Biotech Values

[DewDiligence]

MNTA’s effective cash balance at 3/31/11 was $260M. This comes from $58.7M of unrestricted cash, $123.4M of marketable securities, and $82.4M of accounts receivable (of which $75.8M is attributable to Lovenox), less $4.7M of accounts payable:

http://sec.gov/Archives/edgar/data/1235010/000110465911026306/a11-9210_110q.htm#CondensedConsolidatedBalanceSheet_074239

The $260M figure above is an increase of approximately $57M relative to the corresponding figure at 12/31/10 (#msg-62289104) and is about $19M less than MNTA’s 1Q11 Lovenox profit share. This $19M figure is close to MNTA’s guidance that quarterly cash operating expenses (net of R&D revenue) will average $15-18M during 2011, so there was nothing materially out of line with operating expenses during 1Q11.