RespireRx Pharmaceuticals Inc (RSPI)

[gfp927z]

Emerald, At the recent conf call, Varney said - "not too far down the road, we might expect to start seeing milestones associated with the Biovail transaction, since the first milestone is generating proof of concept with the intravenous dosage form if CX-717, and we had previously shown proof of concept with the oral dosage form. So we think that certainly is a very achievable milestone in the not too distant future."


Personally though, I wouldn't hold my breath on getting this CX-717 related milestone anytime soon. For one thing, Biovail might decide to not bother with IV CX-717 at all and go straight to the IV prodrug CX-1942. Even if they do decide to run a POC study with IV CX-717, first they have to run the Phase 1. So I wouldn't expect the first Biovail milestone for at least a year and probably closer to 2 years. And if they bypass CX-717 altogether and go directly with CX-1942, then presumably that milestone payment wouldn't occur at all.

One other point -- I don't think we know yet how much each of the three milestones are, only that the total of all 3 milestones is $15 mil. So the first milestone might not necessarily be $5 mil.