I'm anticipating a stock offering before 2014 and that is what's holding me back from buying more. That is what most longs and institutions are probably waiting for, too. I just wish they did it while the pps was at 18. IMGN needs that money before the full 5% royalties roll in in 2014.
Not sure they do, they have $5MM coming from Japan, $5MM from Euro and about $180MM in the bank with royalties starting and the potential for more partnerships and milestones on partnered drugs. It could happen, but I hope they put this off until much later, if ever. They should get $20-$30MM in Kadcyla revs for 2014 and probably $50MM in 2015, which will bring them close to B/E. They don't need to worry about having 2 years of cash in the bank since they have Kadcyla IMO.