Recent

% | $
Quotes you view appear here for quick access.

BioTime, Inc. Message Board

you are viewing a single comment's thread.

view the rest of the posts
  • a__1 a__1 May 7, 1998 3:24 PM Flag

    I am long

    In message 1290, you said:
    >�a_1" in
    message 1247 took issue with my claim
    >that
    BioTime's six patents covering Hextend and
    >their
    other solutions are assets, and that Asensio

    >was negligent or dishonest in claiming that

    >BioTime "has no assets" and "no valuable

    >technology."

    >BioTime's patents do in fact cover the solutions

    >licensed to Abbott Labs for manufacture and

    >distribution.

    So what?

    In message 1290, you
    continue:
    >True, patents and other intangible assets
    are not
    >included on a company's balance sheet
    *when
    >calculating that company's book
    value.*

    A half-truth. If you buy a patent from someone

    else, THEN you can value it on your balance
    sheet.


    More from your message 1290:

    >But book value
    is not a useful measure of
    >reasonable market
    value for a company like
    >BioTime, and Asensio's
    bringing up book value
    >(even though he doesn't
    call it that) is
    >misleading.

    It�s not
    misleading. It�s based on HIS OPINION that
    Hextend is a
    non-product. Most people would agree
    that if Hextend is a
    failure, i.e. his opinion is
    right, then the way to
    value the company is a
    function of the present
    value of the future
    earnings of its non-Hextend
    products in its
    pipeline and the company�s book value.
    Now if you
    think those future earnings are huge,
    then you have
    one more reason not to look at the
    company�s book
    value. But if you think they�re not, you
    better
    look at the book value.

    If you
    disagree with him and you think Hextend is a

    blockbuster, then you don�t care about the present
    book
    value. It�s that simple. If you do agree with
    him,
    though, you gotta look at the book value.

    Still
    more from your message 1290:

    >Do you find,
    on the balance sheet of the Coca-Cola

    >Company, a dollar value attached to the secret

    >formula for Coca-Cola the beverage? Yet this

    >formula is the foundation of most of that

    >company's earnings potential, not Coke's material

    >assets and cash working capital.

    Huh!?!!!??? I
    know Coca-Cola--and BioTime is no
    Coca-Cola. :)
    For one thing, BioTime�s intellectual
    property is
    protected by patents. Coke�s is a trade
    secret. But
    more importantly, I will repeat myself:
    If you
    disagree with him and you think Hextend is a

    blockbuster, then you don�t care about the present
    book
    value. It�s that simple. If you do agree with
    him,
    though, you gotta look at the book value.

    Finally,
    in message 1290, you say:
    >Similarly for
    BioTime. Based on the results of the
    >Phase 3
    clinical trials, and on studies like R. L.
    >Bick's
    paper, Hextend is clearly superior to
    >generic
    hetastarch in normal saline solution,
    >demonstrating
    a rate of complications due to
    >bleeding 4
    times lower than the generic solution.
    >This is
    the real asset at BioTime, not the
    >company's
    lab equipment and cash on hand.

    Who is
    misleading whom?! Ask BioTime whether they
    are going to
    be able to claim that Hextend is
    �clearly
    superior to generic hetastarch in normal
    saline
    solution� based on �Phase 3 clinical trials,
    and on
    studies like R. L. Bick's paper� The trial
    was way
    too statistically underpowered to claim
    that, so
    of course they can�t claim it. Ask them.
    Who is
    it clear to? Surely not the FDA.

    You are
    being just as misleading as Asensio by
    saying it is
    clearly superior as he says it clearly
    isn�t. There
    is some evidence from the clinical
    trial that it
    may be somewhat better. But the trial
    was
    designed to show equivalence.

    My bottom line is
    this: I don�t believe that
    Asensio is lying about
    his forecast for BioTime,
    but he may be wrong.
    With respect to the assets of
    the company, he
    certainly isn�t lying--his
    assumptions are

 
BTX
3.23+0.08(+2.54%)Jul 30 4:01 PMEDT