I think it will take PDII two more quarters to be cash flow positive again, but I doubt that they will go through more than 15% of their current cash to accomplish this. The have taken a bigger hit than necessary, IMTO, and have warned of taking another $7-$10 MM or so hit in the next quarter, even if you assume that this misstep will continue (and they can simply walk away from Evista, or renegotiate if they see no way out) for an additional quarter, and take out a full $20 MM hit over the next two quarters, they'll still have a solid $50 MM in cash cushion, and they are not standing still, they just recently signed two new agreement (well, the one with PHAR, I am not sure is that great) and extended to 2004 the Astra agreement. They'll do fine, IMTO.
Zeev
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