Regeneron Pharmaceuticals Message Board

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Biotech / Medical : Regeneron Pharmaceuticals

REGN 654.74

-0.5%

Nov 10 3:59 PM EST

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To: Miljenko Zuanic who wrote (863)	11/12/2003 10:27:10 PM
From: Miljenko Zuanic	Read Replies (1) of 3557

REGN continue to draw from 2003-Novartis loan, from $5.1 M to $9.2 M. (from 10Q) <<Development expenses incurred during 2003 will be shared equally by Regeneron and Novartis. We may fund our share of 2003 expenses through a loan from Novartis that will be forgiven, together with accrued interest, should certain preclinical and clinical milestones be reached and is otherwise payable on July 1, 2004. As of September 30, 2003, we have drawn $9.2 million against this loan facility. In addition, at September 30, 2003, $3.9 million was receivable from Novartis for their share of IL-1 Trap development expenses incurred by Regeneron during the third quarter of 2003.>> Do they think that specific milestones will be reached? Or interest on this loan is too low not to pass? Bit's me!

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