Ann: Janssen Collaboration Expanded , page-5

I think it has just got itself in such a tight bind and why the market remains so hesitant. Assuming the standard cash burn of $1.2M a quarter they have 4 months CaB (not attributing todays Undisclosed milestone) and those convertible notes are still standing with the 40% discount which means it is probably going to be incredibly hard for the company to find a reasonable finance option - it's not exactly a mouth watering proposition for anyone to buy on market.

I agree it's good to see Janssen being expanded and reiteration of recent data and "conjugates" slipped in but another 'undisclosed' milestone payment - really ? I still find these things hard to wrap my head around - if the science and recent developments are so ground breaking, why isn't a company the size of Janssen just acquiring the minnow sitting under $10M right now ?

Would of been nice to see Janssen come through with a paragraph praising the science and progress from an external party.