Biotech Values

[DewDiligence]

They are talking about "net" after non-mLov revenue. I still think my [$25M per quarter] number will right (at end of '11) for "gross" overhead. I was using a too low number for other revenue.

It makes little sense to talk about “gross overhead” because it’s immaterial to investors whether reimbursement by NVS for MNTA’s in-house R&D is added to MNTA’s revenue or is deducted from MNTA’s R&D expense.

The figure of consequence for modeling purposes is the one Rick Shea gave on today’s CC: investors should expect total cash operating costs net of non-Lovenox revenue to be $15-18M per quarter for the rest of 2011.