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Biotech / Medical : Munch-a-Biotech Today
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To: jeffbas who wrote (181)2/23/1999 10:37:00 AM
From: Biomaven  Read Replies (1) of 3158
 
Jeffrey,

There's a very big difference between unregistered stock and stock that is simply locked up for a relatively short period. If it's stock I'm comfortable holding anyhow, I don't discount it much for the holding period, if at all.

A good example is SKYEY/DEPO. There potential payments are in a fixed number of shares of SKYEY stock at some unknown date. Because I'm content to hold SKYEY, I discount only for the chance that the payment won't happen, not for the time value.

The potential milestones for IMUL are different. There you are talking about a fixed dollar payment (even though it can be made in Cantab stock) and it is appropriate to discount for the time value.

For IMUL, I feel I am pretty certain of a respectable return over a less than 1 year period, with some chance for upside over and above that. We are not talking a home-run here (unless of course their products come to market), but a 20% or better return in a year with the chance of more to come later is nothing to sneeze at.

Peter
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