pages F-69,70 detail the convertible preferred stock,
I assume that Amgen, Novartis and J&J will eventually
convert their shares to common and sell their
investments (this happens years from now when/if
there is finally a return on their investment?)
--I certainly hope that coming to market now doesn't
simply give all of them an easy out and zap dpii
shareholders like myself in the process.
I don't know if this reverse IPO satisfies this
condition--maybe it is possible the preferred shareholders
will be converting to common this summer?
Each share of Series A, Series B, and Series C is automatically convertible into shares of common stock upon the earlier to occur of (1) the Company’s sale of its common stock in a firm commitment underwritten public offering pursuant to a registration statement under the Securities Act of 1933, as amended, yielding net proceeds to the Company of at least $35 million at an offering price of at least $6.00 per share (subject to adjustment in the event of certain dilutive issuances) or (2) the written election of the holders of at least two-thirds of the then-outstanding shares of both Series A, Series B, and Series C.
The accumulated deficit (March 31, 2006) is $138M,
not the $125M I had eyeballed off one of the tables.
I posted on the DPII thread that we did okay on our list
of competitors, here is that again for IPI-504
(snipped out of the s-4)
----------------------------------------
IPI-504. Infinity believes that the following companies, among others are seeking to develop compounds to target Hsp90:
• Kosan Biosciences Incorporated, which Infinity believes is in early-to-middle stage development of multiple compounds;
• Conforma Therapeutics Corporation, which recently announced its proposed acquisition by BiogenIdec, Inc., which Infinity believes is in early clinical stage development;
• Serenex, Inc. which Infinity believes is in preclinical stage research;
• Vernalis plc which Infinity believes is in preclinical development in collaboration with Novartis; and
• Synta Pharmaceuticals Corp., which Infinity believes is in the lead optimization phase.
(page 158) |
