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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: Art Vandelay AIA who wrote (2767)	5/14/1999 5:05:00 PM
From: Biomaven	Respond to of 10280

One final point, I spoke with SEPR and they confirmed that they have been and will continue to be paying for 100% of the Nori development. Only upon exercising of the option was JNJ to reimburse them. I don't understand this, because their agreement stated the following: 6. COMPENSATION PAYABLE TO SEPRACOR 6.1 Pre-Option Clinical Testing Expenses. (a) For the rights and options granted hereunder, Janssen shall pay Sepracor [] of the expenses incurred by Sepracor in conducting and analyzing the results of the Pre-Option Clinical Testing. (b) Sepracor shall submit a statement to Janssen on a monthly basis at the end of each month of the Johnson & Johnson universal calendar as to the aforesaid expenses in Section 6.1(a) actually incurred by Sepracor, together with an invoice for [] of such expenses. Janssen shall pay such invoices within thirty (30) days of the end of the calendar month during which the invoice was issued to Janssen. Peter

To: Art Vandelay AIA who wrote (2767)	5/15/1999 2:20:00 AM
From: dave g	Respond to of 10280

One thing to consider... It is traditional that bad news is generally released on Fridays while good news is generally released on Mondays. It seems that if the news about the drug itself was bad why not release the results today with the other bad news(maybe not so bad)? Why take a double hit of bad news? This is just my opinion but I think the news on the Nori may be as good as expected. If there were bad indications on the drug. i.e. not as effective etc. wouldn't that have been apparent in phase II also?