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Astex Pharmaceuticals, Inc. Message Board

  • danearl0131 danearl0131 May 9, 2013 10:18 PM Flag

    Final Montigen milestone

    Have noticed the occasional post about SuperGen's years ago aqusition of Montigen and there potentially being another milestone payment. Might have been more likely to occur with MP-470 that was ceased end of last year. I don't know what if any ASTX compounds were identified with CLIMB, but guess could happen one day that a Third and final milestone payment be paid but I don't think it happens anytime soon. Anyone know of any CLIMB discoveries that are one track to one day to get FDA approval.
    Third milestone:
    Common stock $2,400,000
    Preferred stock $2,800,000
    Total $5,200,000
    "Third Milestone Payment. Upon SuperGen’s receipt of formal notification by the FDA of its acceptance for filing of the second Investigational New Drug application for any product containing as the active ingredient a compound identified using the CLIMB™ Technology or a compound existing in Montigen’s drug portfolio as of the closing date of the First Merger, the holders of Montigen preferred stock will be entitled to receive their respective pro rata portions of the number of shares of SuperGen common stock having an aggregate value of $2,400,000 and the holders of Montigen common stock will be entitled to receive their respective pro rata portions of the number of shares of SuperGen common stock having an aggregate value of $2,800,000."

    Sentiment: Sell

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    • Second Milestone Payment. Upon SuperGen’s receipt of formal notification by the Food and Drug Administration of the first filing of a New Drug Application for a product containing as the active ingredient a compound identified using the CLIMB™ Technology or a compound existing in Montigen’s drug portfolio as of the closing date of the First Merger, the holders of Montigen preferred stock will be entitled to receive their respective pro rata portions of the number of shares of SuperGen common stock having an aggregate value of $3,200,000 and the holders of Montigen common stock will be entitled to receive their respective pro rata portions of the number of shares of SuperGen common stock having an aggregate value of $3,600,000.

    • Actually now that I am reading Montigen documentation more closely, I think this 3rd and final payment might have already happened with SGI-1776 years ago. I thought there was a milestone payment with FDA approval of anything tied to Montigen but now what I am reading was only for 2 different NDAs and 1 IND. Meaning I don't think there is anything looming for Montigen milestones...

      First Milestone Payment. Upon SuperGen’s receipt of formal notification by the Food and Drug Administration of its acceptance for filing of the first Investigational New Drug application for any product containing as the active ingredient a compound identified using the CLIMB™ Technology or a compound existing in Montigen’s drug portfolio as of the closing date of the First Merger, the holders of Montigen preferred stock will be entitled to receive their respective pro rata portions of the number of shares of SuperGen common stock having an aggregate value of $4,800,000 and the holders of Montigen common stock will be entitled to receive their respective pro rata portions of the number of shares of SuperGen common stock having an aggregate value of $5,200,000. For purposes of the Contingent Merger Consideration, “pro rata portion” means, for each holder of Montigen preferred stock, the proportion that the number of shares of Montigen preferred stock held by such holder immediately prior to the closing of the First Merger bears to the total number of shares of Montigen preferred stock issued and outstanding immediately prior to the closing of the First Merger and, for each holder of Montigen common stock, the proportion that the number of shares of Montigen common stock held by such holder immediately prior to the closing of the First Merger bears to the total number of shares of Montigen common stock issued and outstanding immediately prior to the closing of the First Merger.

 
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