Form 8K: Santarus, Inc. (the "Company") and Cosmo Technologies Limited ("Cosmo") had entered into in December 2008, Cosmo earned a $3.0 million clinical milestone in November 2010 based upon the positive results of the U.S. and European Phase III clinical studies for budesonide MMX�. Cosmo elected to receive payment of the milestone through the issuance of additional shares of the Company's common stock. As a result, on November 17, 2010, the Company issued to Cosmo 972,132 shares of the Company's common stock, par value $0.0001 per share. SNTS quote
- While Cosmo could have taken $3 million as cold cash, it chose to accept SNTS shares.
- Also these shares were valued at $3.08/share ($3 mil/972132 shares) which is a positive sign on a day that the shares closed at $2.90.
Sentiment: Long SNTS