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Biotech / Medical : Munch-a-Biotech Today -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (181)	2/23/1999 9:49:00 AM
From: scaram(o)uche	Read Replies (1) \| Respond to of 3158

jeffrey: first, thanks.... good stuff. I'll let those who have taken a closer look respond to your estimates. Obviously, a quarter or so makes a big difference here. ever looked at the Cantab program in antibodies against the TNFr superfamily? Rick

To: jeffbas who wrote (181)	2/23/1999 10:37:00 AM
From: Biomaven	Read Replies (1) \| Respond to of 3158

Jeffrey, There's a very big difference between unregistered stock and stock that is simply locked up for a relatively short period. If it's stock I'm comfortable holding anyhow, I don't discount it much for the holding period, if at all. A good example is SKYEY/DEPO. There potential payments are in a fixed number of shares of SKYEY stock at some unknown date. Because I'm content to hold SKYEY, I discount only for the chance that the payment won't happen, not for the time value. The potential milestones for IMUL are different. There you are talking about a fixed dollar payment (even though it can be made in Cantab stock) and it is appropriate to discount for the time value. For IMUL, I feel I am pretty certain of a respectable return over a less than 1 year period, with some chance for upside over and above that. We are not talking a home-run here (unless of course their products come to market), but a 20% or better return in a year with the chance of more to come later is nothing to sneeze at. Peter

To: jeffbas who wrote (181)	4/1/1999 10:51:00 AM
From: scaram(o)uche	Read Replies (2) \| Respond to of 3158

Jeffrey: You had once estimated that IMUL would cash out about $0.44/share in CNTBY stock. The current value of 5% of CNTBY's market cap is about $1.20/share. Now, I don't expect $1.20/share, but..... I'd also like to know if buying more today is still an attractive option. How did you arrive at $0.44 again? Also.... everyone..... is it likely that, since there was no mention of milestones in today's release, that CNTBY will throw in a few additional shares? I'm lost. Thanks, Rick