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Biotech / Medical : GLGC Gene Logic

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To: Steve Push who wrote (49)	6/26/1999 11:18:00 AM
From: rkrw	Read Replies (3) of 360

Steve, As has become apparent, many big pharma's are fighting back against the royalty stacking game. In my opinion, the impact has been greatest at "tool" companies, of which I would consider Gene Logic to be a part of. I'm wondering how your past deals have been structured with regards to royalties. While you probably aren't permitted to say specifically, is low single digits a ballpark estimate? Your CEO stated on the last conference call that striking deals has been taking longer than anticipated and I am concerned that one reason may be differing opinions on fair royalties. I'd also like to know your opinion of your financial strength. How long will your current cash sustain your business and will you need to tap the markets for more cash any time soon? It would be a shame to dilute shareholders at such low prices. Its also a shame that with such weak currency, you are probably handcuffed in regards to making additional acquisitions and may yourself wind up as acquisition bait. Fair or not, the biotech sector does have a bit of Darwinism to it. Thanks

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