IDM Pharma, Inc. (IDMI)

[bowonwing]

1. I hope IDM did not put itself behind the eight ball by allowing Walbert et. al. to work only part-time at IDM. That is, any offer for buy-out would be a low ball because of limited options available to IDM.

2. Last week Rodman & Renshaw analyst gave $20m annual revenue tops for L-MTP-PE (I assume only in Europe, as this was the issue). I know R&R is boilerroom, but right now it is all we have to work with.

3. About 29M shares outstanding of IDM.
5 x $20M rev= $100M.
100 div 29=$3.45

4. So in a "normal" investment environment, using "normal" metrics of "valuation," IDM would be worth about $3.45 a share JUST FOR REVENUES IN EUROPE FOR L-MTP-PE.

5. IDM has no debt and around $18M in cash, or about $0.50 per share, as of 10/1/08 (source: Yahoo).

6. As meixatech, tzm and others have posted IDM-2101 is the jewel of this company. Yet still maybe ten or so years away from production IF all the forth coming trails go well.

7. Heaven knows what the buy-out premium will be with a part-time executive management and in this economic environment.

JMHO, >$8.00 in buy-out, 29M shrs x 8= $232M market cap.