ACL 0.00% 0.9¢ alchemia limited

Cash is king

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    At one time we said punting on Alchemia was a better bet than going to the track. It turns out you would probably have had a better time at Flemington.

    The stock fell 80 per cent in one day in October after the company announced its big hope, the HA-Irinotecan cancer treatment, failed to meet targets. But one factor that drew us to Alchemia was its worth wasn’t simply based on research and development.

    A recent announcement by the company indicates it is far from a lost cause, as it prepares to return to investors the more than $10m a year in revenue from fondaparinux, its generic treatment for deep vein thrombosis.

    Similarly, when we first looked at Medical Developments, we were impressed by its historic strong annual operating cashflow of between $2m and $4m.

    Medical technology companies are no different from other investments — cash today talks louder than potential tomorrow.
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