RE: Zippy Enters the Mime Field"There is $94M left in milestones, not $100M, and it ain't in the bank, til it's in the bank."
Yup...it ain't in the bank....that is true. But I have never seen any large pharma cough up all milestone payments up front for anything.....again, depsite what Art suggests, they ain't charity outfits and don't give money over just because....
Which brings me again to the most obvious point that lorney and art continually misinterpret....the fact that Urocidin works (we'll very soon know just how well)....but it works so well that BNC got paid because of it....read the charity blurb above boys and you'll see why I draw my binary conclusion on that....
So what does that mean to money and cash flow at BNC. It means that while the money ain't in the bank yet, BNC could go to any lender on earth, including layer of government and ask for the money to conduct further studies. a 25% DFS with the lead indication backed by deep pockets that have committed an additional ~$100M (sorry lorney, I'm basic and round up) would make almost any lender reduce the risk on this to nil. If BNC can pull off Laurus funding while on it's back, I'm confident it could find funding easily while on it's hind legs.
So why don't they.....because they don't need to yet and it's rule number one to not diversify beyond your limits. They could easily receive money for further studies, but don't have anywhere near the staff.....sure the money could buy staff, but fixed and variable costs (ask Art Z CA about those) are a bit different when building a data room say. And whose to say they aren't going to light up a trial or two later in the year when Urocidin squarely becomes an Endo thing for PIIIb after the AUA coming out party.
Either way, to suggest that BNC is not carrying on with it's pipeline due to lack of funds is naive and stupid. They have a $100M certified promissory note they they could wave at anyone for money. And yes it is certified, a 25% DFS makes it so.....(so does the $4M efficacy payment, but why split hairs)