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keitern

02/26/08 8:29 PM

#8390 RE: DewDiligence #8383

>>By then, I expect that GTC’s financial position will be better than it is now.<<

I think I see where you are going with this. GTC will get up front cash for Atryn in the US, leaving us with an eventual gross profit/yr for Atryn HD (US) of 5mil (15%) or so instead of the 23mil (66%) they would get if they were to complete the program themselves.

One would think that this future high margin revenue stream would be sold for a reasonable price. I can see where this could take quite a bit of time to hammer out but should fall within some pretty firm industry standard tolerances since there really aren't that many unknowns remaining. I am assuming that the FDA approval is a done deal which may be a faulty assumption.