That last month or so of press re bringing on 4 or 5 seasoned experts in both the M&A and financing ends of industry leads me to think they are seeking a buyer. I believe that their book of patents and research may be better utilized by a co with the capital and staff to see their ideas through. Not so sure they well be able to do it alone. Why else all the new faces eperienced in the financial end of the business?
Lets see. 14,000,000/56,000,000 current, is 25% @ mkt cap of 6.7M-8.4M assuming 12-15 pps, which also implies 1.7M-2.1M in fees. This is for 3 'consultants', i.e. individuals/companies.
1. I see could be MAYO, they are owed 250K for Phase I, plus at least 100-150 licensing (assume from my memory), so at least 450-500k to them alone. That leaves 1.2M-1.6M for 2 others.
2. I see possible options coming due for the last CEO. 1.2-1.6M worth? Not sure. Seems high, but I have no idea.
3. PR, other ancilliary consultants who do not bring money in, possible, not sure.
4. Fee for bringing money in? Sort of doubt that yet. This is all I really care about. As far as I am concerned, besides the science guys in the lab, this should be prime focus #1. The first raise should be 5-20M. Yes 20M, because 5M only gets you thru Phase 1 on the current study, plus preclinical on others. Not sure why 24 months was stated, Phase I would be much much less, so assume this is the bulk of continued licensing on Antigens plus other preclinical thru that timeframe. I say 20M because now you have wiggle room, and after Phase I has proven itself and you have at least 1 grant for the Viral programs, you are golden. No more questions about cash.
Now, I know #1 and #2 were probably unavoidable. #3, and #4 could be managed properly to avoid huge fees, this should be done. As long as end of June/beg July plays out as I suspect, the pps should be good. Barring any more jumpers due to overall market (EU, US growth metrcis, emerg mkt trends..etc). If no news thru July, then I will be concerned with the above goings on. YET right now I have an overall good feeling about the 'development' side of the business.
I really have no idea. I find the # of shares for whatever services to be rather high. I would hope they brought in 5-20M dollars for that kind of "fee" to be paid, and it wasn't for some PR service, or the like, or even anyone on the board. I just feel since it is a start up, and that start up payments or fees should be limited unless someone brings in serious money.