Here is some great news from 2003 the old TWST interview.
CEO of DNAprint genomics predicts revenues to grow over next 24 months Full article published: 08/01/2003 TONY FRUDAKIS is Chief Scientific Officer, Board member and Head of Research of DNAprint genomics, Inc.
Eight analysts and top management from twenty seven sector firms examine the Biotechnology sector in this 149-page Biotechnology Issue from The Wall Street Transcript, available at (212/952-7433) or www.twst.com
TWST: Could you start us off with a brief summary of DNAprint genomics?
Dr. Frudakis: DNAprint genomics is a small genomics firm that is focused on extracting value from the human genome sequence. That is clinical value, forensics value and recreational value. So we have made great progress in the forensics space and you may have heard about that through the media surrounding the Louisiana serial killer case which we helped break with genomics tests we have developed here. But our main purpose is to determine why people respond to drugs differently so that the response can be predicted beforehand. Right now we are spending most of our efforts working on solving problems associated with other people's drugs such as Lipitor or Bristol-Myer's Taxol drug. In the not so distant future, we are going to have our own drug pipeline and we will apply our talents toward solving our drugs rather than other people's drugs. But what really sets DNAprint apart from other genomics companies is that we think we are the only ones who know how to accurately determine what it is that makes people respond to drugs differently. The reason why is that we are the only company that appreciates the fact that something called population structure can be used as a tool to hone in on genomic sequences that can be used to predict response. So basically our advantage is a scientific and technical one. We do things better than even the large pharmaceutical companies do because we were comprised of young, very bright scientists who think innovation, not old school. Our founding group was comprised of a group of scientists and not a group of business people and we got the business expertise after the fact.
TWST: What should the next 24 months hold as far as DNAprint being a success?
Dr. Frudakis: Revenues will continue to grow. We will begin to make more of an impact on serial murder and serial killer cases in the forensics space. We will be putting together partnerships with other companies to help us realize the power of our forensics program. The most important thing of all is that people will begin to see the step we are taking to become a new type of pharmaceutical company ' the one that makes the laser-guided weapons and not the dumb-bombs. By the end of two years, I hope it will be clear to everyone that we are that type of company. We are not just a test company but a pharmaceutical company.
TWST: What are the overriding principles of the rate of spend you are going to have to put out versus what you see as revenue and the need for capital?
Dr. Frudakis: I can give you some projections. We think that total stockholders equity which is projected to be at $160,000 in 2004 will grow to $700,000 in 2005 and $12 million in 2006 based on our forensics business and our physical profiling, mainly the Taxol test I told you about. Property and equipment is going to grow as well. We have about $2 million worth of scientific equipment right now and that is going to grow to about $6 million in the next couple of years. Right now, every time we issue shares to raise funding, it counts as negative cash. Even though we have $200,000 in the bank and that amount stays pretty much constant because as it is spent, more is added in, if you look on the books, there is negative cash in the bank. That is because we have issued stock to pay for it. That will stay negative until 2006 when we think we will have about $8 million in cash. We project $60 million by 2007 based on all of the things happening that we talked about ' DNAprint's forensics' business continuing the growth it has, recreational business continuing the growth it has. This does not account for deals that help us become a pharmaceutical company, and if we acquire a pipeline with advanced candidates, both drug development expenses and winfall from a drug approval would significantly change these numbers.
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