I really appreciated Gail's statement that GZMO is pursuing financing avenues in '03 that avoid shareholder dilution. Shareholder value preservation has been a hallmark of GZMO management since the company's inception. Considering market conditions, debt is the best funding vehicle at this time and that is what GZMO has judisciously elected for '03, baring any windfall from a major collaboration.
I agree. I thought it was a very positive presentation given the fact that raising cash in this environment is very difficult. I encourage everyone to listen to the archived presentation if you did not listen to the conference call.
In addition to your comments, a few specifics for those who do not have time to lisen to the tape:
In order to preserve cash the trials for the electrofusion melanoma vacine will be delayed. They would concentrate on the products that we already have partners and also on those that there is a good possibility of high partnering. Gail indicated that they are in serious discussions with some companies who are interested in partnering. In addition she indicated that there is a high level of interest in our angiogenesis and small molecule research including HIV and AIDS. The trial delays including melanoma electrofusion would conserve cash and would reduce the previous loss guidance by $5 to 6M which allows $10M cash into 2004. This would take us into mid2004 without any borrowing from GENZ. She will try to get more partnership if possible so as not to tap into GENZ's loan facility which would cause dilution.