I try not to worry about it, but the dilution was substantial - they increased the total outstanding shares (including warrants and options) by ~40%. This may lead some investors to back away, especially because they are only in Phase II for pancreatic and while the sarcoma trial is designed as a "pivotal" Phase III trial, it is coming out of an uncontrolled Phase I/II trial, so there may be a lot of skepticism about whether it will succeed? Therefore, the thinking may be that they will probably have to go through another round of financing to get through a successful Phase III trial? Despite some earlier commentary about potential partnerships, it would appear they are looking to keep 100% of TH-302 as long as they can, which may mean more offerings down the road.
I am not happy with the dilution, but I believe that they have enough money to generate very robust data in both the pancreatic and sarcoma indications, which will pave the way for better priced offerings down the road - i.e. 2013+, and in the long run we will be rewarded. In the interim, the share price can do anything?
Despite everything, insiders bought @ 2.1 once again prooved to be wrong at least for the short term, this is the same story of last 2 years financings. When will they learn?.... PPS is equal to what it was two years ago, so the advance in results and trials really doesn´t matter when it comes to shareholder value. Just wait for unusual spikes and sell looks to be the answer to make money here. Good luck!