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Biotech / Medical : Antex Biologics (ANTX) -- Ignore unavailable to you. Want to Upgrade?

To: Albert Martin who wrote (756)	3/10/1998 6:04:00 PM
From: John R Resseger	Read Replies (1) \| Respond to of 1476

Albert The units contain one share of stock and one warrant to buy one share of stock at 50 cents. barington.com Barington has 2 years to purchase the units after 3-26-98 SKB is committed to funding for several more years, so a merger with Glaxo is not going to effect that. SKB had an option to increase their share of the joint venture last October. They were big hearted enough to ask Antex what they wanted SKB to do! Antex said we would prefer you not increase your share in the JV. There is one more oportunety for SKB to increase their J V share. Oct. 1 1998. Under Glaxo, SKB might not ask Antex what they desire. Albert The current obsession with large cap stocks where Merck is valued at $135,000,000,000 vs Antex $28,000,000 will if not modified only prevent Antex from more quickly exploiting their technologies in more areas. I think they have the money and backing to push forward with everything on the plate. With a lot more money they have a lot more areas they could pursue. This is one of many stocks I have owned at $1 that can or Has gone to $50 VTSS JCOR DY I only hope I have the discipline to hold on to most of what I have. The new capital gains rules encourage that sort of thing. John

To: Albert Martin who wrote (756)	3/11/1998 5:51:00 PM
From: John R Resseger	Read Replies (1) \| Respond to of 1476

Check out the SI feature on "Time to by Biotechs ?" techstocks.com To clear up confusion. Barington Capital has the right to purchase up to 24.67 units. Each unit contains 142,860 shares and an equal amount of warrants. 3,524,357 shares 3,524,356 warrants exercise price $.50 Cost $50,000 per unit.

To: Albert Martin who wrote (756)	3/19/1998 12:34:00 PM
From: John R Resseger	Read Replies (1) \| Respond to of 1476

On May 7, 1996, the Company executed definitive agreements with SmithKline Beecham Corporation and SmithKline Beecham Biologicals Manufacturing s.a. ("SmithKline"), effective March 1, 1996, which established MCHV, to develop and commercialize human bacterial vaccines utilizing the Company's proprietary technologies. The agreements provide for the following: a payment of $3,000,000 to the Company in connection with SmithKline's acquisition of a 26.25% equity interest in MCHV; payments totalling $2,400,000 and $2,600,000 to the Company to fund research and development for the first year and second year, with SmithKline having the option to fund future years; two separate options granted to SmithKline expiring October 1, 1997 and 1998, respectively, to acquire from the Company additional equity interests in MCHV; an exchange option granted by the Company to SmithKline enabling SmithKline to convert its equity interest in MCHV for up to 4,793,685 shares of the Company's common stock, under specified conditions; and a warrant granted by the Company to SmithKline enabling SmithKline to acquire up to 7,682,637 shares of the Company's common stock, under specified conditions, and only to the extent that certain options and warrants previously granted and outstanding as of the date of the establishment of the strategic alliance are exercised. The agreements also provide for SmithKline to make milestone payments and pay royalties to MCHV; and for SmithKline to reimburse the Company for expenses the Company incurs for agreed upon production lots of vaccines for clinical trials, the conduct of agreed upon clinical trials, and the agreed upon prosecution and maintenance of the Company's patents and patent applications. As further stipulated in the agreements, SmithKline will be responsible for conducting additional clinical trials, manufacturing, and sales and distribution. On October 1, 1997, SmithKline's first option to acquire from the Company an additional equity interest in MCHV expired unexercised. SmithKline has committed to fund research and development for the third fiscal year, ending February 28, 1999, in the amount of approximately $3,000,000. Effective November 1, 1997, in accordance with the provisions of the SmithKline warrant, the maximum number of warrants exercisable was reduced to 5,761,978. In August 1994, the Company entered into a CRADA with the United States Navy, whereby the Company granted Government Purpose License Rights to its Campylobacter vaccine technology. In exchange for the rights granted, the United States Navy agreed to conduct and fund the costs involved in Phase I, II and III clinical trials for the vaccine, subject to the availability of required funds. Two Phase I trials have been successfully completed and a Phase II trial is ongoing. The Company retained all commercial rights to develop, produce and market any product involving its proprietary Campylobacter technology. Either party may terminate the CRADA upon thirty days written notice.