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Biotech / Medical : Antex Biologics (ANTX)

ANTX 1.090

+2.8%

Nov 28 9:30 AM EST

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To: Richard E. Norris who wrote (548)	11/11/1997 10:08:00 PM
From: Amigo Mike	Read Replies (2) of 1476

I have some clarification on the SKB option situation. SKB apparently elected not to exercise their first option to increase their ownership in the joint venture. SKB did however exercise an option to fund another year of research for the Antex vaccines. The current ownership of the JV is as follows: Antex - 73.75 % SKB - 26.25 % I am not concerned that SKB didn't increase their stake in the JV. Antex simply gets to keep more profits in the future which is perfectly fine with me. As long as SKB continues to exercise options to continue funding, I will be very happy. SKB also has a second option this same time next year to again increase their ownership in the JV. These purchase/conversion options that SKB has are "stacked" which basically means that one has to be exercised before the next can occur. SKB can now own no more than 36% of the JV. This will also limit the number of shares that SKB can convert in the future which is positive for all of us. Antex is still due $600,000+ from SKB during the 4th qtr along with $150k from Pasteur and SBIR grant money. We should be getting at least 2 more trials announcements before year end. Long on Antex, Mike

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