Biotech Values

[jbog]

Like usual, I'm not in agreement with the board consensus. But what the hell do I know.

A) A FOB program or the M118 program would not have a need for any immediate funding that $70 mil quarter of cash flow wouldn't easily support.

B) Momenta could double their current size and it wouldn't consume more than 1/3 of their current cash flow.

C) And this is the most important thing, without any immediate cash needs that we know about, why would Momenta Management feel that the $15 level was an appropriate price for dilution.