rbs morgans weekly research report, page-29

Thank you JM - finally I get some assumptions to poke at.



I have not "run the full course" in any biotec in the past so I have no experience in the the size of likely licensing payments. I know what we are sitting on is big from common sense and discussion, but what I'm not sure of is the size of tranches of cash?

Looking at the RBS finacials forecasts the figures look low ..... really low. Gross revenues of $67 million over 2 years (2014 and 2015); that's inclusive of all the revenues streams and a licensing deal.

To put RBS's numbers into perspective - if we have say 6 products they will need to earn $1.5 million each, for each of the two years, and they need to sign a $50 Mill license deal payable in two tranches. I gotta say I'm scratching my head.