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Biotech / Medical : Xenova (XNVA)
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To: Robohogs who wrote (144)8/5/2005 4:37:54 PM
From: billgates5043   of 173
 
Security backing the notes is obviously weak and for that reason I'm hoping that most XNVA shareholders take the cash and run, leaving the secured noteholders with better security, unless, of course, you consider the XNVA assets worth less than the 45 pence per ADR being offered, in which case I wonder why anyone held onto XNVA shs as long as they did. There are obviously no guarantees that Celtic will be successful in raising additional funds or, for that matter pay off the noteholders in due course(what junior biotech without commercial products is ever in a position to offer any such guarantee). Celtic is simply putting up funds to develop the XNVA pipeline as they see fit on condition that the present owners of that pipeline agree to a cap on any upside resulting from these expenditures. Ultimately, if the XNVA pipeline is deemed to be of little value, it stands to reason that the so-called secured notes will be similarly valued. I'm willing to bet otherwise.
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