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Author: whatismyoption Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19136  
Subject: Re: Now is the time Date: 10/20/2008 1:00 AM
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For some balance on Biota

from a free subscription board in Australia
http://www.hotcopper.com.au/post_threadview.asp?fid=1&ti...
Note Peter Cook is the CEO.

Port,
Quote:
"I think it's around $80m cash atm. May be more if they left the settlement amount in USD"

You are beginning to sound more and more like a Peter Cook mouth piece. Perhaps if Peter Cook had spend the money buying Gold Bullions it would have been worth a lot more insyead of the share buy back!

Where on earth can you sight Quote: “Check out their cash-flow statement, apart from staff costs they spend very little”. Are you implying you have access to their cash flow statement?

There is no reason to believe the cash balance is anywhere near to $80 million.

The cash in hand on 30 June was $60.2m

INCOME:
Peter Cook sold the GSK case for $20m to be paid in August. But out of the $20M some people said that no less than $15m of legal fees in the second half of 2008 had to be paid. And this do not even take into account of “success fee” that some people believe is due to the lawyers. It is patently clear Peter Cook is an idiot for refusing to accept the 2006 $100M settlement offer with legal costs and a bigger idiot to refuse again a 2007 $75M settlement offer with legal costs, and blamed Peter Molloy for launching the case. After legal costs, the settlement cheque is a sad indicator for shareholders of their CEO’s stupidity.

Relenza royalties for the September quarter will be reported soon. The June quarter should be a good indicator of the sales plummeting 96% to a miserable $0.4M royalty. Immediately upon the settlement of the legal case, GSK commenced selling Relenza call-options for which BTA share holders will not see any royalty until a full blown bird flu pandemic eventuates. Thus all exuberated Biota mouth pieces should take note that all the broker reports promoting BTA as a good buy based their exuberance on an annual Relenza royalty income of about $30M per annum which is 75X the ACTUAL June quarter of $0.4M.

OIA FLU Range brought in $ 287,000 for the 07/08 FY. The poor Northern Hemisphere flu season (Peter Cook’s infamous phrase) meant the quarterly income will be less than $70,000.


$15.2m collaborative income was achieved in 07/08. What about 08/09? Lets see:

RSV & MedImmune/AstraZeneca license brought in a payment of about $3.8 in August. (US$3.5 million)


HCV & Boehringer Ingelheim
Quoting Peter Cook: “The program has progressed well against the agreed objectives although at this early stage, NO FINANCIAL MILESTONE HAS YET BEEN DELIVERED”.


CASH BURNT:
The cash burned in 07/08 was $54.3 M. Peter Cook like you to believe cash burnt will improve now that he had sold the case for a big loss. Is this so?

Executive remunerations:
Peter Cook’s remuneration increased 38% from $602,805 to $833,005
Damian Lismore’s remuneration increased 43% from $366,327 to $525,357
Leigh Farrell’s remunerations increased 57% from $279,319 to $437,395

What about other fat cats? It is anything but “very little (using Port phrase)”. How much have they increased their executive remunerations for 08/09? Peter Cook has the audacity to ask shareholders to vote for his million free options in the coming AGM for his sterling performance.

Peter Cook’s Fantastic Share Buy Back:
Peter Cook burned $5M in the first quarter in his buy back value creation. A total of $7,952,563.65 were burned to purchase 9,166,734 shares which at yesterday closing price of 43 cents is worth $3,941,695.62 or 50% of your money Peter burned! And by the way, these shares were cancelled but your shareholdings were in the same breath diluted by free executive options rewarded to Peter and his mates.

CONCLUSION:
Port, I hope you can now work out the cash backing is not $80M. With Peter creative skills for wealth creation, he may be able to bring BTA share price to the same level as OEC in double quick time.

PS: Edh, to compare CSL and COH to BTA is an insult to them (CSL/COH) no lesser than to ridicule John Howard by comparing him to a convicted paedophile like Dennis Ferguson. For every COH & CSL success there are double or triple digits of wanabes skeletons. BTA like any other biotech is a speculative venture at the best of time. For any chance of success, it must get rid of the parasites.
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