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Tuesday, September 8, 2009

Myriad Pharmaceuticals

With all the action in Biotech lately, I'd thought I throw out another name.

Myriad Pharmaceuticals known as "MPI" and stock symbol (MYRX 4.47) was spun off from Myriad Genetics (MYGN 31.45), in a ratio of 1 share of MYRX for every 4 shares of MYGN. MYRX is the research and drug development business of Myriad Genetics, and they are now two seperate companies..

MPI has $188 million of cash, and three clinical stage drug candidates:

Azixa™, MPI’s most advanced cancer drug candidate, which is currently in three Phase 2 clinical trials;

MPC-3100, a novel, fully-synthetic and orally-bioavailable heat shock protein 90 (Hsp90) inhibitor and MPI’s second clinical oncology drug candidate, currently in Phase 1 clinical testing; and

MPC-4326 (bevirimat dimeglumine), a small molecule, novel mechanism of action drug candidate for the treatment of HIV, expected to begin a Phase 2b clinical trial in the second half of 2009.

With about 24 million shares outstanding, "MPI" has close to $8 a share in cash. MYRX has three presentations in front of brokerage firms in the next two weeks, and the stock is close to it's lows.

You can buy it at a discount to its cash, and hope they tell a good story.

And then, you can disregard Piper Jaffray's $3.50 target on this name!


Anonymous said...

I wish you can buy the stock, opt to be cashed out by the company and enjoy the free money :P

Anonymous said...

why did this stock keep going down after the spin off? you think it's going to take a while to get back to cash value?

Anonymous said...

like with all bio companies they are hit and miss withe the drugs...this guy echo's you

just wondering if you bought any ?

Palmoni said...

Yes--remember how VVUS has all these presentations they are going to give in the next few weeks?

Today they announced blockbuster news.

I don't think we are getting any blockbuster news since MYRX isn't far enough along with trials, but I think that if they are giving presentations, they may have some interesting news that Wall Street can sink their teeth in.