AEterna Zentaris Inc. (AEZS)

[Alvarez Souto]

Was RS a concern?
No, It was clear It would happen and it didnt. Thats why the market didnt overreact today.

What drove down the stock to so low prices?
The warrants isssue. I think too many people didnt understand the dilution effect. And in this case, the market did overreact. The management was wrong about throwing such a complex public offering to the market. And more with their past of dilutions.

What will rise the stock price in short term?
Macrilen? Nop. It has a 18 months horizon.

Estrogel and Saizen ? Maybe a bit after 2Q15. Maybe avoiding a new ATM. Not a big deal.

ZoptEC ? Normally an oncology drug in phase 3 has a 45% of success and it takes 10 years to them to reach that point. Im not going to make an educated guess here, but no one can deny its a hot thing. No one.