Nothin new or unexpected in todays filings. The monies from discussions on licensing will come out in press releases as nothing finalized yet. Some positive points. I noticed that the agreement with Swartz now says commitment for $35,000,000 not "up to" as previously stated.
The Company believes it has sufficient cash on hand, and combined with amounts available pursuant to the Equity Line Agreement (assuming aggregate future draws of $5,413,000) and anticipated amounts to be received from signed letters of intent to enter into collaboration agreements with SuperGen, Inc. and Oxigene, Inc., to meet its obligations on a timely basis through the first calendar quarter of 2001.
On November 19, 1999, in consideration of a commitment by Swartz Private Equity, LLC to fund a $35,000,000 equity line financing over a three year term
On November 29, 1999, the Company entered into a 90-day option agreement with a multinational pharmaceutical company to potentially license a specific use of the TNT technology for a nonrefundable $50,000 option fee. The Company is in continued negotiations with the multinational pharmaceutical company.
On January 12, 2000, the Company signed a letter of intent to license a segment of its Vascular Targeting Agent (VTA) technology, specifically related to Vascular Endothelial Growth Factor (VEGF), with SuperGen, Inc. in exchange for an upfront payment and milestone payments aggregating approximately $8,000,000 plus a royalty on net sales.
On January 27, 2000, the Company executed its option agreement with the University of Texas Southwestern Medical Center, Dallas (University) to obtain an exclusive world-wide license for a novel anti-angiogenesis antibody named 2C3 and its derivatives
During February 2000, the Company entered into an exclusive worldwide licensing transaction with the University of Southern California for its Permeability Enhancing Protein (PEP) in exchange for an up-front payment plus milestone payments and a royalty on net sales.
During February 2000, the Company received gross proceeds of $4,325,000 in exchange for 1,596,255 shares of common stock under the Equity Line.
In early March 2000, the Company signed a Letter of Intent to jointly develop and commercialize the Company's Vascular Targeting Agent (VTA) technology with Oxigene. The joint venture arrangement will include an upfront licensing fee and milestone payments to the Company as well as substantial funding of development expenses related to commercializing a VTA product by Oxigene, Inc.
Subsequent to January 31, 2000, the Company has made significant payments and reduced the amounts owed for accounts payable and other current liabilities. As of March 9, 2000, the Company reduced its accounts payable balance by $1,419,000 from $1,587,000 as of January 31, 2000 to approximately $168,000 as of March 9, 2000. After the above payments were made, the Company had approximately $4,724,000 in cash and cash equivalents as of March 9, 2000. |
