Biotech Values

[DewDiligence]

>Why doesn't MNTA immediately expand their current M-118 trials with the assets they currently have?<

MNTA has talked about running a phase-2 trial in ACS. In fact, ACS, rather than stable angina, was originally slated to be the lead M118 indication. However, now that revenues from generic Lovenox have been pushed out to some degree, the second phase-2 trial for M118 may be on the back burner.

>Or, would the cash drain be excessive given the entire pipeline cost?<

The company’s guidance is for $132M in cash at year-end 2007. This sounds like a lot, but MNTA is doing a lot of R&D and not all of it is funded by NVS.

The kind of phase-2 program I envision for M118 is on a scale comparable to what VRTX and JNJ are doing with Telaprevir. To do that, I think MNTA needs a partner.