This seems the perfect time for what Clay has termed an "opportunistic offering" which he refused to rule out or signal when or if it will ever happen. They guided for $250ml cash at the end of 2014, down form the $374ml at the end of 2013. An 80ml cash burn. 10ml shares now at $50 would have them end 2014 with $750ml-$1bl cash.
That would give them pockets deep enough to not only push the pipeline but perhaps expand some of the more promising collaboration deals to co-development deals. Companies like CLDX and PGNX will need partners to bring their drugs to market. The measly 3-5% royalty could be be instead 50-50.
In the long run 10ml shares will make no difference when Adcetris achieves frontline. The 500ml cash now would add far more value.
I'm in favor of such a move now while the stock price is range bound.
didn't you just sell all your SGEN shares? if so, I guess you want another secondary sooner rather than later (at a high price level) so the stock will dip 15% or more so you can get back in. Hopefully the stock will be over $60 when a secondary is announced.