it’s pharmageddon

It’s PharmaGeddon: more than half of biotechs in cash crisis

Nick Evans
Tuesday, 4 November 2008

MORE than half of the small life science companies that report quarterly cash statements have less than a year’s funding left, and 70% have less than 18 months, as at the end of the last quarter.


Security Description MktCap($) Time to Empty (Yrs) Reported Cash Notes
AOP Apollo Life Sciences 7.6 In Administration
GIA Giaconda Limited 9.6 -0.02 $28,000 $40 million raise recently collapsed
NLS Narhex Life Sciences 3.1 -0.02 $10,000 Suspended from trading in March
MVU MatrixView Limited 27.9 -0.05 $149,927
PCC Probiomics Limited 0.7 -0.05 $82,000 Ann plans to raise $500K
MGZ Medigard Limited 4.1 -0.05 $30,000
BNE Bone Medical Limited 25.0 -0.07 $185,061 Plans to raise $1.5 million
DIA Dia-B Tech Limited 1.8 -0.08 $221,000
MVH Medic Vision Limited 6.1 -0.09 $256,000 Underwritten $1 million raise underway
IMI IM Medical Ltd 6.2 -0.10 $395,000 Has $5 million
PLD Portland Orthopaed. 2.7 -0.12 $886,000
EMS Eastland Medical 24.7 -0.15 $397,000
STC Stem Cell Sciences 6.0 -0.16 $1,636,000
SLA Solagran Limited 43.7 -0.19 $1,056,000 Announced $2 million raise
TIS Tissue Therapies 4.9 -0.19 $733,000
STI Stirling Products 1.9 -0.20 $493,000
ACU Avantogen Limited 22.6 -0.23 $403,000
BOS Biosignal Limited 3.4 -0.23 $708,565
RBY Rockeby Biomed Ltd 1.5 -0.25 $291,000 Grant funding of $800K, plus raising up to $750K
NAL Norwood Abbey Ltd 1.7 -0.26 $314,000
BMI Bmdi Intl Ltd 8.5 -0.27 $149,000
CAU CollTech Australia 1.8 -0.28 $659,966
RTL RTL Corp 2.3 -0.28 $299,000
MTY Medical Therapies 5.2 -0.28 $490,000 $2 million funding
KSX Karmelsonix Ltd 6.2 -0.28 $1,836,000 Has $7 million credit line
HTX Healthlinx Limited 4.7 -0.31 $535,000 Issuing $250K convertible notes
BLT Benitec Limited 16.6 -0.34 $1,069,000 Recently raised $1.9 million
OMI Occupational & Med. 10.4 -0.39 $670,000
NEU Neuren Pharmaceut. 12.9 -0.40 $4,419,000
VLA Viralytics Limited 12.7 -0.47 $1,853,000
ICV Incitive Limited 1.1 -0.48 $553,000
PYC Phylogica Limited 10.0 -0.50 $2,150,000
GBL Genesis Biomedical 1.9 -0.51 $699,000
PRR Prima Biomed Ltd 2.1 -0.54 $749,000
XCD Xceed Capital Ltd. 4.0 -0.57 $2,500,000
ANQ Anaeco Limited 7.8 -0.58 $1,006,000
BIT Biotron Limited 9.5 -0.60 $1,456,000
AQL AquaCarotene Limited 2.4 -0.62 $642,000
PNO PharmaNet Group 1.6 -0.62 $406,556
ALT Analytica Limited 5.6 -0.68 $700,000
AVX Avexa Limited 46.7 -0.80 $33,020,000
SLT Select Vaccines 1.3 -0.81 $849,000
IPD Impedimed Limited 53.7 -0.82 $9,137,000
MDV Medivac Limited 4.0 -0.83 $1,628,952
SBN Sun Biomedical Ltd 7.7 -0.84 $1,742,000
OBJ OBJ Limited 2.6 -0.85 $1,158,000
SPL Starpharma Holdings 44.9 -0.86 $6,229,000
GBI Genera Biosystems 5.5 -0.87 $3,243,000
ACL Alchemia Limited 24.9 -0.94 $12,309,000
PXL Proteome Systems Ltd 14.9 -0.98 $8,357,000