Aurora Biosciences (ABSC) Message Board

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Biotech / Medical : Aurora Biosciences (ABSC)

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To: Louis A. Rawden who wrote (164)	9/29/1998 5:21:00 AM
From: Richard Haugland	Read Replies (2) of 359

Warner-Lambert Payment. The original agreement with W-L of September 23, 1997 aurorabio.com called for about $25 million over 3 years (now ~1 year in). A more recent agreement with W-L on a compound storage system calls for about $9 million during the 15 months. I would anticipate the milestone payments to be back-end loaded so that most would be received toward the end of the contract as the major parts of the system fall into place but also there is probably an on-going payment for services performed. Depending on the fraction of the milestone completed in yesterday's press announcement biz.yahoo.com this gives some idea of the limits of the payment. I would assume at least a few million $. Presumably it announcement yesterday means that this will be included in the revenues of the quarter ending this week and we may see more detail when that is reported. Support for the stock seems to be at only ~$4 yet but, IMO, could improve if revenues have improved this quarter. I believe the company must be going through a significant period of costs for development, however, given the number of on-going projects. It was not burning up money very fast previously relative to income. I was at the Society for Biomolecular Screening meeting in Baltimore last week, which is the audience and technical forum for this field and was surprised by Aurora not having any visible presence in technical or marketing capacities, although at least one person from the company was there and some of this group interacts more one-to-one than through general interactions. Also, ABSC has limited their universe of companies with which they are dealing so they may feel that public exposure (and disclosure) is not warranted.

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