When Encysive was sold to Pfizer in 2007-08, they had hired Morgan Stanley about more than six months earlier to explore options. As revealed in SEC filings: 1) send out over 100 pitch books to prospects; 2) dozens of prospects respond, some asking for additional information; 3) about 12 companies signed confidentiality agreements, entitling them to examine in detail all the trial data, patents, and other pertinent information in secure rooms. In the case of Encysive, secure locations were in Houston and London. 4) First round of bids solicited, followed by 2nd and third rounds, until two or three bidders were left.
Since PHS has enough cash for up to a year, they may take their time finalizing a deal.
Look at CERE. Volume dried up and many sold on the cheap before surprise buyout by Land O' Lakes. Negligible volume for SPHS today means nothing. The Market is preoccupied with options expiration today. SPHS has NO options to trade.
Sophiris has almost certainly accessed the Aspire line in the last few days. This does not hurt buyout or partner chances. SPHS is smart to sell shares above $2 to gain additional cash and bargaining power; after all, the last stock offering was only priced at $1.41
Reasons: Fidelity filed announcing their shares reduced to 2 million and below 5 percent; R/S could be announced after today's trading session, taking effect starting Monday
Per SEC filing a reverse split of between 1:3 and 1:15 was approved. I expect the R/S to be announced in days and will probably be about 1:8 or 1:10 max. I hate R/S, but a low float coupled with good news could boost the stock price.
One of the directors recently bought stock on the open market per SEC filings. Sunesis partner Takeda has recently been doing a lot of deals. Usually after ASCO in Chicago, new deals are struck. Many potential European partners for Vosaroxin are in Chicago.
The 120 day questions obviously are softball lobs; otherwise, why would SNSS add a clinical VP? This stock has been beaten down incredibly, as has dozens of micro biotechs. Future partnerships are likely, possibly with current collaborators Biogen Idec and Takeda.
When the S1 came out and the 12-month results were delayed I contemplated bailing. Why wasn't a deep pocket player partnering with STEM. Why did the former CEO "retire" on the cusp of great things? The news stories coming out were VERY optimistic. The company said stem cells had a life of at least six years. Who would have thought that young 6 month patients lost ground at 12 months! I can only speculate that their bodies' natural defenses were turning on the stem cells.