This excerpt taken from the ELN 6-K filed Sep 29, 2009.
otherwise obtaining the funds necessary to meet our cash needs.
As of June 30, 2009, assuming the completion of this offering and the related transactions and assuming that the application of the net proceeds as described under “Use of Proceeds” had occurred on that date, excluding trade payables, we would have had $1,515 million of debt due in November 2011 ($300 million) and November 2013 ($615 million) and at the maturity of the notes offered hereby ($600 million) assuming that all of the 2011 Fixed Rate Notes are tendered in connection with the Tender Offer. At such date and based on such assumptions, we had cash and cash equivalents, restricted cash and available-for-sale investments of $840.8 million. Our substantial indebtedness could have important consequences to us. For example, it does or could:
We estimate that we have sufficient cash, liquid resources and current assets and investments to meet our liquidity requirements for at least the next 12 months. Although we expect to continue to incur operating losses in 2009, in making our liquidity estimates, we have also assumed a certain level of operating performance. Our future operating performance will be affected by general economic, financial, competitive, legislative, regulatory and business conditions and other factors, many of which are beyond our control. Even if our future operating performance does meet our expectations, including continuing to successfully commercialize Tysabri, we will need to obtain additional funds to meet our longer term liquidity requirements. We may not be able to obtain those funds on commercially reasonable terms, or at all, which would force us to curtail programs, sell assets or otherwise take steps to reduce expenses or cease operations. Any of these steps may have a material adverse effect on our prospects.