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

To: Biomaven who wrote (187)	2/23/1999 11:01:00 AM
From: jeffbas	Read Replies (1) \| Respond to of 3158

I do not disagree with your conclusion on IMUL but with your premises. I have owned unregistered stock more times than I care to admit. The principal risk is that the price of the publicly traded common changes materially from when you buy unregistered stock to when you can either sell it or force a sale because of the passage of a specified period of time. I see the exposure to a decline in the price of CNTBY stock. The milestone payments indeed should be discounted for time value. But without knowing anything about the science involved, I would think the much bigger discount that should be applied is for the risk that all the milestones are never earned/paid. You scientific folks should have the experience to quantify that risk here.