Replies to post #212899 on Biotech Values

[DewDiligence]

Re: RVNC enterprise value

At the current share price of $23.75, the enterprise value based on 34.8M diluted shares (#msg-133605186) and $174.7M pro forma cash (#msg-133604865) is approximately $650M.

(34.8M)($23.75) - $174.7M = $651.8M

[DewDiligence]

RVNC’s fully-diluted* share count for valuation purposes is 35.0M. This figure consists of: 30.9M basic shares on the 9/30/17 balance sheet (https://www.sec.gov/Archives/edgar/data/1479290/000147929017000042/rvncq31710q.htm#s566245125C215CE2A164C516887ADD48 ); and 4.1M options, warrants, and non-vested restricted stock (ibid, page 18).

*Non-treasury method.