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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Steve Lee who started this subject5/3/2002 1:53:02 PM
From: hotlinktuna   of 99280
 
One cheap bio I lost on earlier ASTR 2.62 +.02 from 2.49 news: Thursday May 2, 12:05 pm Eastern Time
Astralis Gets Added $2.5 Million Payment From SkyePharma

FAIRFIELD, N.J. -(Dow Jones)- Astralis Ltd. (ASTR) received a $2.5 million payment from SkyePharma PLC (SKYE) as part of a $20 million stock purchase agreement signed in December 2001 .

An Astralis spokeswoman said the latest payment is the second received in 2002, bringing the total received from SkyePharma this year to $5 million.

SkyePharma will pay Astralis an additional $5 million before Jan. 31, 2003 . SkyePharma made an initial payment of $10 million at signing.

SkyePharma, which makes drug delivery systems, will own an 18% stake in Astralis after completing the total $20 million of payments.

In addition, SkyePharma and Astralis signed a technology agreement giving Astralis access to SkyePharma's DepoFoam and other relevant drug delivery technologies.

The companies also signed a service agreement under which SkyePharma will provide preclinical and clinical development services for Astralis' psoriasis vaccine, Psoraxine, through the completion of Phase II clinical studies.

Astralis is preparing to file a New Drug Application with Food and Drug Administration for Psoraxine, its first product, to start clinical trials in the U.S.

Shares of Astralis traded recently at $2.61, down 10 cents.

Not today's news but recent enough to still impact the stock...haven't bought in here just yet...nice PR though...tuna
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