Biotech Values

[kcalt]

CRTX - wrong... Financial position is strong

From Zacks report 1/14/08:

At September 30, 2007, the company had $34 million in cash and short-term investments. Net cash expenditures in
the third quarter of 2007 were $6.4 million, compared with net cash expenditures of $12.0 million in the third quarter
of 2006 and $5.5 million in the second quarter of 2007. The company had no long term debt sitting on its balance
sheet at September 30, 2007.
We estimate net cash expenditures to be roughly $6 million in 4Q07, and $18 in 2008. Current cash may last
through 2009 in which year the company will achieve profitability.

In addition, DEY has agreed to pay the Company a milestone payment of $5.0 million following the commercial launch of ZYFLO CR. The Company expects to receive this milestone payment in the fourth quarter of 2007.

So likely $33m in cash @ YE 07. They have reduced R&D almost completely and are focused on the lead compounds already ID'd. If they burn $18m in 08 like Zacks projects, then they will have $15m @ YE 08.