Biotech Values

[DewDiligence]

MNTA Liquidity and Cash Usage

Cash burn and quarter-ending cash balance for the
past five quarters were as follows (all figures in $M):

 
        Ending  Cash  
         Cash   Burn  iHub reference  
  1Q09   87.9   20.6   #msg-37645888  
  4Q08  108.5   11.0*  #msg-35548032  
  3Q08   95.4   14.0   #msg-33301993  
  2Q08  109.4   14.2   #msg-30936204  
  1Q08  123.6   12.3   #msg-29095630  
  4Q07  135.9    n/a   #msg-26836951  
    
  *After adjusting for $24.1M net 
 proceeds from  Dec 2008 financing. 

Average cash burn during the past five quarters was $14.4M. If we make the simpleminded assumption that cash burn going forward will be the same as the average cash burn during the past five quarters, then the $87.9M cash balance at the end of 1Q09 represents approximately 6.1 quarters of cash burn.

If we make the more conservative assumption that cash burn going forward will be the same as the $20.6M burn during 1Q09, then the $87.9M cash balance at the end of 1Q09 represents approximately 4.3 quarters of cash burn.