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ATHERONOVA INC Message Board

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  • Reply to

    Trial is complete

    by golfstar03 Mar 12, 2015 10:18 AM

    Hopefully their attorneys strategize to delay proceedings while data is compiled- tentitively June. And let's hope that investors don't get wiped out as part of the rrorganization plan.

    Sentiment: Hold

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    Here it is right from their prospectus. Go read it yourself. I left out the part where it also says that the number of shares will be adjusted as well - i.e. they get to buy $20 million worth of stock at whatever the adjusted exercise price is. So, at current levels, that would be 85% of 2.5 cents or a bit above 2 cents which gets you to about 1 billion shares.

    "Exercise Price. The initial exercise price per share of common stock purchasable upon exercise of the warrants is $4.00 per share. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common stock, sales of our common stock at a price per share less than the exercise price then in effect (or securities convertible or exercisable into common stock at a conversion price or exercise price less than the exercise price then in effect), will be adjusted to equal 85% of the 10-day VWAP on the four month anniversary of its issuance (if lower than the then-current exercise price) and also upon any distributions of assets, including cash, stock or other property to our stockholders."

  • One thing people haven't noticed in the bankruptcy protection news release is that their trial is complete. They are likely compiling data for a release sometime soon. The company likely knows the preliminary data and that is why they filed for chapter 11 instead of chapter 7. They know their company is worth way more than the outstanding debt and want to develop a pay back strategy rather than liquidate the company. If the trial was a bust, they would have thrown in the towel and filed chapter 7.

    Sentiment: Hold

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    show me where it says it. As you can see from what I posted, it doesn't mention anything about resetting.

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    warrants reset on or around 2/28/15. So, as of 9/12/14 it would not be yet in effect. Read the prospectus.

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    Following is from the SEC report. It doesn't include the 5M warrants issued at $4 with latest stock offering. These warrants don't start to convert until $1.31. We can only wish to get a buyout of $1.31.

    As of September 12, 2014, we had outstanding options to purchase an aggregate of 548,950 shares of our common stock at a weighted average exercise price of $8.42 per share, warrants to purchase an aggregate of 1,352,990 shares of our common stock at a weighted average exercise price of $3.83 per share and convertible promissory notes convertible into an aggregate of 2,998,785 shares of our common stock (including 391,937 shares accounting for accrued interest through maturity) at a weighted average conversion price of $1.31 per share. The exercise of such outstanding options and warrants and the conversion of such outstanding convertible promissory notes will result in further dilution of your investment. In addition, you may experience additional dilution if we issue common stock in the future, including the issuance of common stock upon the exercise of the warrants offered hereby.

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    Trbca, I'm not a lawyer but I've read quite a few legal documents in my time. After reviewing the current documents, I believe you are incorrect. They have warrants issued at different prices (all $1.25 or more). The following is in their SEC document on what happens to those warrants when they are purchased, etc. The prices don't reset.

    Fundamental Transaction. If, at any time while the warrants are outstanding, (1) we consolidate or merge with or into another corporation and we are not the surviving corporation, (2) we sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of our assets, (3) any purchase offer, tender offer or exchange offer whether by us or another individual or entity) is completed pursuant to which holders of our shares of common stock are permitted to sell, tender or exchange their shares of common stock for other securities, cash or property and has been accepted by the holders of 50% or more of our outstanding shares of common stock, (4) we effect any reclassification or recapitalization of our shares of common stock or any compulsory share exchange pursuant to which our shares of common stock are converted into or exchanged for other securities, cash or property, or (5) we consummate a stock or share purchase agreement or other business combination with another person or entity whereby such other person or entity acquires more than 50% of our outstanding shares of common stock, each, a “Fundamental Transaction,” then upon any subsequent exercise of the warrants, the holders thereof will have the right to receive the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of warrant shares then issuable upon exercise of the warrant, and any additional consideration payable as part of the Fundamental Transactio

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    You still don't get it - the warrant holders have the right to over 99% of the fully diluted equity. Any value goes to them. At net proceeds of $250 million the shares are only worth 25 cents. Granted that is a great return from current values, but as you pointed out, without clinical data, do you really think that anyone is going to pay even $25 million?

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    do your homework - there are warrants that have the right to buy $20 million of stock at under 2 cents per share. You need to factor this into your consideration as well as the substantial costs of bankruptcy. So, let's assume a sale for $25 million. Take out the debt of around $5 million, expenses of a $2 million to net $18 million. Now, divide that by the total number of shares outstanding with warrant exercise (20 million divided by 2 cents) and you get the $18 million of net proceeds plus $20 million of proceeds from the warrant exercise) divided by 1 billion 9 million shares (the warrant shares plus the outstanding shares). the price per share ends up being 3.7 cents. And, that is assuming that there is not a cashless exercise provision on the warrants. So, given the warrant exercise price, it is virtually impossible for the equity holders to get anything. Why do you think the debt holder accelerated and forced bk? Answer - the debt was convertible and he saw that the equity component was worthless so his best chance to maximize his return was treating his convertible debt as straight debt.

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    Hope it sells for 20 million. In this era of heavy M & A acquisition, might there be a bidding war? It's hard to believe other pharmaceuticals aren't quietly salivating over this drug.

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    The company is for sale in bankruptcy. Potential buyers like Pfizer Merck and Novo Nordisk could be very interested. Anything above ~$6mm goes to share holders. If this sells for $10mm the stock would be worth $0.45. That is nothing for a guy like this interested in the company's drug trial and patent portfolio. huge upside and only 8.8mm shares outstanding. Great optionality.

    Sentiment: Strong Buy

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM
    graybrian@att.net graybrian Mar 11, 2015 2:46 PM Flag

    If the drug was finished with trials the value would be considerable but because its still in trials we are just looking at the potential for another biotech co.

    Sentiment: Hold

  • Reply to

    Follow the Patents

    by graybrian Mar 11, 2015 11:13 AM

    Has anyone valued the three patents? The cholesterol drug market is a 41 billion dollar market excluding affects on plaque, obesity and diabetes mellitus!

  • Reply to

    conflict of intetest?

    by dteck1099 Mar 10, 2015 3:35 AM

    I agree. What seems fishy is that on October 28, 2014, three million dollars were raised. A 450,000 dollar note came due on nov 12, 2014. Wasn't there enough money to pay the note and prevent debt acceleration? It doesn't seem to add up!

  • All I can say about AHRO now is follow the patents

    Sentiment: Hold

  • To late to get out now! Glad I did!

  • Fred Knoll represents both debtor and creditor in this bankruptcy case.
    conflict of interest?
    Should he not leave his seat?

    Sentiment: Hold

AHRO
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