buyers drying up, page-6

Metabolic Pharmaceuticals (MBP – $0.032) is a little more interesting. The biotech company has a little over $12m in net cash, about 4 cents per share, although some of that cash is likely locked up in the recently acquired PolyNovo Biomaterials business. The stock is currently trading 20% below that net cash figure, which doesn’t scream for our attention but that discount has been significantly wider in recent weeks. Given this company has managed to rack up $75m in accumulated losses over its life, we probably would have given it a wide berth. But Perth-based Entrust Funds Management popped up on the company’s register recently, and it now controls Metabolic and has stacked the board with its representatives. In March, Progen Pharmaceuticals, then a net cash opportunity, distributed the bulk of its cash balance to shareholders through an equal access buyback, two months after the fund manager acquired a 6% stake – although Entrust wasn’t the main agitator in that saga.

I paid for the report and there is no copyright on it....go ahead suspend me