= 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.
A $3,400 purchase under an Employee Stock Plan established years ago.
The purchase was at a 15% discount to market price - the lower price of two dates.