BNT

[snowcat]

Yes, it seems that they valued it incorrectly - at least in our opinion.  The big drop on 10xadv was not a good sign - I was not surprised at profit taking since it has made a good run.......
we will see what tomorrow will bring.  By Friday, Raymond Jame's opinion may be ancient history.

I think I will wait until the dust settles b4 I take another bite here - but it is a buy.
Look at the rollercoaster ride VPHM went on:

http://finance.yahoo.com/q/bc?s=VPHM&t=3m&l=on&z=m&q=l&c=bnt

[la-onda]

detailed update
Bentley Shares Decline After Downgrade

Monday , December 12, 2005 15:11 ET

NEW YORK, Dec 12, 2005 (AP Online via COMTEX) -- Bentley Pharmaceuticals Inc. stock fell Monday after Raymond James & Associates downgraded the specialty drug company on valuation and the upcoming expiration of patent protection on its key drug-delivery technology.

Shares of Exeter, N.H.-based Bentley fell $1.21, or 6.3 percent, to $18.06 in midday trading on the New York Stock Exchange.

"We are cutting Bentley Pharmaceuticals Inc. to 'underperform' from 'market perform' after a tripling of its shares since April 25 leaves its stock outpacing growth of its business," said Raymond James analyst Michael Krensavage. "What's more, a nasal insulin Bentley is hyping is unlikely to ever reach the market, and patent protection on its key drug-delivery technology, CPE-215, expires in June 2008."

Bentley reported 2004 revenue of $73 million from its two core businesses: its American unit that develops drug-delivery technologies that help drugs' absorption and its European unit that makes and sells generic drugs in Europe.

Despite Monday's loss, the company traded only 15.2 percent from its 52-week high, of $20.80, which it reached on Dec. 8. The company's 52-week low of $6.50 occurred on April 25, when the company announced a partnership with South Korean company Dong Sung Pharmaceutical Co. to develop and license intranasal insulin spray.

According to Krensavage, Bentley Pharmaceuticals' market value has tripled to $440 million since its April low. Since Nov. 2, when the company reported third-quarter earnings, Bentley's shares gained 60 percent.

Earlier Monday, the company said it gained approval in Great Britain to launch a generic ulcer drug.

Raymond James expects or intends to receive compensation for investment-banking services from Bentley in the next three months.


http://www.knobias.com/individual/public/news.htm?eid=3.1.5737994f43ad2f41d4e8df60ae86457c9d9c35a7a4b986a5e23e8b4f021e6319

[la-onda]

BNT: Short Interest UP 4.4% to 1.6M in Dec 2005
Wednesday, December 21, 2005 16:32 ET

According to new short interest data from NYSE, short interest for Bentley Pharmaceuticals, Inc. (NYSE: BNT) INCREASED 4.4% to 1,587,530 shares for the month ended mid-December, 2005.

SYMBOL   NOVEMBER        DECEMBER          CHANGE       %CHANGE     DAYS/COVER
--------   -------------   -------------   -------------  ------------  ----------
BNT            1,521,259       1,587,530         +66,271        +4.36%           3

Based on BNT's 20-day average daily share volume of 573,315, it would require approximately 3 day(s) of buying to cover this short interest.

[la-onda]

nice bounce back 

[la-onda]

just FYI 

BNT: Short Interest UP 36.2% to 2.2M in Jan 2006
Monday , January 23, 2006 06:00 ET

According to new short interest data from NYSE, short interest for Bentley Pharmaceuticals, Inc. (NYSE: BNT) INCREASED 36.2% to 2,162,869 shares for the month ended mid-January, 2006.

SYMBOL          DECEMBER      JANUARY     CHANGE       %CHANGE  DAYS/COVER
--------   -------------   -------------   -------------  ------------  ----------
BNT            1,587,530       2,162,869        +575,339       +36.24%           7

Based on BNT's 20-day average daily share volume of 360,355, it would require approximately 7 day(s) of buying to cover this short interest.

[snowcat]

On the IBD medical chart, BNT was replaced by CMED as the #1.

Both are near the top of the IBD 100

[la-onda]

BO alert:

BNT: Volume Spike; 40% > 20-adsv, Stock +5.22%
Friday , January 27, 2006 13:05 ET
This is the 3rd VOLUME alert for BNT in the past 7 calendar days.
Trading for Bentley Pharmaceuticals, Inc. (NYSE: BNT) has been heavier than usual in today's session. By 13:05 ET, the stock had already traded 614,700 shares via 563 trades. The cumulative volume is 40.08% above its 20-day average of 438,815. Normally the stock experiences around 500 individual trades per session.
So far, today's volume surge has caused a net rise in BNT's stock price. At the time of this alert, the stock was trading at $21.150, up $1.050 (+5.22%).

