Ayala Pharmaceuticals Inc (ADXS)

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Good having Adage as an investor. Being the largest shareholder, Adage has clearly our interests in mind. It's interesting that when Adage participated the first several dilutions, they had a 20% ownership stake in ADXS but since then their ownership has gotten lower with all the additional dilutions Dan has done. I wonder how Adage feels about Dan's dilution policy. On one hand, if they were really unhappy about it they would have sold. On the other hand, given their large position they cannot sell quietly as they have to report it within three days, so their exit could really push the stock down so it may be in their best interest to sit it out even if they don't agree with the degree in which Dan has diluted shareholders. One thing that is clear to date is that the amount of dilution Dan has done has overridden any shareholder value creation. The flip side is that Dan has set up a platform with many irons in the fire and has planted the seed for major shareholder value generation moving forward. I hope that is the case, because at a certain point the large investors (Adage, Broadfin, Comorant, Fidelity, etc.) who bought in at a weighted average of around $12 of all Dan's dilutions will expect a return on their investment.