Given the fact that Tang is now out, and the financing news, and the fact that Dirk's blog reaches a rather large and more sophisticated bio-tech investor, I think trading will be rather "interesting" this morning.
Overall, I interpreted it as quite positive. Seems to imply that RXI has a lot more potential than Geert is allowing it to become. Seems to imply that Geert should think about either further modifying sd-rxrnai to expand it's potential (systemically) or that a collaboration with the likes of ALNY and ARWR might be possible.
It's also obvious that he doesn't think much of the way Geert has been running things.
We are now sitting on 65M outstanding. Add another 26M in over-allotments and warrants and we've got 91M outstanding. Add in employee options (and possibly 4M LPC shares), and we are now fully diluted. Granted that the allotment rights and warrants might not ever be exercised, but Geert has chosen to have the company fully diluted for about $23M in proceeds. $10M immediately, up to $6M over the next year, and up to about $7M over the next 5 years. That does not get us to the promised land. So what do you think Geert has to be thinking? I know what I think, but I am curious about others thoughts on this.
It is a "faux" market that has been created, benefiting and enriching no one except those that created it and have the technology to participate in it. It is disgusting. It provides "liquidity"? Maybe temporarily, on a moment by moment basis, but it has also allowed massive, massive algo manipulation to occur. You ever go onto the Directedge website and dig around? It is clearly stacked heavily in favor of HFT. Almost a million shares traded the other day on a 4 cent intraday spread. You think that was retail trading that many shares on a 4 cent spread from high to low? No Way!
It is HFT algorithmic trading and it is occurring everywhere. More algo here than HFT, but it is the HFT firms that are doing it. I hate it, but it the world that we live in today. The fragmented markets and competition for order flow and rebates for providing "liquidity" combined with the technology, along with greed, have created this monster. Everyone is involved. Even my TDA broker gets a "kickback" for sending my order to someone. Your broker gets one too. If you look at what is shorted on a daily basis vs. the short interest that comes every two weeks, you can see that it is being shorted and covered on a daily basis, as are many other stocks.
... "present value of your position... is what counts". Why?
... "mark-to-market"... why the f do you think I care about that? What kind of entity do you think I am? Do you know how and why "mark-to-market" is used?
It doesn't matter "what you are down". It only matters what you collect when you sell.
"... if a man can have only one kind of sense, let him have common sense. If he has that, and UNCOMMON sense too, he is not far from "genius"..." - Henry Ward Beecher.
"... whenever a man boasts much about his "sense", you may be pretty sure that he has very little of it, either common, or UNCOMMON.." Henry Thomas Buckle
You "advise"??... You "ADVISE"??... "YOU"?? "YOU ADVISE"??... you advise... HA!... yes, yes, of course, you "advise"... thanks for the advise.
"... common sense is the most widely shared commodity in the world, for every man is well convinced that he is well supplied with it..." - Descartes.
The current cash on hand gets them about two more quarters; till the end of September (6M at 3M burn). They will not have access to the entire LPC line unless they sell shares at $2.50 or more, as there are only 4M shares allotted for the deal. I haven't listened to the call yet, so I don't know what was said, but that is the situation. If they had to sell the entire LPC allotment at the current price, they receive a little over $2M; not even a quarter's worth of operational income. So, notwithstanding another offering (which is most assuredly coming) or a licensing deal that gets them upfront cash, they have operational cash that gets them to the end of the current calendar year.
I do not believe an OPK deal is in the cards, or any other merger / buyout / take-private deal, for that matter, at this juncture. I absolutely agree with you, lotta, that the reason Tang would continue to sell here is due to the recent s1 filing. He is willing to get completely out (notwithstanding his 10% stake) so that other institutional investors would be willing to come in with a new investment and provide fresh capital. Tang has gotten his original investment back at least 5 or 6 times over, if not more. Remember, he is effectively into the common at around 41 cents per share, so even his selling at 80 cents last week doubled his money on whatever he sold.
As of the 10q conference call, about 7M common underlying the rest of his seriesA preferred. The chart absolutely has the signature of a Tang kinda day, though if that is in fact what occurred here, it would be the first time he has dumped his SeriesA en-masse. If this is the case, then he is that much closer to being entirely out. I think we held up fairly nicely, given the heavy sell volume.
Because it's CANCER! Already 300K shares traded in first 10 mins pre-market. Looks like the market really likes this one. This just might be the "spark" that we needed. Let's see if she holds. KEEP THAT SWORD SHEATHED, MR. TANG!
I didn't think you were that kind, sabby! I like celery stalks, but I will double your asking price! 10 CINTS!
"... When I get real bored, I like to drive downtown and get a great parking spot, then sit in my car and count how many people ask me if I'm leaving..." - Steven Wright.
Don't know 'bout anyone else, but I understand. Come back when it's 5 CENTS and we can talk. Till then... SEE YA! HA!.... HA!...
I will average down at FIVE CENTS!! YOU CAN'T HANDLE THE TRUTH!!!!!