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Non-Tech : NIFTY NINE IN NINETY NINE PLUS ONE
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To: Scott H. Davis who wrote (131)1/15/1999 11:56:00 AM
From: Mike McFarland  Read Replies (1) of 613
 
The biotech third tier cash crunch:

Although I am bogged down in third tier
biotech, I think my picks are ones those than
can just hang on long enough to deliver great
bang for the buck...that is, good news and the
hype which inevitably follows should make it out
just in time before further funds are needed.

J.I.T. is what you want, right, heheh.

Here is an example...would appreciate any thoughts.
One assumption I am making too, is that GGF is the
about the only rising star for MS and many other
CNS diseases for which there are no cures now.
You are probably all familiar with the fact that
I've made CNSI my biggest pick...

Under terms of the agreement, Bayer will be
responsible for all development costs, including
reimbursement of Cambridge NeuroScience's research
costs for GGF2 and will receive exclusive worldwide
manufacturing and marketing rights to the compound.
In exchange, Cambridge NeuroScience may receive up
to $26 million in cash and milestone payments, as
well as royalties on sales of GGF2 products.

I also made the assumption that royalties could end
up being quite large compared to the current marketcap
of cnsi...that's usually the way it works out. Hopefully
the percentage of the cut is fairly high...like a 40/60
deal...but I figured I did not need to know that--if
cnsi were just valued on the basis of what Bayer may
put in...26M, then the current market cap of cnsi is
way too low at 14M.

--Mike
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