selling ATM means no buyout as there is no point selling extra share for a low pps if you think some one will buy you..... They also are very skeptic about the coming P results. if they are confident in the coming results why selling your shares now and not waiting until after the results....any ideas?
lol. There are definitely buyers, the relevant question is can they structure a deal that satisfies all parties. In that regard sales from the ATM are cash on the balance sheet so it's simply an offsetting accounting entry with little marginal effect on any contemplated deal. Mgmt. must consider the possibility that if the markets were to freeze up like they did after Lehman, due to Europe, access would be nonexistent at any conceivable price. Management is being very conservative is continuing to raise cash. The only inference one can realistically make is that they are probably not privy to the double blinded trial data. The market seems to like the initial take on results as its up in premarket. The conference call question period may be interesting. at 10:00 ET
You are probably correct about the buyout,but the more cash in the bank,the stronger your bargaining position. As for pessimism about Peri;possible but then again they have been aggressively selling shares for a while now,well before the Aug interim look at the data by DSMB. Raising money for 108 is prudent *in case* Peri fails.
Revenues were $9.5 million for the three-month period ended September 30, 2011, as compared to $5.7�million for the same period in 2010. This increase is largely related to comparative higher-than-normal deliveries of Cetrotide� to Merck Serono and to the comparative strengthening of the euro against the US dollar.
•During the three-month period ended September 30, 2011, the Company raised a total of approximately $9.6�million in gross proceeds pursuant to the At-the-Market ("ATM") sales agreement of June�2011 (the "June ATM Sales Agreement"). •Subsequent to quarter-end, from October 1, 2011 through November 9, 2011, the Company issued a total of approximately 3.8�million common shares under the June ATM Sales Agreement for aggregate gross proceeds of approximately $6.2�million. Cash and cash equivalents totalled $48.1�million as at September 30, 2011. With the aforementioned ATM drawdowns that were completed subsequent to quarter-end, the Company's pro�forma cash and cash equivalents as at September 30, 2011 would total $54.3�million.