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Lpath Inc. Message Board

john_j_315 36 posts  |  Last Activity: 6 hours ago Member since: Apr 5, 2010
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  • john_j_315 john_j_315 Mar 18, 2014 8:45 PM Flag

    We have entered into an At-the-Market Issuance Sales Agreement with MLV & Co. LLC, or MLV, which we refer to as the sales agreement, relating to shares of our Class A common stock, or common stock, offered by this prospectus. In accordance with the terms of the sales agreement, we may offer and sell up to $23,000,000 of shares of our common stock from time to time through MLV acting as the agent. So they increased the ATM from $20 to $23MM. Why???

    Scott issuing shares in the $4's (and when supposedly they don't need the money) tells you everything you need to know about why nobody wants to own this stock. Criminal if you ask me but disgusting none the less.

    Sentiment: Hold

  • john_j_315 john_j_315 Feb 11, 2014 7:00 PM Flag

    Some shares have voting rights and some do not. In the instance that someone has shares that have no vote, that line is to distinguish how many of their shares actually have a vote.

    Sentiment: Hold

  • john_j_315 john_j_315 Mar 1, 2014 4:38 AM Flag

    I said on December 11th: If there were anyone interested they would already have had a number in mind and would have made an offer by now - just like LPTN did. Pfizer's speed is a separate issue but if they had a good bid and they are looking to sell as we understand from LPTN, I can't imagine why they would stall in accepting it which would make it immediately reportable by both LPTN and the purchasing entity. No one delays or stalls because it sets them up for FD violations if it leaks.

    I said on December 13th: With respect to "many" interested parties. I will hold judgement/accolades until we have a confirmed buyer. There have been too many "interested parties" in everything associated with this company for years but none have materialized as suitors to date.

    I said on December 30th: Pfizer put the option in place knowing what we know now or even less so there is no reason someone else wouldn't do the same - all depending on price of course. I said before that I personally would not buy it when I could just wait given that Pfizer wants to divest but you would always run the risk of things actually turning out to be "stellar" (if you believe everything you are told) and Pfizer deciding they want more money or holding or someone else buying it out from under you. I just can't believe that we have not heard anything by now if there is a serious buyer though.

    It is now March and I say today: I don't think there are any serious buyers and this will play out to Pfizer's decision to opt in or walk. After years of what I consider "noise and misdirection" I put a lot more faith in what Scott does and a lot less into what he says. From what I see he tells you what he thinks you want to hear and rarely if ever what you need to know.

    Sentiment: Hold

  • Reply to

    *^%&!!!!!! Nobody is buying at $4.23?!?!?

    by opto7825 Apr 15, 2014 10:59 AM
    john_j_315 john_j_315 Apr 15, 2014 11:48 AM Flag

    It's the market. Not the stock. Buy or turn off the computer. Nothing has changed. I have bought here probably 10 times over the last three years. Nothing new.

    Sentiment: Hold

  • john_j_315 john_j_315 Feb 14, 2014 7:01 AM Flag

    Here is the answer on the trust. It is at the very end of the filing. It is just a regular annual statement of ownership and it has been filed around this time every year: "This statement is being filed to report that as of December 31, 2013 the reporting person was the beneficial owner of more than 5% of the class of securities."

  • john_j_315 john_j_315 Feb 11, 2014 6:42 PM Flag

    If it is important to you I would ask the company. I honestly don't know. Guessing, maybe there were some warrants expire or there was a true up of some sort or more likely it was simply a reporting error.

    Sentiment: Hold

  • john_j_315 john_j_315 Feb 11, 2014 1:18 PM Flag

    I looked it up. They had 4,900,000 shares when they first bought in. That translates to 700,000 after reverse split.. The recent SC 13 says they now have 698,572. Not sure what the difference is but it is immaterial. Who knows what happened with the filing but as I said, they have not sold or bought.

    Sentiment: Hold

  • john_j_315 john_j_315 Feb 11, 2014 7:23 AM Flag

    We're going to find out soon enough but if they are selling out of the ATM, I think they will move as much as they can before reporting and then issue the rest shortly there after.

    Sentiment: Hold

  • john_j_315 john_j_315 Feb 11, 2014 7:15 AM Flag

    They did not buy or sell anything. This is just a statement of ownership. Those shares have been there for several years now and a topic of discussion on this board too many times.. If I remember right there were originally about 5MM shares in the trust pre-reverse split. That is consistent with what is there now.

    Sentiment: Hold

  • Reply to

    Big Volume Today

    by charles_lacey2013 Mar 6, 2014 10:55 AM
    john_j_315 john_j_315 Mar 11, 2014 6:20 PM Flag

    No, when you see that it is a block trade. Look it up if you don't know what it is. Most likely someone moved a position. If ATM shares hit the market, they will trade during regular hours and will not hit the market all at once like that.

    Sentiment: Hold

  • Reply to

    Volume/Price

    by jamess.reed Feb 20, 2014 6:58 PM
    john_j_315 john_j_315 Feb 24, 2014 4:21 PM Flag

    Bridge for what? Supposedly they're good through Q3? There isn't anything to bridge right now and the nice thing about an ATM is you can use it exactly when you need it and for the exact amount you need when you do.

    There is no good reason / excuse for them to be raising capital right now plain and simple if they in fact are.

    Sentiment: Hold

  • john_j_315 john_j_315 Mar 1, 2014 6:33 PM Flag

    Asonep is a rounding error in the valuation right now. Too far out and at too deep a discount to have any bearing. All eyes are on Isonep. Like I said a couple of years ago, they should have been heads down getting Phase II done and not wasting time on the other indications and diluting us into oblivion in the process.

