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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (3164)	9/3/2002 6:30:17 AM
From: nigel bates	Read Replies (1) \| Respond to of 10345

how much of the income from Frova that will be left for Elan Still unclear to me too. For instance, Vernalis' March results report Message 17215785 included detail of the Elan loan. ...This is primarily due to reclassification of the Elan loan of 7.4 million pounds from amounts due after one year. The conditional payments to GSK described above have also been included in creditors at year-end. Elan has an option, expiring during 2002, to pay Vernalis a reduced royalty on frovatriptan sales in return for agreeing to forgive the full amount of the loan including accrued interest. Our current expectation is that this option will be exercised. Subsequent to the balance sheet date the companies agreed to extend the repayment date for the loan, in the event that the option is not exercised, to May 2003... I haven't seen any announcement of the exercise of the option. It will give an interesting insight into Elan's view of Frova's prospects and/or their cash "crisis". nig