Rick,
Company received 2,566,845 new Cantab Ordinary
Shares of 2p each having a fair market value at the time of the sale of
approximately $9,000,000, which Ordinary Shares are represented by 855,615
American Depositary Receipts ("ADRs"). The sale of this stock is subject to
certain restrictions through April 2000. In addition, Cantab may pay ImmuLogic
up to a maximum of $11,000,000 in milestone payments contingent upon successful
development of the two programs to the end of Phase II clinical trials.
The CNTBY ADRs have been trading at around $10, so this is potentially $8.5mm, or about $0.40 per IMUL share before any haircut.
Some of the milestones are for Phase I, so are fairly likely.
Peter |