    Sentiment: Hold

  • john_j_315 john_j_315 Mar 19, 2014 7:39 AM Flag

    Actually Carp, the prior sales agreement was terminated and this new one was put in its place. What I am curious / concerned about is how they can arbitrarily increase the new offering to $23MM and whether the already issued $7MM counts against this amount. My bet is that it does not. It looks to me like they slipped in an additional $10MM of issuance on us with ZERO explanation. If I'm right here, this sets yet another all time low for this management team.

    Entry into New “At-the-Market” Sales Agreement.

    On March 18, 2014, Lpath entered into an at-the-market issuance sales agreement (the “New Sales Agreement”) with MLV & Co. LLC (“MLV”) and filed a prospectus supplement to issue up to $23 million of our common stock.

    On March 17, 2014, Lpath terminated the Old Sales Agreement pursuant to the provisions of the Old Sales Agreement giving Lpath the right to terminate the Old Sales Agreement at any time, for any or no reason, upon ten (10) days prior written notice.upon ten (10) days prior written notice

    Sentiment: Hold

  • Reply to

    Volume/Price

    by jamess.reed Feb 20, 2014 6:58 PM
    john_j_315 john_j_315 Feb 24, 2014 5:40 AM Flag

    The best possible option (repeat of a repeat) is to wait until they have phase II results unless they anticipate that they will be less than stellar. If you have the shareholder's best interest in mind, why in the world would you issue shares now at these depressed prices knowing the valuation will shoot up significantly with good results?

    Supposedly they have enough cash through Q3:

    "We believe our cash on hand as of September 30, 2013, together with amounts to be received pursuant to the Pfizer Agreement and the NIH grants, should be sufficient to fund our ongoing research and development activities, as currently planned, through the third quarter of 2014."

    If they are in fact issuing shares under the ATM now, I would personally consider it a warning sign on results. And I would guess it will be closely followed by the other half of the registration once exhausted per their historical norm and at a deep discount. Would I be surprised? Not a bit. Would I be disappointed? Absolutely.

    Sentiment: Hold

  • john_j_315 john_j_315 Mar 18, 2014 8:50 PM Flag

    Note 10—SUBSEQUENT EVENTS

    At-the-Market Sales
    From January 1, 2014 through March 14, 2014, we have received net proceeds of $7 million from the issuance of 1,534,400 shares of common stock in “at-the-market” sales pursuant to the at-the-market issuance sales agreement we entered into in August 2013 (the “Old Sales Agreement”).

    Entry into New “At-the-Market” Sales Agreement.

    On March 18, 2014, Lpath entered into an at-the-market issuance sales agreement (the “New Sales Agreement”) with MLV & Co. LLC (“MLV”) and filed a prospectus supplement to issue up to $23 million of our common stock. Lpath is not obligated to make any sales of its common stock under the New Sales Agreement. Any shares sold will be sold pursuant to Lpath’s effective shelf registration statement on Form S-3. Lpath will pay MLV a commission of up to 3.0% of the gross proceeds. The New Sales Agreement will terminate upon the earlier of the sale of all common stock subject to the New Sales Agreement or termination of the New Sales Agreement by Lpath or MLV.

    This Annual Report on Form 10-K shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

    We are filing the New Sales Agreement as Exhibit 10.25 to this Annual Report. The description of the New Sales Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the New Sales Agreement filed herewith as an exhibit. On March 18, 2014, DLA Piper LLP delivered an opinion to us in connection with the ATM program. We are filing the opinion of DLA Piper LLP as Exhibit 5.1 to this Annual Report.

    Sentiment: Hold

  • john_j_315 john_j_315 Feb 11, 2014 9:24 PM Flag

    Not a chance. Scott just needs to keep his hands in his pockets and his mouth shut until he has Phase II results. Good or bad, at that point he really can't do any more damage. Best thing for him to do is take his ridiculous paycheck and go fishing in the interim.

    I am still waiting for this big announcement of the buyer for the Pfizer option the company hinted at. Any update there? That was such a hot topic with the movers and shakers of this board but seems to have faded into oblivion.

    Sentiment: Hold

  • Reply to

    Volume/Price

    by jamess.reed Feb 20, 2014 6:58 PM
    john_j_315 john_j_315 Feb 21, 2014 3:10 PM Flag

    Yes. ATM shares are sold to the market just like any other shares. The company reporting is what is lagged so we won't know they are out there until the 10K/10Q come(s) out.

    Sentiment: Hold

  • john_j_315 john_j_315 Mar 19, 2014 6:49 AM Flag

    I looked at the original prospectus and it was for 40MM total with 20MM on the ATM side. As I read it, it now says 23MM. You see something different?

    With respect to issuing shares, there will always be a "worse" scenario. If they issued the whole ATM you could say at least they did not draw down on the other half. They question is, why are they issuing shares in the $4s if they have enough money to last through Phase II results and think they will be good? They are leaving a lot of money on the table at our expense issuing shares right now.

    Sentiment: Hold

  • john_j_315 john_j_315 Mar 10, 2014 6:37 PM Flag

    I will repeat - he cannot release any new information that would be considered important to investment decision making without releasing an 8K first. The way it is usually done is if there is new info is the presentation is released either the night before or the morning of via an 8K so everyone has equal access to it. Anyone tells you different doesn't know what they are talking about.

    Sentiment: Hold

  • john_j_315 john_j_315 Mar 10, 2014 4:28 AM Flag

    He can't tell you anything you don't already know there without releasing an 8K first.

    Sentiment: Hold

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