mdm going to list on the tsx Nice announcement...Here is a good...

mdm going to list on the tsx Nice announcement...

Here is a good article regarding MDM...

Its what they have what counts..


Aust investors have wrong approach to biotechs, says US exec
AAP News

15:18:020 2/02/2005

By Trevor Chappell
MELBOURNE, Feb 2 AAP - Investors were wrongly fixated with how
much cash Australian biotechnology companies had when considering
whether or not to take up the stock, a senior United States biotech
executive said today.
Chris Henney, the current chairman of Structural Genomix Inc and
a past executive chairman of Dendreon Corp, said US biotechs did
not have the same problems as Australian biotechs when trying to
raise funds.
"The issue that has caused me particular frustration here has
been access to capital - access to capital for small biotechnology
companies has been and continues to be very difficult," Dr Henney,
who is also a director of Australian biotech Bionomics Ltd, said in
an address to investors today.
Bionomics is developing gene-based products to treat disorders
of the central nervous system and cancer.
"The theme that has been limiting for this industry here has
been this theme of companies being cashed up...and a view of these
companies without understanding the particular problems of them...a
valuation of the companies based on profit and loss and a
preoccupation with short-term profits."
Dr Henney said that reluctance of investors to dig into their
pockets had made the Australian biotechnology sector too
fragmented, with companies that were far too small.
He said investors also had to ease up on their demands for
short-term profits and consider the long-term benefits of the
products being produced by biotechs.
Dr Henney, a co-founder of Immunex Corp, said that when he was
at Immunex, the company went 19 years with only one profitable
quarter.
"We sold the company for $12 billion after those 19 years," he
said.
Another company which he co-founded, ICOS Corp, had a market
capitalisation of $3 billion but had never had a profitable quarter
in 10 years.
"The market is recognising what the company is doing," Dr Henney
said.
He said that Australian biotechs, for their part, had to better
communicate what they were doing, and that included Bionomics.
Dr Henney said that if investors did not support local biotechs,
Australian companies would have to turn to the US markets to get
needed capital.
"Inevitably, that will lead to a migration of companies away
from Australia to the US...the writing's on the wall," he said.
Meanwhile, Bionomics chief executive officer Deborah Rathjen,
said Bionomics planned to accelerate its business plans
aggressively and become a $200 million company over the next three
years.
Bionomics currently has a market capitalisation of $16 million.
AAP tsc/eb