Intrinsic value of Tetraphase Pharmaceuticals - TTPH

Previous Close

$1.91

  Intrinsic Value

$0.63

stock screener

  Rating & Target

str. sell

-67%

Previous close

$1.91

 
Intrinsic value

$0.63

 
Up/down potential

-67%

 
Rating

str. sell

We calculate the intrinsic value of TTPH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  15
  24
  36
  52
  73
  101
  135
  177
  228
  288
  358
  437
  527
  627
  737
  858
  988
  1,128
  1,278
  1,437
  1,605
  1,781
  1,967
  2,161
  2,364
  2,575
  2,796
  3,025
  3,263
  3,511
Variable operating expenses, $m
  135
  208
  311
  451
  636
  875
  1,174
  1,542
  1,984
  2,506
  3,112
  3,805
  4,586
  5,457
  6,416
  7,464
  8,597
  9,816
  11,117
  12,499
  13,959
  15,498
  17,112
  18,801
  20,566
  22,407
  24,323
  26,317
  28,391
  30,546
Fixed operating expenses, $m
  40
  41
  42
  43
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  54
  55
  56
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
Total operating expenses, $m
  175
  249
  353
  494
  679
  919
  1,219
  1,588
  2,031
  2,554
  3,162
  3,856
  4,638
  5,510
  6,470
  7,519
  8,653
  9,874
  11,176
  12,559
  14,021
  15,561
  17,176
  18,867
  20,633
  22,476
  24,393
  26,389
  28,464
  30,621
Operating income, $m
  -159
  -225
  -317
  -442
  -607
  -819
  -1,085
  -1,411
  -1,804
  -2,267
  -2,804
  -3,418
  -4,111
  -4,882
  -5,733
  -6,661
  -7,666
  -8,745
  -9,898
  -11,122
  -12,417
  -13,779
  -15,209
  -16,706
  -18,270
  -19,900
  -21,598
  -23,364
  -25,201
  -27,110
EBITDA, $m
  -159
  -224
  -316
  -441
  -605
  -816
  -1,082
  -1,407
  -1,798
  -2,260
  -2,795
  -3,408
  -4,098
  -4,867
  -5,715
  -6,640
  -7,642
  -8,718
  -9,867
  -11,087
  -12,377
  -13,736
  -15,161
  -16,653
  -18,212
  -19,837
  -21,530
  -23,290
  -25,121
  -27,024
Interest expense (income), $m
  0
  0
  1
  1
  3
  4
  6
  9
  13
  17
  22
  28
  35
  43
  52
  62
  73
  85
  98
  113
  128
  144
  160
  178
  197
  216
  237
  258
  280
  303
  327
Earnings before tax, $m
  -159
  -225
  -318
  -444
  -611
  -825
  -1,094
  -1,424
  -1,820
  -2,289
  -2,832
  -3,453
  -4,154
  -4,934
  -5,795
  -6,734
  -7,751
  -8,844
  -10,011
  -11,250
  -12,560
  -13,940
  -15,388
  -16,903
  -18,486
  -20,137
  -21,856
  -23,645
  -25,504
  -27,437
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -159
  -225
  -318
  -444
  -611
  -825
  -1,094
  -1,424
  -1,820
  -2,289
  -2,832
  -3,453
  -4,154
  -4,934
  -5,795
  -6,734
  -7,751
  -8,844
  -10,011
  -11,250
  -12,560
  -13,940
  -15,388
  -16,903
  -18,486
  -20,137
  -21,856
  -23,645
  -25,504
  -27,437

