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Biotech / Medical : Sugen (SUGN) -- Ignore unavailable to you. Want to Upgrade?

To: David Bogdanoff who wrote (456)	6/1/1999 11:13:00 PM
From: Miljenko Zuanic	Read Replies (1) \| Respond to of 550

From 10Q, collaborators are paying healthy stock price (31.5 and 34.2), still brave US investors hesitate to pay 20 per share. <<Research and Development Collaboration Agreements Laboratorios Del Dr. Esteve S.A. In March 1999, the Company, through its affiliate, SUGEN Europe AG, entered into an agreement with Laboratorios Del Dr. Esteve S.A.("Esteve") to distribute, market and sell SUGEN's proprietary cancer products in Spain, Portugal and Andorra. In connection with this agreement, the Company recognized $1.4 million in net up-front fees and Esteve, through its affiliate Laboratorios P.E.N., S.A. purchased $1.0 million of SUGEN Common Stock at $31.50 per share. ASTA Medica Aktiengesellschaft In March 1999, the Company received the second of two $750,000 installments in consideration to extend the period of time for the screening and selection of active compounds under the Pan-Her program; $375,000 was recognized as contract revenue for 1999 services and the remaining $375,000 was in the form of the purchase of 10,964 shares of SUGEN Common Stock at $34.20 per share.>> On the other hand this convertible notes financing dilute stock significantly, and I objected early. But, at least this time was only 37K additional shares, so they can't be blamed for short interest <<5% Senior Custom Convertible Notes due 2000 For the quarter ended March 31, 1999, $537,717 of principal and accrued and unpaid interest relating to the Company's outstanding 5% Senior Custom Convertible Notes due 2000 (the "1997 Notes") were converted into 37,049 shares of Common Stock at a weighted average price of $14.50. Through March 31, 1999, $12.4 million of principal and accrued and unpaid interest relating to the 1997 Notes were converted into 1,039,398 shares of Common Stock at a weighted average price of $12.07 per share. Subsequent Events 5% Senior Custom Convertible Notes due 2000 In April and May 1999, $5.0 million of the 1997 Notes were exchanged into 12% Senior Convertible Notes due 2002, at a premium of 125% - 132% of their principal amount, for approximately (i) $6.5 million principal amount of the Exchange Notes and (ii) $4.9 million Warrants to acquire Warrant Notes.>>