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Non-Tech : Secret Squirrels hit!

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To: Wayne Rumball who wrote (4382)	2/4/1999 7:42:00 PM
From: Trumptown	Read Replies (1) of 12872

IMGN - something from yesterday (yeah I know...old news!:) "Heard an interview with Mitch yesterday on Bloomberg forum. My interpretation is that SB bought a "majority stake" in the drug for colorectal cancer for 40 mill, an additional 5m stock purchase possible in 2 years at imgn's request. Most of the 40 mill to be paid up front, the rest if milestones reached. Most of the milestones attainable within one year. SB to fund phase 2 and 3. Royalties if drug developed and commercialized. Percentages not discussed, but if my memory serves me right, those at annual meeting mentioned he said something in the double digit range. Imgn maintains possibility to do pancreatic and small cell lung by themselves. My take is deal is fantastic. 1) big name company gives money to us and funds the drug. 2) Can wait till phase one done, possible fast track, and leverage for further deals on small cell lung and pancreatic 3) dilution put off much longer, or later at higher prices or at very worst much further out. (If drug fails stock will plummet any way. 4) not giving up autonomy of the company 5) Lots of money for a compound that works in mice, and non-human primates"

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