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  48
  74
  111
  161
  226
  311
  418
  549
  706
  892
  1,108
  1,354
  1,632
  1,942
  2,283
  2,656
  3,059
  3,493
  3,956
  4,448
  4,968
  5,515
  6,089
  6,691
  7,319
  7,974
  8,656
  9,365
  10,103
  10,870
Adjusted assets (=assets-cash), $m
  48
  74
  111
  161
  226
  311
  418
  549
  706
  892
  1,108
  1,354
  1,632
  1,942
  2,283
  2,656
  3,059
  3,493
  3,956
  4,448
  4,968
  5,515
  6,089
  6,691
  7,319
  7,974
  8,656
  9,365
  10,103
  10,870
Revenue / Adjusted assets
  0.313
  0.324
  0.324
  0.323
  0.323
  0.325
  0.323
  0.322
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
Average production assets, $m
  2
  3
  4
  6
  9
  12
  16
  22
  28
  35
  44
  53
  64
  77
  90
  105
  121
  138
  156
  175
  196
  217
  240
  264
  288
  314
  341
  369
  398
  428
Working capital, $m
  -12
  -18
  -27
  -40
  -56
  -77
  -104
  -136
  -175
  -222
  -275
  -336
  -405
  -482
  -567
  -660
  -760
  -868
  -983
  -1,105
  -1,234
  -1,370
  -1,513
  -1,662
  -1,818
  -1,981
  -2,150
  -2,326
  -2,509
  -2,700
Total debt, $m
  10
  26
  48
  78
  118
  169
  233
  312
  406
  518
  648
  796
  964
  1,150
  1,356
  1,580
  1,823
  2,084
  2,363
  2,659
  2,972
  3,301
  3,647
  4,009
  4,387
  4,782
  5,192
  5,619
  6,063
  6,525
Total liabilities, $m
  29
  45
  67
  97
  136
  187
  252
  330
  425
  537
  667
  815
  983
  1,169
  1,375
  1,599
  1,842
  2,103
  2,382
  2,678
  2,990
  3,320
  3,666
  4,028
  4,406
  4,800
  5,211
  5,638
  6,082
  6,544
Total equity, $m
  19
  29
  44
  64
  90
  124
  166
  218
  281
  355
  441
  539
  650
  773
  909
  1,057
  1,218
  1,390
  1,575
  1,770
  1,977
  2,195
  2,424
  2,663
  2,913
  3,174
  3,445
  3,727
  4,021
  4,326
Total liabilities and equity, $m
  48
  74
  111
  161
  226
  311
  418
  548
  706
  892
  1,108
  1,354
  1,633
  1,942
  2,284
  2,656
  3,060
  3,493
  3,957
  4,448
  4,967
  5,515
  6,090
  6,691
  7,319
  7,974
  8,656
  9,365
  10,103
  10,870
Debt-to-equity ratio
  0.530
  0.880
  1.090
  1.220
  1.310
  1.360
  1.400
  1.430
  1.450
  1.460
  1.470
  1.480
  1.480
  1.490
  1.490
  1.490
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.510
  1.510
  1.510
  1.510
  1.510
  1.510
  1.510
Adjusted equity ratio
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -159
  -225
  -318
  -444
  -611
  -825
  -1,094
  -1,424
  -1,820
  -2,289
  -2,832
  -3,453
  -4,154
  -4,934
  -5,795
  -6,734
  -7,751
  -8,844
  -10,011
  -11,250
  -12,560
  -13,940
  -15,388
  -16,903
  -18,486
  -20,137
  -21,856
  -23,645
  -25,504
  -27,437
Depreciation, amort., depletion, $m
  0
  1
  1
  1
  2
  2
  3
  4
  6
  7
  9
  11
  13
  15
  18
  21
  24
  28
  31
  35
  39
  43
  48
  53
  58
  63
  68
  74
  80
  86
Funds from operations, $m
  -159
  -225
  -317
  -443
  -609
  -823
  -1,091
  -1,419
  -1,815
  -2,282
  -2,823
  -3,443
  -4,141
  -4,919
  -5,777
  -6,713
  -7,727
  -8,816
  -9,979
  -11,215
  -12,521
  -13,896
  -15,340
  -16,850
  -18,428
  -20,074
  -21,788
  -23,571
  -25,425
  -27,352
Change in working capital, $m
  -4
  -6
  -9
  -12
  -16
  -21
  -26
  -32
  -39
  -46
  -54
  -61
  -69
  -77
  -85
  -93
  -100
  -108
  -115
  -122
  -129
  -136
  -143
  -149
  -156
  -163
  -169
  -176
  -183
  -190
Cash from operations, $m
  -154
  -218
  -308
  -431
  -593
  -802
  -1,064
  -1,387
  -1,776
  -2,235
  -2,770
  -3,381
  -4,072
  -4,842
  -5,692
  -6,621
  -7,627
  -8,709
  -9,864
  -11,093
  -12,392
  -13,760
  -15,197
  -16,701
  -18,272
  -19,911
  -21,618
  -23,395
  -25,241
  -27,161
Maintenance CAPEX, $m
  0
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -13
  -15
  -18
  -21
  -24
  -28
  -31
  -35
  -39
  -43
  -48
  -53
  -58
  -63
  -68
  -74
  -80
New CAPEX, $m
  -1
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
Cash from investing activities, $m
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -8
  -10
  -13
  -15
  -19
  -22
  -25
  -28
  -33
  -37
  -41
  -46
  -50
  -55
  -61
  -66
  -72
  -78
  -84
  -90
  -96
  -103
  -110
Free cash flow, $m
  -155
  -220
  -310
  -434
  -597
  -807
  -1,071
  -1,395
  -1,786
  -2,248
  -2,785
  -3,400
  -4,094
  -4,867
  -5,721
  -6,653
  -7,663
  -8,750
  -9,910
  -11,143
  -12,447
  -13,821
  -15,263
  -16,773
  -18,350
  -19,995
  -21,708
  -23,491
  -25,344
  -27,271
Issuance/(repayment) of debt, $m
  10
  16
  22
  30
  40
  51
  64
  79
  95
  112
  130
  148
  167
  186
  206
  224
  243
  261
  279
  296
  313
  329
  346
  362
  378
  394
  411
  427
  444
  462
Issuance/(repurchase) of shares, $m
  166
  236
  333
  464
  637
  859
  1,136
  1,476
  1,883
  2,363
  2,918
  3,551
  4,265
  5,058
  5,931
  6,882
  7,912
  9,016
  10,195
  11,446
  12,767
  14,157
  15,616
  17,142
  18,736
  20,398
  22,127
  23,927
  25,798
  27,742
Cash from financing (excl. dividends), $m  
  176
  252
  355
  494
  677
  910
  1,200
  1,555
  1,978
  2,475
  3,048
  3,699
  4,432
  5,244
  6,137
  7,106
  8,155
  9,277
  10,474
  11,742
  13,080
  14,486
  15,962
  17,504
  19,114
  20,792
  22,538
  24,354
  26,242
  28,204
Total cash flow (excl. dividends), $m
  21
  32
  45
  61
  80
  103
  130
  159
  191
  226
  262
  300
  338
  377
  415
  454
  491
  528
  563
  598
  633
  666
  699
  732
  764
  797
  830
  864
  898
  933
Retained Cash Flow (-), $m
  -166
  -236
  -333
  -464
  -637
  -859
  -1,136
  -1,476
  -1,883
  -2,363
  -2,918
  -3,551
  -4,265
  -5,058
  -5,931
  -6,882
  -7,912
  -9,016
  -10,195
  -11,446
  -12,767
  -14,157
  -15,616
  -17,142
  -18,736
  -20,398
  -22,127
  -23,927
  -25,798
  -27,742
Prev. year cash balance distribution, $m
  118
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -27
  -204
  -288
  -404
  -557
  -756
  -1,007
  -1,317
  -1,692
  -2,136
  -2,655
  -3,251
  -3,926
  -4,681
  -5,515
  -6,429
  -7,421
  -8,489
  -9,632
  -10,847
  -12,134
  -13,491
  -14,917
  -16,411
  -17,972
  -19,601
  -21,297
  -23,064
  -24,900
  -26,809
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -26
  -187
  -251
  -332
  -432
  -548
  -680
  -823
  -972
  -1,120
  -1,261
  -1,387
  -1,493
  -1,571
  -1,619
  -1,634
  -1,615
  -1,563
  -1,483
  -1,378
  -1,255
  -1,119
  -978
  -836
  -699
  -572
  -457
  -357
  -272
  -202
Current shareholders' claim on cash, %
  5.3
  0.3
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Tetraphase Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company uses its chemistry technology to create antibiotics for multidrug-resistant infections. The Company is developing its lead product candidate, eravacycline, a fully synthetic tetracycline derivative, as a spectrum intravenous (IV) and oral antibiotic for use as a first-line empiric monotherapy for the treatment of multidrug-resistant infections, including multidrug-resistant gram-negative infections. The Company also develops TP-6076 for multidrug-resistant gram-negative infections. Eravacycline is a fluorocycline antibiotic. The Company is conducting a global Phase III clinical program for eravacycline called Investigating Gram-Negative Infections Treated with Eravacycline (IGNITE). TP-271 is a fully synthetic fluorocycline being developed for respiratory disease caused by bacterial biothreat pathogens in healthy volunteers.

