Zonagen (zona) - good buy? Message Board

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Biotech / Medical : Zonagen (zona) - good buy?

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To: Tokyo VD who wrote (5784)	10/2/1998 2:47:00 PM
From: dino	Read Replies (2) of 7041

Tokyo VD on pharma agreement comparison...... I do not think you can generalize that the agreement for ICOS is better than ZONA by looking at the surface of press releases. From a press release: "Under terms of the Eli Lilly and ICOS joint venture, ICOS will get $75 million up front and payments based on the progress of 1C351. Eli Lilly will keep cash running into the joint venture for three years. ICOS will contribute the research and development of 1C351, the companies said. It will pay half of the costs after three years. " Seems from above they must reach milestones also. Then there is the issue of receiving 50% sales to cover how much of the costs before and after the 3 year period they mention (this certainly does not go straight to the bottom line)?? You raise an interesting point, unfortunately, one that a few press releases will not answer and specifics that the company's will not divulge for good reason. One question......where did you come up with 22% for Zonagen's royalty payments. I knew it was 20%+ but did not recall the exact figure, was this from an analyst report?? Good investing.....

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