My question is out of confusion, or disconnect between
My question is out of confusion, or disconnect between statements made recently vs Contract with Samsung...not out of my concern over how we are going to pay. We have so many valuable assets I'm not worried about how payment will be made. I know BLA will happen in the next few months hopefully and even if there is an FDA delay it will be a short one at most (though I think that has at most a 10% probability in my opinion). Does the hopeful licensing deal, which I believe we will get, though nothing guaranteed, take into account that Cytodyn will owe a milestone payment of $0.5 million upon submitting BLA and that we already have to pay out a Royalty of 3.5% of net sales for next 10 years following approval?
My question, which maybe I was unclear with, is regarding the Binding Contract we signed with Samsung and how we are expected to begin making payments and providing Samsung with Minimum Order Quantities based on forecast starting March 2020, and that we are to have paid them $30 million by end of 2020. Specifically with the following statement:
"the Company delivered to Samsung a purchase order for $33 million worth of process validation and technology transfer services related to the manufacture of leronlimab, with payments by the Company scheduled to be made throughout calendar 2020. Under the Samsung Agreement, the purchase order is binding and the Company is obligated to pay the full amount of the purchase order. Under the terms of the Samsung Agreement, the Company is obligated to make specified minimum purchases of leronlimab from Samsung pursuant to forecasted requirements which the Company will provide to Samsung. The first forecast will be delivered to Samsung by March 31, 2020. Thereafter, the Company must provide Samsung with a rolling quarterly forecast setting forth the total quantity of commercial grade leronlimab that the Company expects to require in the following years. The Company estimates that initial ramp-up costs to manufacture commercial grade leronlimab at scale could total approximately $60 million, with approximately $30 million payable over the course of calendar 2020, and approximately $30 million payable in the first quarter of 2021"
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