FINANCIAL RATIOS  of  Tetraphase Pharmaceuticals (TTPH)

Valuation Ratios
P/E Ratio -0.9
Price to Sales 14.1
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow -1.1
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate -58.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -42%
Ret/ On Assets - 3 Yr. Avg. -49.1%
Return On Total Capital -44.8%
Ret/ On T. Cap. - 3 Yr. Avg. -53.4%
Return On Equity -44.8%
Return On Equity - 3 Yr. Avg. -55.3%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -1540%
EBITDA Margin - 3 Yr. Avg. -988.3%
Operating Margin -1560%
Oper. Margin - 3 Yr. Avg. -995%
Pre-Tax Margin -1540%
Pre-Tax Margin - 3 Yr. Avg. -992%
Net Profit Margin -1540%
Net Profit Margin - 3 Yr. Avg. -992%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

TTPH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TTPH stock intrinsic value calculation we used $9.666 million for the last fiscal year's total revenue generated by Tetraphase Pharmaceuticals. The default revenue input number comes from 0001 income statement of Tetraphase Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TTPH stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TTPH is calculated based on our internal credit rating of Tetraphase Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Tetraphase Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TTPH stock the variable cost ratio is equal to 870%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for TTPH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Tetraphase Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Tetraphase Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TTPH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TTPH are equal to 12.2%.

Life of production assets of 2.8 years is the average useful life of capital assets used in Tetraphase Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TTPH is equal to -76.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $130.41 million for Tetraphase Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 51.63 million for Tetraphase Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Tetraphase Pharmaceuticals at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Tetraphase: 3Q Earnings Snapshot   [05:06PM  Associated Press]
▶ War against the superbugs: Mass. biotechs step up to fight antibiotic resistance   [Oct-25-18 01:12PM  American City Business Journals]
▶ Mass. antibiotics developers say the field is getting slowly better   [06:21AM  American City Business Journals]
▶ U.S. FDA approves Tetraphase Pharma's antibiotic   [Aug-27-18 05:02PM  Reuters]

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