$113M AISX deal nets about $6M
Applied Immune Sciences Inc. may have done its deal with Rhone-Poulenc Rorer for love, but AISX didn't do it for the money, at least not for any immediate infusion of cash.
Under the agreement announced last week, in which RPR will invest $113 million to acquire a 37 percent interest in the cell therapy company, AISX will only come out with $5 million to $6 million in cash. But with $64 million in the bank as of March 31 and a burn rate of $20 million, company spokesman Jerry Ford said quick cash wasn't one of AISX's goals in the deal.
RPR will receive 4.3 million newly issued shares. There is no price