Raised $75 million. Announced after hours last night, and stock is up today touching on all time highs. The way they raise equity is a model for all other biotechs, with minimum dilution. EXEL, ARRY and others should do their homework and tear a page from CLDX's playbook for when they tap the market again in a few years (or sooner).
On July 30, 2012, exel's closing price was $6.45 with priority review news. And then, next monday, our CEO and CFO tried to sell our company at $4.25. Going back to 6.45, you need 50%!
On Feb 4, 2013, cldx's closing price was $7.42. Next day, they tried to sell shares at $7.50.
If what cldx did is called dilution, is if fair to call us bleeding? MMM cut our throat and ask the vampires from Goldman-Sachs to sit at dinner table. The blood produced by our bone marrow Cabo is not for our health, our existence is for producing more food for those blood suckers.
"MMM cut our throat and ask the vampires from Goldman-Sachs to sit at dinner table."
Likening M3 to Vlad the Impaler is an interesting concept. I can't help but wonder what kinda crowd-play I'd get by introducing the concept at the shareholder's annual meeting. There's a great analogy at play here...
I can envision it now...the moated fields surrounding the EXEL Grand Ave facility littered w/ the spiked, elevated carcasses of shareholders past and present. Baying wolves inspire the audio backdrop...the visuals enhanced by tons of dry ice for that effect of swampy, fog-infested decaying of the rotting putrescence of wasted financial fodder. Real Hollywood stuff...
Soon to see the sequel: Jason & Freddy Meet M3
The way MMM handled finance is one of the worst in biotech. For any biotech company in late stage development, raising money with minimum dilution is the most important job for management. KERX and CLDX are the two recent examples. Exel is good science with bad management. Let's correct it with our annual vote.