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Biotech / Medical : GUMM - Eliminate the Common Cold
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To: Street Walker who wrote (544)5/7/1999 11:15:00 AM
From: DanZ  Read Replies (2) of 5582
 
Street Walker,

With regard to the capitalization of Gel Tech LLC:

Upon signing the definitive operating agreement yesterday, GumTech and Biodelivery Technologies contributed their intellectual property rights of Zicam to the LLC. GumTech is providing a loan to the LLC of $3.5 million with interest at 8% per annum.

GumTech also granted four Gel Tech employees options to acquire up to 190,000 shares of GUMM at fair market value. The options have a term of five years from their grant date, 10,000 of which will vest on the date of grant and the remainder will vest on the first anniversary of the date of grant.
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