VICL (Vical Labs) Message Board

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Biotech / Medical : VICL (Vical Labs)

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To: Jim Roof who wrote (424)	11/6/1997 9:02:00 PM
From: William Strop	Read Replies (2) of 1972

All, I talked to Investor Relations and got the details of the deal with Merck. Merck purchased 261,812 shares of new issue at $19.10/share. The price was a 25% premium ($3.82) over the average closing prices of the stock ($15.28) in the 20 trading days leading up to 11/3/97. The milestone payments now cover the reaching of milestones as well as the passage of time when no milestone is reached. Vical may also be able to co-promote products that may result from this agreement. As far as the price of the stock ---- like many of us, I think they are quite mystified as to its performance. This seems to me to be good news on top of two very recent licensing deals -- and we stay stagnant. We get moves up but absolutely no follow through. Jim, maybe most people think of Vical as a trading stock and every $2 up is a reason to sell... I just don't know. I think that someday it will start to move & with all the undiscounted good accomplishments of the past will take off (Although, I'd rather see a slow incremental year over year growth). Bill

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