Here's how I See it. At the end of the 4th qtr. they had 15.7M cash on hand. At my estimated burn rate of 3.0 M for the first quarter almost completed, add in another 1.6M from the BMY deal, the net cash on hand as of the end of this month should be around 13.0M which should put us at .50 per share cash only, which is what we are trading at right now. The MATCH technology has value and the only question is, how much. BMY is willing to pay 80M for each milestone and they are the ones footing the bill for the research and development. BMY is probably looking at this and thinking, what the heck, if we buy out TZYM right now for just $1.50 per share, we are only paying 41M for the entire company which currently has around 13.9M cash, not to mention the equipment and furnishings which is probaly worth .5M The net real cost to them for the MATCH technology would only be 26.6M when you back out the current assets which would be a real steal for them considering they are willing to pay 80M milestone payments for each development not to mention the royalties. Don't forget also that they have to make another 1.6 M payment to TZYM in the second quarter under their agreement. It just makes sense to me that they will strike a deal somewhere in the neihborhood of $1.5 unless the big holders want to hold out for more. I think it's a no brainer at this point considering it's trading just at cash.
