Well 40cps is quite reasonable if succesfull in Phase III trials but anything like that based on Phase I or even Phase II alone is like sitting on Santas lap asking for your Xmas presents. Public / Private however it goes but it's also worth noting that big pharma do far greater deals with private companies as opposed to publicly listed not only based on the ease of confidentiality many of the private companies are moulded from the point of launch with pharma fingers already in the pie.
The BioMarin deal is fairly cheap but they have a good rep for scouting out those kind of deals - my assumptions is it is about half of what Pfizer put up for Excaliard based on ISIS released figures.
As for ANP & the Pharmaceutical Company stated in the release it is pretty easy to get to the point of an accurate assumption that it was only a low ball figure at that point - they wouldn't put on hold & continue to "entertain" a company with out committing if any kind of large payment was attached - you only have to look at figures that are attributed to succesful PhaseI trials to get an idea & then future milestones would of been attached. Personal assumption would be it was the milestones & royalty cuts that weren't to managements likings as upfronts for Phase I would be realitively insignificant regardless.
Far better value to hold out until Phase II or III complete & succesfull provided funding can be sourced to this point with too much dilution.
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