Biotech Survival Index 2: Boston Life Sciences Companies Squirrel Away More Cash for Long Winter
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—GTC Biotherapeutics (NASDAQ: GTCB). The Framingham, MA-based company had a breakthrough last month when it became the first company to win FDA approval of a drug manufactured in genetically modified animals. But the company isn’t exactly flush. It entered this year with $11.6 million in cash and investments. It expects to spend $18 million to $22 million this year, so obviously it will need to raise more money to get through the year. (I overlooked GTC on the list in November.)
—Hologic (NASDAQ: HOLX). The Bedford, MA-based company, which makes diagnostics for women’s health, has been fattening up its cash reserves. The company had $171.5 million in the bank at the end of December, up from $95.7 million at the end of September.
—Idenix Pharmaceuticals (NASDAQ: IDIX). The Cambridge, MA-based company, a developer of drugs for infectious diseases like hepatitis C, reported $41.6 million in cash entering this year. That’s down from $48.2 million a year ago. The company says it has enough money to run at least another 12 months.
—ImmunoGen (NASDAQ: IMGN). This Waltham, MA-based company has gotten some momentum this year as its partner, Genentech, advances a more potent version of the breast cancer drug trastuzumab (Herceptin) into pivotal clinical trials. Yet the company still has to be careful because it only had $45.9 million in cash heading into this year, and it currently has about a year’s worth of cash on hand, CEO Dan Junius says.
—Indevus Pharmaceuticals (NASDAQ: IDEV). This Lexington, MA-based company agreed to be acquired by Endo Pharmaceuticals in January for $370 million, or $4.50 a share in cash. Endo has extended the offering period to shareholders until 5 pm Eastern time on March 18.
—Infinity Pharmaceuticals (NASDAQ: INFI). This Cambridge, MA-based developer of cancer drugs firmed up its balance sheet last fall through a partnership with Purdue Pharma. Infinity had $127 million in cash and investments heading into this year, and expects to end 2009 with between $122 million to $132 million, without counting what it can draw from a $50 million line of credit from Purdue Pharma.
—Inverness Medical Innovations (NYSE: IMA). This Waltham, MA-based diagnostics maker is sitting on a rapidly shrinking pile of cash, with $141 million on its books heading into this year, compared with $414.7 million a year ago. The company had a net loss of $35.7 million in 2008. The company has made some notable acquisitions with its cash in the past, including the May purchase of Marieta, GA-based Matria Healthcare for $143.9 million, plus stoc
—Molecular Insight Pharmaceuticals (NASDAQ: MIPI). This Cambridge, MA-based biotech company had $119 million in cash and investments heading into this year, up from $99.7 million a year ago. The company says it cut its cash spending rate by 10 to 20 percent for this year and 2010, which it says “provide us with the financial resources necessary to carry out our near-term development plans.” … Next Page »