The insiders pocketed over $16M on the DreamTeam scheme.
They dumped millions of shares at over $5.
Why aren't they buying now?
They know that GALE is a garbage stock composed of Ahn's dumpster junk.
Especially when there are numerous deeper pocketed competitors and low cost generics.
Galena has no sales staff.
The approved generic, which had a better safety profile, is available for $25 per month.
GALE 401 should be written off.
It's another Abstral. Further funds should not be spent on the dumpster junk.
Chances are it won't be approved. If approved, there's entrenched competition for a tiny market.
= another financing in Q4.
Why pay a $90M valuation for $8M cash plus dumpster junk?
GALE is headed for a $25M valuation = $0.12 per share.
Because of the adverse event (termination of trial for futility), Galena can not spend the $24M.
JGB doesn't care. They will collect 9% interest and the funds are secure.
It is up to Galena to invoke the prepayment clause.
Otherwise, they will be earning 3% interest on the $24M and paying 9% to JGB, and they will not have access to the restricted funds.
Schwartz should prepay the $24M immediately, otherwise they are out a net of 6% annually on the $24M, or about $1.5M interest expense on frozen funds.
and buy a real biotech with the funds.
There must me some gullible saps out there for another Data Mined Trial.
but alas, he's a putz!
Running low on cash ..... more dilution next quarter ....... the placebo outperformed Neuvax ........ they will spend $500,000 to confirm this ....... delisting notice in 24 days ....... reverse split soon thereafter.