During the first quarter of 2002, the Company repaid a $5.0 million short-term note. During the first nine months of 2002, the Company entered into a series of loans totaling $7.9 million, payable over 36 to 48 months with interest rates of 11.12% to 11.84%, to finance the purchase of capital equipment and leasehold improvements.
Why they need loan at 12% interest? Is $75 MM too small for their appetite?
Cut the salary, work for free! Suckers! Until you have something to show.
<< We expect that substantially all of our revenue for the foreseeable future will come from corporate collaborations, license agreements, government grants, and interest earned on our cash balances.>>
Will see about that?
They added new collaboration with BMS in 08-02. Hope this one can generate clinical candidate.
<< In August 2002, we entered into a collaborative discovery and lead optimization agreement with BMS, which expires in July 2003. Under the August 2002 agreement, we agreed to assist one another in the optimization of certain BMS compounds. The Company and BMS agreed to allocate and, from time to time, reallocate research funding between the July 2000 agreement and the August 2002 agreement so that the aggregate amount of research funding committed to by BMS through July 2003 under both agreements remains unchanged. Also under the terms of the August 2002 agreement, we are eligible to receive from BMS, depending on whether stipulated milestones are met, aggregate milestone payments of up to $5.0 million for the first product developed, and are eligible to receive additional milestones if subsequent products are developed. We are entitled to receive royalties on sales of products developed pursuant to the agreement.>>