Momenta Pharmaceuticals, Inc. (MNTA)

[Dub Narcotic]

I think the financing was necessary. Momenta clearly believed that Teva approval was a distinct possibility by year end (as we now know, this was a common belief amongst both investment banks and hospital buying groups). They decided to raise enough money to feel comfortable for the next couple of years without excessive dilution. It was a prudent, if ugly, move.

That being said, I would like to see either a one-time dividend or a stock buyback as penance for the move if we see two or three more quarters of juicy Lovenox revenue.