Biotech Values

[10nisman]

By end of next quarter they would have >$200M in cash or receivables that would quickly turn to cash (assuming sole generic).

The only issue with MNTA's Lovenox cash flow is Sandoz has 45 days after quarter end to pay A/R (per Rick Shea on the Q3 CC). If those A/R terms remain this way (vs. 45 days after the end of each month), MNTA will not receive any cash flow from Q4 (~$50-60 million) until mid-February 2011. This could be a reason why MNTA has decided to raise some additional cash now (to use to develop FOB's, etc.) versus spend down some of the $110 million on the balance sheet.

10nis