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NEW PILOT PLANT & COMMERCIAL MANUFACTURING

Phase I/II
1991 1992 1993
EXPENSES

Construction & Equipment Cost 3100 0 0


Variable Production Expenses and Overhead 0 800 1204
Pre-Clinical Development 250 0 0
Clinical Trials 0 1040 1000
Setup cost 20000
Development resources 1000
TV

Income

FDA approval
Sales
Royalties
TV

Sum of cashflows -3350 -1840 -23204


Net CashFlow -3350 -1840 -23204

NPV 4960.07
Phase III FDA Sales Begin
1994 1995 1996 1997 1998 1999 2000 2001 2002

5217.333 5217.333 5217.333 5217.333 5217.333 5217.333 5217.333 5217.333 5217.333

17391.11

5000
53700 99500 125000 130000 150000
21480 39800 50000 52000 60000
252000

-5217.33 -5217.33 -5217.33 -217.333 16262.67 34582.67 44782.67 46782.67 54782.67


-5217.33 -5217.33 -5217.33 -217.333 16262.67 34582.67 44782.67 46782.67 289391.6
NEW PILOT PLANT & License out Manufacturing and Marketing Rights

Phase I/II Phase III


1991 1992 1993 1994
EXPENSES

Construction & Equipment Cost 3100 0 0


Variable Production Expenses and Overhead 0 800 1204 0
Pre-Clinical Development 250 0 0
Clinical Trials 0 1040 1000
Setup cost 0
Development resources 0
TV

Income

FDA approval
Sales
Royalties
TV

Sum of cashflows -3350 -1840 -2204 0


Net CashFlow -3350 -1840 -2204 0

NPV 3023.31
Phase III FDA Sales Begin
1995 1996 1997 1998 1999 2000 2001

0 0 0 0 0 0 0

7000
53700 99500 125000 130000
5370 9950 12500 13000

0 0 7000 5370 9950 12500 13000


0 0 7000 5370 9950 12500 13000
2002

150000
15000
63000

15000
78000
CONTRACT M/F and COMMERCIAL M/F

Phase I/II Phase III


1991 1992 1993 1994 1995
EXPENSES

Contract Production and Related Expenses 0 955 1550


Variable Production Expenses and Overhead 0 0 0 5217.333 5217.333
Pre-Clinical Development 250 0 0
Clinical Trials 0 1040 1000
Setup cost 20000
Development resources 1000
TV

Income

FDA approval
Sales
Royalties
TV

Sum of cashflows -250 -1995 -23550 -5217.33 -5217.33


Net CashFlow -250 -1995 -23550 -5217.33 -5217.33

NPV 7095.48
Phase III FDA Sales Begin
1996 1997 1998 1999 2000 2001 2002

5217.333 5217.333 5217.333 5217.333 5217.333 5217.333 5217.333

17391.11

5000
53700 99500 125000 130000 150000
21480 39800 50000 52000 60000
252000

-5217.33 -217.333 16262.67 34582.67 44782.67 46782.67 54782.67


-5217.33 -217.333 16262.67 34582.67 44782.67 46782.67 289391.6
CONTRACT M/F and LICENSE M/F and MARKETING RIGHTS

Phase I/II Phase III


1991 1992 1993 1994
EXPENSES

Contract Production and Related Expenses 0 955 1550


Variable Production Expenses and Overhead 0 0 0 0
Pre-Clinical Development 250 0 0
Clinical Trials 0 1040 1000
Setup cost 0
Development resources 0
TV

Income

FDA approval
Sales
Royalties
TV

Sum of cashflows -250 -1995 -2550 0


Net CashFlow -250 -1995 -2550 0

NPV 5158.72
Phase III FDA Sales Begin
1995 1996 1997 1998 1999 2000 2001 2002

0 0 0 0 0 0 0 0

7000
53700 99500 125000 130000 150000
5370 9950 12500 13000 15000
63000

0 0 7000 5370 9950 12500 13000 15000


0 0 7000 5370 9950 12500 13000 78000
Complete Licensing

Phase I/II Phase III FDA


1991 1992 1993 1994 1995 1996 1997
EXPENSES

Contract Production and Related Expenses 0 0 0


Variable Production Expenses and Overhead 0 0 0 0 0 0 0
Pre-Clinical Development 0 0 0
Clinical Trials 0 0 0
Setup cost 0
Development resources 0
TV

Income

Contract amount 3000


Sales
Royalties
TV

Sum of cashflows 0 0 0 0 0 0 3000


Net CashFlow 0 0 0 0 0 0 3000

NPV 3766.40
Sales Begin
1998 1999 2000 2001 2002

0 0 0 0 0

53700 99500 125000 130000 150000


2685 4975 6250 6500 7500
31500

2685 4975 6250 6500 7500


2685 4975 6250 6500 39000
Discount Rate 30%

Option Option

1 NEW PILOT PLANT & COMMERCIAL MANUFACTURING


NEW PILOT PLANT & License out Manufacturing and
2 Marketing Rights
3 CONTRACT M/F and COMMERCIAL M/F

4 CONTRACT M/F and LICENSE M/F and MARKETING RIGHTS


5 Complete Licensing
NPV
NPV
$8,000.00

$ 4,960.07 $7,000.00
$7,095.48
$6,000.00
$ 3,023.31
$5,000.00
$ 7,095.48 $4,960.07 $5,158.72
$4,000.00
$ 5,158.72 $3,766.40
$3,000.00
$ 3,766.40 $3,023.31
$2,000.00

$1,000.00

$-
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