RE:RE:Private Placement OfferingGbathat wrote: Disappointing, yes, due to dilution and not filing IND until end of this CY. How long does the IND review take? Ugh.
Surprising, no, not the dilution part. Other similar companies have much larger war chests, so I've been expecting dilution heading into phase I. It would be nice to see the private placement at a higher pps, but at least we are still moving forward with some heavy hitters, which reduces risk, imo.
I feel like the new CEO Dr. Farfel's quote about the benefits of the technology were less clear than those from our previous CEO. "... compared to other agents due to reduction of off-target activity." I'm not sure the average reader understands what this means and why this is so critical to safety. I would have said something like, "PMN310 has the potential to be the best AD treatment because recent lab studies have shown that it has higher specifity for the target than competing approaches, including lecanumab which just showed significant clinical benefit in PHIII trials. PMN310's higher specificity is expected to lead to fewer serious side effects associated with non-target binding, like ARIA-E (brain swelling), which occurred in 15% of lecanumab trial participants." Then I would say something about the size of the AD therapeutic market. That would chum the waters a bit more I think. But perhaps chumming the waters is not in the interest of the private investors.
I have stayed in this company because of the technical data. The onboarding of the Boston Group was encouraging but incurs costs. The dilution is part of the game at this point. We need the funds. The only way to avoid dilution would be partnership or buyout, which just comes at an opportunity (future) cost rather than a present day cost. I'm in for the long haul, even more so since my short haul has been -40% on a sizable investment. Not bball size, but sizable for me.
Cheers.
With cash in the bank of approx $9Mil as of June 2022,... with a cash burn of approx $15/yr.... and only raising approx $7.5 Mil.... and the IND expected in sometime in 2023, (Q1?, Q2? Q3?), ... we may just see another PP before filing any IND as I see it.
There may be more disappointment to follow!
jmo
G1945V