RE:RE:RE:RE:RE:Why did they do this horrible offering?While that's a lot of after market, sometimes it seems it's just the print of a prior trade. I have never understood those after hour trades in an illiquid microcap. There usually seems to be gaps on either side of those after hour or premarket trades. It's never continuous. Guess we'll see, but I think it may be more white noise and hopefully I'm not whistling past the graveyard on that.
I'm repeating myself on the deal, but I think it highlights the lack of financial market sophistication on the BOD and the CFO office. Clearly the risk aversion triggered it all and so I don't put all the blame on the CFO. But I base that opinion on the fact the CEO isn't a capital market guy (although he was on Pfizer earnings calls often), the BOD doesn't have much, the Can/US markets are very different and massively different in size/complexity/scope and they have literally zero experience there except the IR position and that's from a different angle. They should definitely bone-up in that category.
On the EMA, I'm really not sure. In one way, I think the big nugget is the US first anyway. It could be they would partner out that portion with a Euro firm and bring in some cash that way and give them the rights to sell there. It was just key to get one of them on board to start and given the timeline, if one starts 2-3-4 months ahead of another, you can still get pretty close to each other by the end. We know the FDA has been changing their thinking, so if anything that was the harder "yes" and the EMA hasn't changed. So it could be they know that in satisfying the FDA, it will be at least what the EMA wants if not more. That seems likely to me and I'm not sure why once they have it figured out at the FDA, they wouldn't then go back and say, okay here's our final plan that harmonizes the round 1 issues identifies and meets all the FDA issues (where we had to tweak) and all yours. Do you approve? That makes more sense to me given which bodies have shifted and which haven't. We just need one to start and if the other follows a few months later that's not a big deal to me. The balls still rolling downhill at that point.