Up 19.00 in early trading, that adds $7.6M to ASTX balance sheet. The 4th quarter is going to look impressive. Throw in some dacogen aml sales and we easily see $4. Not to mention the value ASTX will see from the rise from $4 to $15 on SRPT that will be recorded in the 3Q results. These are one time events, but cash and other securities, is going to look impressive.
Just about to post the same thing Free. Nothing like starting the morning with an unrealized gain of $8M. I think they wrote this investment to zero back in 2008 off the top of my head. Looks like they will need to put the gain on the books for Q3 as you state.
In 1999 Supergen (astx) bought the rights to a cancer vacine from AVII (SRPT), they gave them about $25M in cash and stock. Apparently it wasn't a smart move. Supergen wrote down the investment a few years ago, we longs remember that, because the street didn't look at it favorably. We are just glad to get some of it back.
I believe either you or Batzem, were the first to notice SRPT. I have to admit I forgot about AVII now SRPT. They had written off most of this investment. This SRPT now will become a buyout target, so maybe another 50% premium is in store for ASTX.