One year ago, the Company's shares closed at $10.050. The price has gained more than 110 percent since then.

Over the last 10 trading session BNT has traded in a range between $17.800 and $20.350 and is currently trading 1.68% above its 52-week high of $20.800 set on December 08,2005 and 225.38% above its 52-week low of $6.500 from April 25,2005.

In the previous 3 sessions, BNT trading has displayed a positive trend. Closing results have been as follows:
January 26, 2006 --- closed at $20.100 up $0.350 (+1.77%) on 442,400 shares
January 25, 2006 --- closed at $19.750 up $0.160 (+0.82%) on 287,100 shares
January 24, 2006 --- closed at $19.590 up $0.420 (+2.19%) on 690,600 shares

The Company last released news on December 12, 2005:
"Bentley Pharmaceuticals Announces the Marketing Approval of Lansoprazole in the UK; December 12, 2005 Launch is Scheduled Through Its Licensees"
&
BNT: Short Interest UP 36.2% to 2.2M in Jan 2006
Friday , January 20, 2006 16:01 ET

According to new short interest data from NYSE, short interest for Bentley Pharmaceuticals, Inc. (NYSE: BNT) INCREASED 36.2% to 2,162,869 shares for the month ended mid-January, 2006.

SYMBOL    DECEMBER      JANUARY          CHANGE       %CHANGE  DAYS/COVER
--------   -------------   -------------   -------------  ------------  ----------
BNT            1,587,530       2,162,869        +575,339       +36.24%           7

Based on BNT's 20-day average daily share volume of 360,355, it would require approximately 7 day(s) of buying to cover this short interest.

chart:

[la-onda]

TA feedback is appreciated 

[snowcat]

I bailed at about 20 when it broke the trendline on increasing sales volume.  Now below the 50dma it lost it's momentum.  From the chart, it does not look to good for now.  The numbers still look good and the future looks bright but I would wait for a reversal and a move above the 50dma b4 I consider this one again.

[la-onda]

TA analysis from yaho board:

Attached link shows BNT bouncing off her 100 ema, forming a second
bottom, trending up from her bottom trend line.

http://trimurl.com/4JK

I am still holding longterm 
cheers
Oliver

[la-onda]

BNT: Short Interest UP 33.7% to 2.9M in Feb 2006
Wednesday, February 22, 2006 17:46 ET

According to new short interest data from NYSE, short interest for Bentley Pharmaceuticals, Inc. (NYSE: BNT) INCREASED 33.7% to 2,892,167 shares for the month ended mid-February, 2006.

SYMBOL     JANUARY        FEBRUARY       CHANGE       %CHANGE      DAYS/COVER
--------   -------------   -------------   -------------  ------------  ----------
BNT            2,162,869       2,892,167        +729,298       +33.72%           5

Based on BNT's 20-day average daily share volume of 614,425, it would require approximately 5 day(s) of buying to cover this short interest.

[la-onda]

news from spain:
Bentley Pharmaceuticals Provides Update on Product Approvals; Announces 12 Additional Product Dosage Approvals in Spain

Monday , February 27, 2006 09:00 ET

EXETER, N.H., Feb 27, 2006 (BUSINESS WIRE) -- Bentley Pharmaceuticals, Inc. (NYSE: BNT), a specialty pharmaceutical and drug delivery company, today announced that it has received twelve marketing approvals in Spain for various dosage forms of citalopram (generic version of Celexa(R)), finasteride (generic version of Proscar(R)) and pravastatin (generic version of Pravachol(R)).

John A. Sedor, Bentley's President, commented, "These approvals strengthen our portfolio and underscore our success in advancing our pipeline, both in Spain and in other European countries. These latest approvals follow the 51 we received over the past 12 months, including 30 approvals in Spain and 21 in other EU countries."

