Question-and-Answer Session
Unidentified Audience Member
Does that $30 million reflect the 14?
Daniel Passeri
No.
Unidentified Audience Member
Or is it 45 or the 30?
Daniel Passeri
No. It was 30 prior to raising the 14. Any other questions?
Unidentified Audience Member
How much equity did the 14 get?
Daniel Passeri
It was at market. There was no discount. It was at a $2.00. Any other questions? Yes?
Unidentified Audience Member
(Question Inaudible)
Daniel Passeri
Well, that's the objective. That's our hope. It's under control of Genentech. The question by the way for webcast is, what's the status of the Genentech relationship? Genentech has exclusive control over the Hedgehog Antagonist at this point. We collaborated preclinical development and now with clinical there, it's under their control.
Unidentified Audience Member
Okay. I am sorry. What I am trying to really ask is, is it a single protein or a single molecule at this point and that's it or there could be other?
Daniel Passeri
Yeah. The question is -- is it a single molecule or are there potentially others. Well, that's actually a whole platform. It's the Hedgehog Antagonist platform. They have a small molecule in Phase I under evaluation now. They have been working on backups and our hope is that they will even look at developing the backup.
And they also have the blocking antibody, so they are looking at possible synergism with the antibody in small molecule, so this could result in several clinical programs simultaneously.
Unidentified Audience Member
And will all those different developments trigger any (inaudible)?
Daniel Passeri
Depends on how it's structured, so it's a prospect of one more than milestone. Yes?
Unidentified Audience Member
(Question Inaudible)
Daniel Passeri
Okay. So the question was, we had reported that we lost a couple of collaborations and what's the future prospect for additional collaborations. So the J&J relationship that wasn't a collaboration, we had exclusively licensed the entire BMP-7 portfolio to them, so we had no active role. We were very disappointed with the rate of progress on that program and it was actually under our evaluation of progress and compelled them to return the program. We are hopeful that we'll be able to consummate our license or even assigning those rights to another company. We are not active in that field but we want to see that asset exploited. So we are hopeful that we're making progress on that front and as I stated in the milestone that we are hopeful that we could possibly even announce something in '07.
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