vista partners updates coverage to $0.12, page-3

Cellmid has a large portfolio of patents surrounding midkine and owns 21 patent families worldwide. Cellmid plans to monetize this through two segments: Diagnostics and Therapeutics. The diagnostic programs are in a more advanced stage and are poised to face regulatory approvals first. The therapeutic programs are in pre-clinical
trials; however they involve high value antibody candidates with early partner/licensing potential. Cellmid intends to partner/ license candidates in both segments and expects revenues as a result of royalties from candidates within these segments. Suitable partners likely would help fund the cost of clinical trials in exchange for collecting
a large part of the revenue should the drug become commercialized. A partnership/licensing agreement would be best for shareholders as a deal of this nature would involve minimal to no dilution and cash upfront. There is also the possibility a pharmaceutical company could acquire one therapeutic or the Company as a whole.