Bentley has received approval of a 30mg generic version of citalopram in Spain through its wholly-owned subsidiaries, Laboratorios Rimafar and Laboratorios Davur, and a branded-generic version of the 30mg dosage level of citalopram through its subsidiary, Laboratorios Belmac. The branded version is marketed under the Belmac trade name, Somac(R). The Company has previous marketing authorizations for 10mg, 20mg and 40mg branded and generic versions of citalopram. Citalopram belongs to a class of selective serotonin-uptake inhibitors, which are used in the treatment of depression. According to IMS, the market size of this class of antidepressants in Spain is approximately $540 million, of which citalopram accounts for approximately $48.7 million. According to IMS, the number of prescriptions written for citalopram in the Spanish market has grown at a rate of approximately 8% over the past 12 months.

The Company has also received approval to market a 5mg generic version of finasteride in Spain through each of its wholly-owned subsidiaries, Belmac, Davur and Rimafar. Finasteride belongs to a class of Type II 5 alpha-reductase inhibitors used in the treatment of enlarged prostate glands. In addition, Bentley's subsidiaries Laboratorios Rimafar and Laboratorios Belmac each received approvals to market generic-equivalent and branded versions of pravastatin in 10mg, 20mg and 40mg tablets. Pravastatin is a cholesterol-reducing agent marketed by Bristol-Myers Squibb under the trade name of Pravachol(R). These approvals follow the acquisition of marketing rights for pravastatin by Bentley's subsidiary Laboratorios Davur. In October 2005, the subsidiary received the right to market 10mg, 20mg, 40mg and 80mg dosage levels of pravastatin in Spain.

Bentley Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on advanced drug delivery technologies and pharmaceutical products. Bentley's proprietary drug technologies enhance or facilitate the absorption of pharmaceutical compounds across various membranes. Bentley also manufactures a growing portfolio of generic and branded pharmaceuticals in Europe for the treatment of cardiovascular, gastrointestinal, infectious and neurological diseases through its subsidiary, Laboratorios Belmac, and markets these pharmaceutical products through its subsidiaries, Laboratorios Belmac, Laboratorios Davur, Laboratorios Rimafar and Bentley Pharmaceuticals Ireland; and manufactures and markets active pharmaceutical ingredients through its subsidiary, Bentley API.

[la-onda]

33 slides presentation from Citigroup Helathcare Conference:
http://www.veracast.com/webcasts/citigroup/healthcare06/45303595.cfm


looking forward to the CC on 8th of March; buying more today 

[Michael]

Another great quarter for BNT 

They beat earnings estimates for the quarter with 14% and grew earnings in 2005 with 92% and most important they are delivering on all the points mentioned at the start of this thread.

• Excellent progress with Insulin Intranasal spay
• International sales are growing fast
• Continued investment in Nanocaplet

With no debt BNT is very well positioned to take advantage of all the exciting opportunities laying ahead of them.

Mike

[la-onda]

looks good for BNT 

7 slides presentation:
http://www.bentleypharm.com/documents/pr-030806.pdf

&

Bentley Pharmaceuticals Reports Financial Results for Full Year and Fourth Quarter of 2005
Wednesday, March 08, 2006 17:28 ET

EXETER, N.H., Mar 08, 2006 (BUSINESS WIRE) -- - In 2005, revenues grew 33%, net income increased 92% -

- Growth of generic pharmaceutical business to support increased investments in R&D in 2006 -

Bentley Pharmaceuticals, Inc. (NYSE: BNT), a specialty pharmaceutical and drug delivery company, today reported financial and operating results for the fourth quarter and year ended December 31, 2005.

Total revenues rose 33% to $97.7 million in 2005 from $73.4 million in 2004. Net product sales increased 31% to $91.3 million in 2005 compared to the $69.9 million in 2004. Licensing and collaboration revenues increased 86% to $6.4 million in 2005. Operating income in 2005 increased 80% over 2004, to $15.7 million. Net income in 2005 increased 92% to $10.9 million, or $0.48 per diluted share, compared to $5.7 million, or $0.25 per diluted share, in 2004. Foreign currency fluctuations reduced 2005 revenues by $155,000 and net income by $85,000.

Total revenues rose 29% to $25.2 million in the fourth quarter of 2005 from $19.5 million in the fourth quarter of 2004. At constant exchange rates, fourth quarter 2005 revenues increased by 40% from the fourth quarter of 2004. Fourth quarter 2005 operating income totaled $4.4 million compared to $1.9 million in the fourth quarter of 2004. Net income for the final quarter of 2005 totaled $3.7 million, or $0.16 per diluted share, up from $2.0 million, or $0.09 per diluted share, in the fourth quarter of 2004. Foreign currency fluctuations reduced fourth quarter 2005 revenues by $2.1 million and net income by $379,000, effectively neutralizing the benefits of currency fluctuations earlier in the year.

