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Biotech / Medical : SNAP -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (58)	5/14/1999 4:40:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 124

not even a factor, IMO. With WL, I valued galanin at $0. Without them, it's worth maybe $1 million? Just recently poured over the 10-K, and the WL deal stood out as one heck of a low-comittment project. look forward to seeing the entire release....... "The Company's fourth collaboration, the one with Warner-Lambert, is focused on a family of receptors with respect to which the pharmacological data suggesting a role for members of this family in physiological disorders was, at the outset of the collaboration, considerably more speculative. As a result, the Company's agreement with Warner-Lambert provides for a collaboration conducted in two stages. In the first stage, the companies engage in a joint research program designed to identify the role of members of the targeted receptor family in a variety of disorders. During this stage, the companies fund their own research efforts. It is not until the second stage, which will occur only if a certain amount of scientific progress is made during the first stage, that Warner-Lambert may become obligated to provide research funding to Synaptic."