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In this article, and after doing some further research, I wanted to examine three more small-cap pharma plays that currently meet two important criteria, and have very low debt to total cash ratios. Similar in scope to my earlier article highlighting Galena Biopharma, Nanosphere, and Orexigen, I used the same criteria except I adjusted the minimum market cap for each company. First, I wanted to look at companies that have a market cap under $150 million. Second, I wanted to find companies that have debt to total cash ratio under 25%. Based on my findings, three companies stood out, all of which I'm considering a position in.

Keryx Biopharmaceuticals (KERX), which trades in a 52-week range of $1.28/share (52-week low) and $5.19/share (52-week high), has a market cap of $143.81 million. KERX currently has $30.91 million in total cash on its books (it should be noted that the company currently has -$25.95 million in operating cash flow, and -$14.77 million in free cash flow) and actually has zero in total debt. That equates to a debt to total cash ratio of 0%, which in my opinion, is a positive catalyst moving forward. Recently trading at a 21.1% discount to its 200-day moving average, KERX has been moving upward in recent sessions and closed Tuesday up 4.12% on speculation that the company may be a possible takeover target with regard to its existing patent portfolio.

Celsion Corp. (CLSN), which trades in a 52-week range of $1.63/share (52-week low) and $4.37/share (52-week high), has a market cap of $122.27 million. CLSN currently has $24.59 million in total cash on its books (it should be noted that the company currently has -$24.10 million in operating cash flow, and -$15.38 million in free cash flow) and actually has $135,550 in total debt. That equates to a debt to total cash ratio of 0.5%, which in my opinion, is a positive catalyst moving forward. Recently trading at a 82.1% premium to its 200-day moving average, CLSN has been making some nice progress with regard to its clinical trials of Thermodox, which is the company's drug designed to battle Hepatitis C.

Cell Therapeutics, Inc. (CTIC), which trades in a 52-week range of $0.56/share (52-week low) and $1.65/share (52-week high), has a market cap of $122.19 million. CTIC currently has $27.38 million in total cash on its books (it should be noted that the company currently has -$54.85 million in operating cash flow, and -$44.32 million in free cash flow) and actually has zero total debt. That equates to a debt to total cash ratio of 0%, which in my opinion, is a positive catalyst moving forward. Recently trading at a 44.4% discount to its 200-day moving average, CTIC has recently announced that it plans to begin sales of its non-Hodgkin's lymphoma drug, Pixurvi in Europe.

Source: 3 More Small-Cap Pharma Plays With Minimal Debt I'm Considering This Week