"In 2005, Bentley achieved outstanding top-line and bottom-line growth," said John A. Sedor, President. "Our generic pharmaceutical business continued to outpace, by more than two-fold, the growth rate of the overall generic market in Europe. And the growth of our royalty revenues reflects the strong sales of Testim(R), a testosterone gel containing our CPE-215(R) permeation platform technology, marketed by Auxilium Pharmaceuticals. Since its launch in 2003, Testim has gained 15% of the estimated $400 million testosterone gel market."

Sedor continued, "The steady growth of Bentley's generics business allows us to invest more robustly in the development and future commercialization of our proprietary drug-delivery technologies, CPE-215 and Nanocaplet(R), which could deliver longer-term incremental growth by improving health outcomes and reducing the need for injections. We continue to build on the promising initial clinical studies of the intranasal administration of insulin in combination with CPE-215. This intranasal insulin product is being developed to address the significant clinical need for novel insulin-delivery mechanisms that can improve patient compliance and minimize potential adverse effects. Based on preliminary clinical results, we plan to increase our investments in 2006 to advance this program."

Sedor concluded, "One of our strategic and financial goals in 2005 was to continue expanding Bentley's revenue base beyond Spain. We made significant progress toward this goal, as we leveraged our low-cost manufacturing and marketing capabilities to expand our position in the European market. We expect to continue growing our revenues outside Spain in 2006." Sales outside Spain reached $27.9 million (29% of total revenues) in 2005, up from $14.3 million (19% of total revenues) in 2004. As of December 31, 2005, Bentley executed 142 license agreements for product registrations. Seventeen of these agreements with customers in Spain and 64 with customers outside Spain cover actively marketed, revenue-generating products. Of the remaining licenses, two are with customers in Spain and 59 are with customers outside of Spain; they cover products awaiting regulatory approvals.

Operating expenses increased 20% in 2005 to $35.9 million. They include increased selling, general and administrative activities that support Bentley's growth and prepare the company for future investments in research and development programs. The increase in operating expenses also includes increased research and development costs which are primarily attributable to increased costs for the advancement of pre-clinical and clinical programs for generic pharmaceutical products in countries outside of Spain, including the U.S., and for the Company's development program for intranasal delivery of insulin.

Michael D. Price, Chief Financial Officer, added, "Our balance sheet remains strong. We have more than $32 million in cash and cash equivalents, a current ratio of 2.6 and no long-term debt. While we are pleased with our growth, we are also pursuing large market opportunities in drug delivery that should generate a long-term incremental increase in Bentley's growth rate. We are excited about these prospects, and we have a clear strategic vision for turning them into realities. To this end, we plan to increase our 2006 investments in research and development by 50 percent or more. These investments will help us build on the promising clinical progress of CPE-215 and advance the early-stage research on Nanocaplet technology."

Key Developments in 2005

Corporate Management

-- Bentley appointed John A. Sedor as President. Mr. Sedor has a 30-year track record as a successful business leader in the pharmaceutical, biotechnology and consumer products industries.

-- Bentley named Dr. Fred Feldman as Vice President of Research & Development. Dr. Feldman has 25 years of product development experience and has taken multiple products from early stage research through development and global commercialization.

Specialty Generics

-- In 2005, Bentley secured 51 marketing approvals on nine products. These were followed by 12 additional marketing approvals in the first two months of 2006.

-- Product approvals in 2005 included:

-- In Spain: branded and generic versions of risperidone (Risperdal(R)), ciprofloxacin (Cipro(R)) and pravastatin (Pravachol(R)).

-- In the UK: omeprazole (Prilosec(R)) and lansoprazole (Prevacid(R))

-- In 2005, Bentley established an Irish subsidiary (Bentley Pharmaceuticals Ireland Limited), which received its first Irish marketing approval (omeprazole).

Delivery Technologies

-- Bentley presented initial clinical data on intranasal insulin at the meeting of the American Diabetes Association.

-- Bentley entered into two intranasal insulin development/commercialization alliances: Biocon and Dong Sung.

-- Bentley announced discovery of Nanocaplet technology.

http://www.knobias.com/individual/public/news.htm?eid=3.1.b5b577e6c866050af2b546ced38dc3ba6fbf298c616b08fcd52346a4f6f504f6