Biotech Values

[rstor1]

+++*If* this burn rate were maintained, the cash on hand would last more than six quarters+++

The costs of the US pIII will increase the burn (though it's a very small trial) and the Elan revenues will drop. Six Qs is not realistic, but four may be.

Of course, if they do get approval the cash concern will be alleviated if they can get a decent up-front from the marketing partner.

It will be tough to be in Cox's shoes in October, with 6 months of cash and waiting on a decision. I would expect some cash raise before then (65% chance Dew) unless they get a partner.

Regards,
Bob