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Saturday, January 20, 2007 10:01:50 PM
EDIT - I saw Dew's note so I assume the settlement on Hep C was never entered (even though signed?).
Comments on Settlement:
Wow - because he did commercial work during a paid sabbatical (probably made what, $150K) and did a few years unpaid leave (read: NO compensation), UAB got $2 MM upfront PLUS a million if anything comes of the patents in terms of approved drug PLUS 0.5% of revenues. I am sure he had an employment contract assigning all discoveries to UAB but his option to go back to UAB cost IDIX the above - chalk it up to start-up costs.
Now, since Tyzeka is approved, I wonder it UAB is holding out for more or if the settlement will be similar. If similar, we are talking about costs on NPV basis of ~$10 MM IF it sells better than the Street currently thinks. Hardly worth several percent off stock price after hours.
Jon
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