HAIL MARY SELL IT
I just dumped 40,000 shares from 75 cents at 36 cents EOD. Huge loss.
They have 70 million shares and 140 million fully diluted 400 million authorized and they ARE OUT OF CASH. I MEAN ZERO AS OF TODAY.
In order to get a measly million or two in order to keep the lights on they had to discount 20% ad steal from me to 36 cents a share in july.
Institutions know what this diluted crap is worth, at that time 20% less than retail.
They need a WHOPPING 25 MILLION DOLLARS over the next 9 months to move forward.
They closed at 34 cents today AFTER RELEASING THE LONG DELAYED (HELD BACK {PURPOSELY) ROSACEA DATA. (HELD IMO TO HELP STOCK CLOSE HIGHER PRIOR TO MASSIVE OFFERING AND DILUTION). We were PROMISED that data in late JUNE and never got it, that's because it was their LAST CARD to play to pump up prior to the mega offering.
I'm out because I am convinced if I want back in I can do it at 10 cents, or MAYBE LESS very soon from now after they dilute this down again, but is it worth it ????
140 million fully diluted shares right now, phase 2 missed secondary endpoints and they have all kinds of mojo voodoo about why, so phase 3 IS NOT A SHOE IN for success.
I have seen a ton of questionable actions by management, caveat emptor.
25 million offering at 36 cents is DOUBLING the current float almost 70 million shares and triple that fully diluted 210 million.
That ASSUMES they can get 36 cents, if they have to DISCOUNT 20 PERCENT AGAIN ???
28 cents a share which is where it bottomed out for a month now
That would be 90 million shares.
During the ACNE presentation in June BPMX stated that phase 3 would cost 12 to 18 THOUSAND per patient.
That worked out to about 25 million on the top end including gen op costs.
GOOD LUCK Ill wait to buy back in at MAYBE single digits then flip it to get my losses back.
