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Biotech Stock Mailbag: Acadia, Relypsa, Celator

More importantly, Relypsa forecast higher spending in 2016 to fund the Veltassa launch. Guidance for 2016 operating expenses is $275-300 million. The company has approximately $285 million in cash on hand.

You can do the math. Relypsa will need additional financing, although the company said it was exploring ways to raise money without having to sell more stock.

In this market, investors are selling companies with financing needs.

Relypsa carries a $400 million-ish enterprise value with an approved drug on the market, yet investors shrug.

Tam T. writes. "Hi Adam, I'm a big fan of the Feuerstein-Ratain Rule. There's a company called Celator Pharmaceuticals (CPXX) that seems fundamentally sound for a microcap oncology company. The drug is a liposome with the traditional 7 + 3 chemo but now reformulated with a different ratio. Celator has a transparent management team and board of directors, with decent phase II data. The company is about to release phase III topline results in a couple of weeks. Based on your F-R Rule, Celator is a sub-$300 million market cap which means there is a 100% chance the...