ONVO has performed its first 3D Liver tissue delivery and also introduced updated guidance on the timing of its product launch. Organovo had planned to launch its 3D Liver tissue product by the end of December, but now expects to commence the commercial launch and start generating revenue through a services model prior to 12/14. ONVO anticipates that preclinical toxicology testing services can command prices in the high tens of thousands of dollars per compound for standard screening for liver alone. ONVO is UP as usual on large volume whether it is positive and negative but, it is still under 1/2/14’s $11.29. Great trading platform as traders “inhale and exhale once the high kicks-in”. Let ONVO run for a few days and then SELL on this news!
ASTM didn’t and probably … couldn’t raise money during its last run-up but it still pilfers its long standing retail investors … even more. SELL if you still have a stomach lining left! I noticed ASTM did NOT note the remuneration of the ATM in the release; selective disclosure? "As consideration for its commitment to purchase shares of Common Stock pursuant to the Purchase Agreement ... ASTM ... agreed to issue to Lincoln Park up to 96,126 shares of Common Stock (48,063 shares issued to Lincoln Park upon execution of the Purchase Agreement and 48,063 shares to be issued, if at all, immediately upon the filing of an additional registration statement to cover any remaining shares not covered by the Initial Registration)".
ASTM closed at $3.42 DOWN -$0.29 or -7.82% and is further DOWN -$0.07 or -2.05% to $3.35.
When is enough … for this charade? Interesting notice it has … “no limitations on use of proceeds, financial covenants, restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages”. We all have our opinions!!
I take it my mid-day comments of a 1 for 20 reverse and lack of communication negligence cut to the heart of … fiduciary responsibility of Aastrom (ASTM) lawyer CEO … with the press release of the reverse split. A vote approved an amendment to the Restated Articles of Incorporation, to increase the number of shares of the common stock authorized for issuance thereunder from 150,000,000 shares to 300,000,000 shares. No fractional shares will be issued, and in lieu thereof, any person who would otherwise be entitled to a fractional share as a result of the Reverse Stock Split will be entitled to receive a cash payment equal to the fraction to which such holder would otherwise be entitled multiplied by the closing price of a share of Common Stock on The NASDAQ Capital Market on October 15, 2013 – paying out CASH from the paltry offering and expensive executive salaries. So … are they or aren’t they changing … to a different fiscal year ? The reverse is a GOD’s gift to short sellers as the 2.08 M shares are short of the float of 29.76 M shares. ASTM closed at $0.23 UP +$0.01 and then dropped in the after-market -$0.04 to a whopping $0.19. See you at $0.15 and a 1 for 20 reverse with a soon needed financing.
ASTM was DOWN -$0.004 to $0.221 and now is UP +$0.01 to a whopping $0.23 with a CEO trip to a conference release versus announcing the results of the recent shareholder meeting re increasing the amount of outstanding share and a reverse split. Who’s afraid of what and whom before a California trip and yet another share spiral? Why alert shareholders before a presentation to an industry group with a sparse investor presence – misaligned fiduciary responsibility?
So… what’s the bet - 1 for 20 reverse and how soon is the next financing?