Replies to post #77684 on Biotech Values

[DewDiligence]

MNTA’s ‘Peer’ Companies for Compensation Purposes

These are the 19 biotech companies the consultant hired by MNTA’s
BoD (Radford Surveys & Consulting) determined to be MNTA’s peers:

http://sec.gov/Archives/edgar/data/1235010/000104746909004743/a2192562zdef14a.htm

Acadia Pharmaceuticals
Adolor
Affymax.
Alnylam Pharmaceuticals
Array BioPharma
Dendreon
Dyax
Exelixis
GTx
Idenix Pharmaceuticals
Incyte
Inspire Pharmaceuticals
Maxygen
Progenics Pharmaceuticals
Rigel Pharmaceuticals
Seattle Genetics
Synta Pharmaceuticals
Theravance
Xenoport

Note: Six companies listed as MNTA’s peers one year ago are no longer on the list; they are: Altus Pharmaceuticals, Ariad Pharmaceuticals, Aspreva Pharmaceuticals, Atherogenics, CombinatoRx, Cytokinetics, and Pharmion.

[DewDiligence]

MNTA – Alan Crane is a current director and former CEO.

http://www.masshightech.com/stories/2009/05/11/daily42-Polaris-puts-Crane-in-general-partner-role.html

›Polaris Promotes Crane to General Partner

May 14, 2009
By Galen Moore

Polaris Venture Partners has promoted Alan Crane to general partner, adding a 13th partner to its former staff of 12, and a fourth partner to its life sciences investing team.

Crane, a venture partner at Polaris since 2002, served as president and CEO of portfolio company Momenta Pharmaceuticals from 2002 to 2006, leading the company through a $35 million initial public offering of stock in 2004.

Crane said he’ll seek investment opportunities with companies that have developed transformative “platform technologies,” that can change the way drugs are discovered and developed. “It’s a broad area of novel technology that can give rise to multiple different drugs that really have an impact in transforming medicine,” he explained.

He cited Polaris portfolio companies Alnylam Pharmaceuticals Inc. and Sirtris Pharmaceuticals Inc. Alnylam developed RNA interference technology to target disease-causing genes; Sirtris developed ways to alter molecular pathways to impact diseases of aging.

Prior to joining Polaris’ life sciences team, which also includes partners Brian Chee, Terry McGuire and Amir Nashat, Crane was senior vice president of global corporate development at Millennium Pharmaceuticals Inc.

Crane said the fact that Polaris is adding another partner, while many firms have seen departures and cuts, is an indicator of the firm’s strength. “Polaris continues to be active,” he said. “We really do believe there’s a lot of interesting opportunities to create value.”‹

[DewDiligence]

MNTA has just added a big name to its BoD: Bruce Downey, the man who ran Barr Labs for 15 years until selling the company to TEVA for $9B in Jul 2008 (#msg-30792830). When it comes to the generic-drug business, Downey outranks everyone on the planet!

http://sec.gov/Archives/edgar/data/1235010/000110465909037773/a09-15647_18k.htm

On June 11, 2009, the Board of Directors (the “Board”) of Momenta Pharmaceuticals, Inc. (the “Company”), upon recommendation of the Nominating and Corporate Governance Committee of the Board, appointed Bruce L. Downey to serve as a Class I director to hold office until his successor is elected and qualified. Mr. Downey will serve as a member of the Audit and Compensation Committees of the Board. The Board also reduced the size of the board from 11 to 10 members.

Mr. Downey has served as a Partner at NewSpring Capital, a venture capital firm, since March 2009. Through December 2008, Mr. Downey was Chairman and CEO of Barr Pharmaceuticals, Inc., a global specialty pharmaceutical company. Barr was acquired by Teva Pharmaceuticals in 2008. Mr. Downey joined Barr Pharmaceuticals, Inc. in 1993 and was appointed Chairman of the Board and Chief Executive Officer in 1994.

There is no arrangement or understanding between Mr. Downey and any other person pursuant to which he was selected as a director of the Company. There are no transactions since the beginning of the Company’s last fiscal year, or any currently proposed transaction, in which the Company was or is a participant, the amount involved exceeds $120,000, and in which Mr. Downey had, or will have, a direct or indirect material interest.

In connection with Mr. Downey’s appointment and in accordance with the Company’s director compensation program, Mr. Downey was granted an option to purchase 30,000 shares of the Company’s common stock with an exercise price equal to the fair market value of the common stock, which was the last sales price on June 10, 2009, or $8.85 per share. These options will vest quarterly over the three years following the date of grant, subject to Mr. Downey’s continued service on the Board.