Fibrocell remains on budget. Management has carefully
planned its R&D expenditures and kept general & administrative
costs under control. Overall, cash utilization should approximate
$7 million per quarter through 2016. A $15.7 million financing in
July provided the cash required to achieve the aforementioned
milestones. And favorable data from the R&D front should
continue to carry the share price to greater heights. Accordingly,
we have raised our price target to $16 on this BUY-rated stock.