roboshan - - - - how much would Pharmasynth be worth? - -...

roboshan - - - - how much would Pharmasynth be worth? - - -

Value? I have no idea, but PharmaSynth is no longer required by Progen and they went through a spin-out process in July this year.

Progen are not in a desperate cash situation, but PharmaSynth is not core business for a company that is trying to re-invent itself after their 23 July 2008 shock announcement.

On June 30th, 2008 Progen had 76.7Mil in cash.
(Cash holding $1.27 per share – current s/p @ 65.5c.
Work that out! Market cap $39.6Mil vs $70-odd Mil in cash !!

Look very much like a capital return story in the making.
Progen’s current burn rate is now in line with their income return on the cash deposits)

- - - Any products / technology come with the deal? - - -
Maybe there is something CST could use. Don’t know.

From the preliminary annual report:
3. Results and Review of Operations Manufacturing
We operate a current Good Manufacturing Practice, or cGMP, certified pilot manufacturing facility that provides contract manufacturing services to the biotechnology industry, earning revenues on a fee for service basis. On 2 July 2008 this facility was transferred into the wholly-owned subsidiary PharmaSynth Pty Ltd. PharmaSynth now operates as a standalone biopharmaceutical contract manufacturer serving the pharmaceutical, biotechnology and veterinary industries.
During the 2008 fiscal year this facility continued to manufactured PI-88 API for the PATHWAY trial and commenced validating the PI-88 manufacturing process in readiness for the tech transfer of the manufacturing process to an established, FDA cGMP compliant, contract manufacturing organisation.

Link to 2 July 2008 announcement:
PROGEN SPINS-OUT MANUFACTURING BUSINESS
http://www.progen-pharma.com/Docs/prs/PharmaSynth%20spin-out%20-%20FINAL.pdf


Made a modest initial CST entry at today’s sub $2 s/p.