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Biotech / Medical : IMMULOGIC
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To: Bosco who wrote (274)2/23/1999 10:33:00 AM
From: jeffbas  Read Replies (1) of 305
 
A couple of additional comments:

The CNTBY stock is restricted as to disposition. This is somewhat similar to unregistered stock, which typically sells at a 1/3 to 1/2
discount from the current price of the stock. In effect, IMUL traded
$6 million of cash plus intellectual property, for $9 million face amount of stock which has a value today (because of restrictions)
of perhaps $6 million, plus the potential of $11 million progress payments a ways down the road. An OK deal with me, but you can't forget the discounts which should apply.

Also, the cash will possibly not be received until the end of the year. The eventual corporate shell might also have some value.

I think the current price of IMUL is reasonably attractive, but is not some fabulous bargain. (The Street is not stupid.) In effect, within a year you should get your investment back and over several years you will receive your return.
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