Biotech Values

[DewDiligence]

MNTA Liquidity and Cash Usage

[Updated for 2Q10 results and $5M milestone payment
received in July for FDA approval of generic Lovenox.]


The cash balance at 6/30/10 was $68.7M. Adding the $5M
milestone payment MNTA received from NVS in July for
FDA approval of generic Lovenox, the pro forma cash
balance at the end of 2Q10 was $73.7M.

Cash burn during 2Q10 was $13.0M, in-line with the average
burn during the three previous quarters.

Now that the FDA has approved NVS/MNTA’s generic Lovenox,
MNTA’s historical rates of cash burn are no longer predictive
of MNTA’s financial performance. Rather than raising capital
based solely on need, MNTA can raise capital opportunistically
based on market conditions.

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

 
       Ending  Cash      
        Cash   Burn  iHub reference   
 2Q10   73.7*  13.0  #msg-52863330 
 1Q10   81.7   14.0  #msg-49840238 
 4Q09   95.7   11.6  #msg-46530217 
 3Q09  107.3‡  11.6  #msg-43259757  
 2Q09   72.1   13.3  #msg-40259357  
 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  
        
 *Includes $5M milestone from NVS in Jul 2010. 
  
 ‡$46.8M raised in Sep 2009 financing.  
     
 †$24.1M raised in Dec 2008 financing.