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Myrexis, Inc. Message Board

  • brilliantpost4u brilliantpost4u Mar 13, 2012 4:00 PM Flag

    So how long until they announce the deal?

    Seems like some more details should be forthcoming shortly. According to their website, they still have 3 VP's of R&D, a VP of business development, Director of clinical affairs, new CFO, and CEO. I'm not sure which of these were every really needed. Seems kind of top heavy. Hobden was always so proud of his "experienced management team for a company of our size", Now that size is much smaller, so, so much for that experience. The stock price has been creeping down as nothing is being announced.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Hello all.

      Just wondering what the consensus is here about the real level of cash is on the balance sheet.
      Any thoughts as to what the share price is just factoring in the cash on the balance sheet? $3/share, $4/share, $5/share????
      What do peeps think a possible buyout price could be? $5/share?
      When could it possibly happen?

      thx

      gl

    • The 10 employees left by June will be VPs, Officers, and Directors of whatever... sitting on 100 M, with nothing to do. That's 1 M each for the next 10 years... I would not be surprised if the same 10 crooks are still here in a year from now, with 90 M left in the bank.

      I hope I am wrong. But we have not yet seen the end of the saga...

    • " ...If you are in this stock for the future, they are now able to focus on their product development. "

      They laid off most of their staff. By June they will have only 10 employees. The only way forward is merger/acquisition. Read their press releases!

    • Over $100M in tax credits would be jeopordized should a takeover of MYRX happen. The IRS would love to erase that tax credit, and they would.

      IMO the 4.99% ownership is key, as that is given huge attention in other companies with significant NOLs.

      If you are in this stock for the takeover possibilities, they are diminished. If you are in this stock for the future, they are now able to focus on their product development.

      I own stock in another company which has also protected its NOLs, and deferred tax assets in a similar plan (namely the 4.99% ownership limit). They also feel the NOLs and DTA would/could be disallowed. It is key to their survival, and some have likened it to a controlled BK with time now on the company's side.

      There would be no guarantee that an acquiring company of MYRX would have an agenda that would please the shareholders. Their first priority would be to line their own pockets, perhaps with a firesale.

      It will be interesting, if PPS goes above book value now that the threat of a hostile takeover is eliminated. It could.

      GLTY

    • no-no-no-no. Saving the value of the tx loss carry forwards is good for shareholders. Big value in another company getting them. $100M cash+$100M=$200m value. Minimum $4 bid without benefit for research and work already done. If right and the value of development =$100m. Company gets over $5 share. 60% gain from here. JHMO.

    • I'm EXTREMELY bitter about all this. All they've done is re-jiggered the poison pill so it's even harder for someone to fight what the board decides to do.

      What is likely to happen is that no deal will be reached (with the seller constantly belittling its wares, that's a natural outcome). Tangible assets, less bankers' fees and bonuses to the guilty will be distributed to stockholders. That will include an allowance for "fair value" (hah!) of intangible assets. The intangibles, including tax benefits, will pass into a privately owned (by guess who) "successor trust." All of this can be done without a shareholder vote. We get to vote on cancelling the certificate of incorporation (which will be tied to the cash distribution).

      Board members will get intellectual property worth at least $250MM and possibly very much more, together with tax protection for several years, at a steep discount. I'm only on the hook for $a couple K (and will likely show a profit anyway), so I won't sue. Somebody else might choose to.

    • ...hard to tell, but if you read between the lines:
      They announced in Feb they will consider the "full range of options", including keeping some development, selling some drugs. Apparently there is a prospective buyer who is interested in pretty much one option - buy the whole thing. That is why they cut down to 30 employee (enough to wrap up any remaining work) and will have less than 10 by June (no further work possible with just 10 bosses after June). One would expect the deal by June or earlier.

      One is amazing is how the whole thing developed based on the scenario outlined here by P-Value Capital:
      http://goo.gl/gxUkj

      • 1 Reply to bogat_pich
      • P value said in November:
        If no other promising alternatives are identified, take prompt action to wind up operations of the Company and return capital ....If done soon, p-Value believes the cash return could significantly exceed the current share price.

        Price is above cash now. No one was interested in buying the company before they hired Stifel. Pvalue recommended cutting spending on all programs other than the "Cancer Metabolism Inhibitor program" Maybe there's value there?

        I'd like to think this is worth more but I'm not so sure.

 
MYRX
0.1721+0.02(+0.68%)Jul 11 2:28 PMEDT

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