MYMX: MYMX broke its 200 DMA on this 8k issued Friday afternoon:
ITEM 5. OTHER EVENTS.
Mymetics Corp. and its French partner Protein'eXpert SA are proud to announce that recent work has positively demonstrated the biological functionality of the large scale, conformational mimicry between the gp41 HIV transmembrane protein and IL-2, a key protein sometimes referred to as "the immune system's conductor".
Mymetics is convinced that understanding the functionality of such large scale, conformational mimicry, which it first identified in 1997, opens the way to an original and innovative approach to developing vaccines against AIDS.
Mymetics Corp. and Protein'eXpert SA have been able to produce at low cost the synthetic, trimeric and soluble gp41 proteins used in such work and which we believe to be potential AIDS vaccine candidates.
Mymetics holds several patents and patent applications based on this discovery, which we believe to be reinforced and vindicated by the above referenced results.
This statement is from their 2/20/04 8k:
On January 9, 2004, the Board of Directors appointed Professor Marc Girard, DVM, D. Sc., former Head of the Laboratory of Molecular Virology at the Pasteur Institute in Paris (France), former Director of the European Research Center for Virology and Immunology (CERVI) in Lyon (France), former Head of the HIV Task Force at the French National Agency for AIDS Research (ANRS), Paris, former Director General of the Merieux Foundation in Lyon (France), former Chairman of the European Consortium for an HIV Vaccine (EuroVac), Brussels, as Head of Vaccines Development, effective January 15, 2004 on a 50%, part time basis.
This statement is from Mymetics quarterly report filed 3/30/04:
Initiation of partnership discussion with pharmaceutical companies, all world leaders in the respective human or veterinary vaccine related (AIDS) fields. [DISCUSSIONS WITH THREE SUCH POTENTIAL PARTNERS WILL BE CONDITIONNED BY THE INITIAL RESULTS FROM OUR RECENTLY INITIATED SCIENTIFIC TRIALS, SOME OF WHICH COULD HAVE BEEN COMPLETED LONG BEFORE JULY 31, 2003]
As of March 18, 2004, there were 59,394,454 shares outstanding. 80,000,000 authorized. Insiders control approximately 50% of the current OS. At Friday's closing PPS of $0.25 the market cap was $15,000,000
This is all incredibly possitive stuff, so why isn't the company worth a little more that $15,000,000? Because there's several risk factors characterized by this statement, also from the last quarterly report:
Despite limited means and impressive hurdles to overcome, we have been able since July 31, 2003 to graduate from an assured crash to a (still) bumpy ride. In more practical terms, we have been able to (i) attract four new investors, (ii) remove all immediate threats of bankruptcy or forced liquidation, (iii) normalize our relations with our critical suppliers of scientific or corporate services, (iv) launch critical scientific tests aimed at reinforcing our position in the discussions we have initiated with certain pharmaceutical companies, (v) gain reasonable assurance that results will be encouraging, never forgetting however that biology remains a complex and largely unpredictable science, and (vi) applied for grants from public and private donors.
We intend to devote in the future more time and efforts to grant applications (which are very time consuming), as such sources of funds are non dilutive by essence. We believe that our chances of obtaining such funds in a reasonable time span are high enough to continue justifying our directors' and officers' efforts and personal sacrifices.
Despite our efforts and achievements, we have no reasonable hope to be able to reimburse the Euro 3.2 million credit facility due to MFC Bank on or before its present due date of June 30, 2004, and have no assurance that MFC Bank will accept to renegotiate it on terms acceptable to us.
THERE'S OBVIOUSLY SOME SIGNIFICANT RISKS REMAINING HERE, SO INVEST ACCORDINGLY!!
Don't put all your eggs in one basket. I put about 3% of my eggs in the basket for the longshot.
Thanks Gary for finding this one!
AI
