right? Because essentially the situation would be exactly the same as it was before the hold was placed. Actually, it seems like we would even be in a better place because the safety of CX717 would be very concrete. How many freaking tox studies have we done on that compound!! Gees...

No. Working just fine for me