Minster Pharma (MPM)

1. The massive amount of warrants/convertible loan stock in issue giving 2.23 Billion shares fully diluted - many held by Riceman Insurance Holdings investors (like Harry Punter), who sell in to market strength
   
2. MPM do not own the IPR to their compounds
   
3. As the base compounds have been around for a long time The original patents to sabcomeline owned by GSK expire in April 2010 in Europe and October 2011 in the USA, Tonabersat is covered by three worldwide patent filings, one provides generic protection for the Compound and its use in treating migraine, the second covers a process of production and the third provides specific protection for the current form of the Compound. The patents of the third case expire in the US in 2015 but may be extended for up to 5 years. No third party issues have been identified which would inhibit commercialisation of the Compound. GSK will have to file for patent extensions which may/may not be granted. There is a definite risk that sabcomeline will be out of patent protection before a drug gets to market
   
4. The costs and timescales of bringing a drug to market (In 1993 US congress assessed 6 yearsr as being good going and $360M as average cost - timescale and cost has increased since then. MPM have less than £3M available.
   
5. The 80% chance that nothing will get to market (Source alliance chemical)
   
6. MPM has to pay SKP hefty milestone payments as thehy move through the development process
   
7. The lack of formal registered testing studies - check for yourselves
   
8. The inability of SKP, OXB or AZM to get development funding from large pharma for late stage, block buster drugs
   

MPM with two drugs owned by GSK, minimal cash, a long and risky road to commercialisation and patent expiry issues is worth £669M. A bargain according to harry - but what about other players?

1. SKP - £390 M
   
2. AZM - £232 M
   
3. OXB - £143 M
   
4. CEN - £ 32 M