Martin, I stand corrected, the agreement does not exempt the HMR investment. However, HMR bought $5.7 million
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and the agreement requires that $7 million be bought before the 100% figure becomes appropriate. Here is the relevent paragraph from the 8K. I still hold that 90% is the correct percentage.
Best regards
John de C
(iv) "CONVERSION PERCENTAGE" means (A) with respect to any Conversion Date prior to February 15, 1999, 100% and (B) with respect to any Conversion Date on or after February 15, 1999 (I) if the Company consummates one or more corporate collaborations or strategic partnerships during the period beginning on October 18, 1998 and ending on and including February 14, 1999 which provides the Company during such period with an aggregate of more than $7,000,000 of revenue and/or net proceeds from equity investments or the issuance of Qualified Subordinated Debt (as defined below) (including, without limitation, amounts received by the Company from Hoechst Marion Roussel ("HMR") pursuant to any agreement entered into prior to the Initial Issuance Date and any amendments thereto)(collectively, a "QUALIFYING FINANCING"), 100% and (II) if the Company fails to consummate a Qualifying Financing during the period beginning on the Initial Issuance Date and ending on and including February 14, 1999, 90%, each subject to adjustment as provided herein. |
