Biotech Values

[DewDiligence]

Re: IDIX HCV milestones

>the license agreement in the 10-k is worded poorly then<

I inferred that there were sales-based milestones from the fact that there are five unspecified milestones (with redacted amounts) specified in the 10K:

http://www.sec.gov/Archives/edgar/data/1093649/000095013506001630/b58494ipexv10w14.txt
>>
Milestone Event for HCV Products

(A) Data from a Phase I/IIA Clinical Trial demonstrates US$25 million that NM-283 is safe and effective. (The Parties acknowledge that this amount has been paid prior to the Amendment Effective Date.)

(B) [**] $[**]

(C) [**] $[**]

(D) [**] $[**]

(E) [**] $[**]

(F) [**] $[**]
<<

Normally, you don’t see this many milestone steps for regulatory milestones alone for a single compound; however, after rereading IDIX’s 3/29/06 PR, I agree with you that the $455M comes entirely from regulatory milestones. Thank you for pointing out the error.

This doesn’t change my view that the HBV market alone will support a considerably higher stock price and that anything IDIX achieves in the HCV market is icing on the cake. Regards, Dew