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investing,
Why is it you think CellCure needs ACT patent? They have their own in progress.
It's been well over a month now, what's up with plan B?..:)
NIH will not be able to change the definition, they will follow plan B - separately fund Blastomere stem cell research to get to the bottom of this case. They will do that after Patent is finalised that is next week.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=60124921
Communications and FDA
Pre-Approval Communication of Data Milestones
Slides 22-50
http://www.eyeonfda.com/downloads/FDADrugApprovalCommunications.pdf
No Gary, this is NOT a new topic for me as I posted my feelings over one year ago about the very same thing.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=47339667
Now here is some "REALITY",
ACTC has a very good chance to make the $3.00 dollar mark in 6 months
Sure, no doubt the market will value ACT with a cap of approx. 5 Billion..about 9 times that of GERN...and that will take place less than 1/2 way through a safety study with 6 patients. Excellent..
Phase one for safety is completed ,in doing so it also made the blind person see again .
So we are recruiting the blind and our therapeudic cell line will make them see again?...Excellent
killtoy,
Dilution in an early stage company is not fun. Dilution on steroids, after a massive r/s, is very, very painful.
If ACT is likely to issue massive shares on large exchange then it will happen on the OTC also. I owned a much larger percentage of this company 2 years ago than I do now because of massive dilution...so what is your point? I think this entire post is about the normal BS rs you see with most companies. If the author is putting ACT in that category then so be it. I don't plan on taking the time to respond. I have absolutely no doubt that ACT has cleansed the books and has positioned themselves for a large exchange as they rightfully should do under the circumstances. ACT can either wait for the pps to get to near $4(will be a long wait) or wait a while hoping pps moves to a level they are comfortable with to reverse. It's coming, and you have options to deal with it.
and you said,
"Your example would be 100% on the target if ACTC does not issues any new shares after the R/S"
So, what company doesn't issue more shares? ..I fail to see your point. And if we stay on OTC we have no more dilution? lol
Well, there is always a first time. The StarGen product is based on their LentiVector® gene delivery technology and many big guns have and want licenses to it. As always, the trials will determine outcome.
Current partners and licensees
Oxford BioMedica has established several partnerships and licensing agreements for its products and technologies, including:
Sanofi-aventis
Oxford BioMedica is collaborating with sanofi-aventis to develop novel gene-based medicines utilising Oxford BioMedica’s LentiVector gene delivery technology for the treatment of ocular diseases. The collaboration includes four pre-clinical products: RetinoStat® for wet age-related macular degeneration; StarGen™ for Stargardt disease; UshStat® for Usher syndrome 1B; and EncorStat® for corneal graft rejection. Oxford BioMedica is responsible for pre-clinical development and conducting initial Phase I/II studies. Under the development plan, the companies aim to advance the products into Phase I/II development during 2011.
en.sanofi-aventis.com
Pfizer
Oxford BioMedica has licensed the rights to develop and commercialise monoclonal antibodies targeting its 5T4 tumour antigen to Wyeth in 2001. The agreement is potentially worth US$24 million plus royalties on product sales, and the next milestone payment is triggered by the start of clinical trials. Following Pfizer’s acquisition of Wyeth in 2009 and subsequent portfolio review, Pfizer is progressing preclinical development of a 5T4-targeted antibody for the treatment of cancer.
www.pfizer.com
MolMed
Oxford BioMedica has licensed its retroviral ex vivo gene delivery technology to Milan-based biotechnology company, MolMed. MolMed is utilising the technology in its TK therapy for the prevention of transplant rejection in patients with acute leukaemia receiving haematopoietic stem cell transplantation from a partially compatible family donor. MolMed is conducting a Phase III trial of the TK therapy.
Sigma-Aldrich
Oxford BioMedica has a strategic alliance with Sigma-Aldrich for the development and marketing of research products based on Oxford BioMedica’s LentiVector® gene delivery technology.
www.sigmaaldrich.com
Virxsys
Oxford BioMedica has licensed its VSV-G viral envelope technology to VIRxSYS Corporation. VIRxSYS is utilising the technology in the production process of its anti-HIV/AIDS product, VRX496, which is in Phase II development.
www.virxsys.com
Biogen Idec
Oxford BioMedica has granted a non-exclusive licence to its LentiVector® gene delivery technology for use in research to Biogen Idec.
www.biogenidec.com
GlaxoSmithKline
Oxford BioMedica has granted a non-exclusive licence to its LentiVector® gene delivery technology for use in research to GlaxoSmithKline.
www.gsk.com
Merck & Co
Oxford BioMedica has granted a non-exclusive licence to its LentiVector® gene delivery technology for use in research to Merck & Co.
www.merck.com
Pfizer
Oxford BioMedica has granted a non-exclusive licence to its LentiVector® gene delivery technology for use in research to Pfizer.
www.pfizer.com
cty,
I posted on Oxford BioMedica about a year ago.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46888441
They recently started wet AMD trial also
http://clinicaltrials.gov/ct2/show/NCT01301443?term=Oxford+BioMedica&rank=4
killtoy,
your ownership percentage in the company does not change.
You own 1000 shares of company X who has 10,000 outstanding shares.
You have a 10% ownership
Company X does a 1:10 reverse split
You now own 100 shares of company X who has 1,000 outstanding shares
Yo have a 10% ownership
If you are a "long" you will probably have a buy average well below whatever pps we reverse at. If that is the case you have done better than the new buyers coming in after reverse. I will watch the new money buying in after reverse, all day long..:)
Thanks,
louisa,
I believe poster CTY's article showed how far ahead we are in that case and this one signifies that the world isn't standing still waiting for ACT results.
Stargardt Disease trial to start Q2,
Oxford BioMedica Announces US IND Approval for Novel Ocular Product in Stargardt Disease - 3/21/2011
-- Second of four products in Phase I/II ocular programme partnered with sanofi-aventis approved to enter clinical development --
Oxford, UK – 21 March 2011: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), a leading gene therapy company, announces that the US Food and Drug Administration (FDA) has approved its Investigational New Drug (IND) application for the Phase I/IIa clinical development of StarGen™, a novel gene-based treatment for Stargardt disease. StarGen™ was designed and developed by Oxford BioMedica using the Company's proprietary LentiVector® platform technology and is the second programme to enter clinical development under the Phase I/II ocular collaboration agreement signed with sanofi-aventis in April 2009.
The approval of the IND follows the decision by the US Recombinant DNA Advisory Committee (RAC) to approve the StarGen™ Phase I/IIa protocol in January 2011. Oxford BioMedica will enrol up to 28 patients with Stargardt disease in a multinational, open label, dose escalation Phase I/IIa study with planned sites in France and the US. The study is anticipated to be initiated in Q2 2011. Three dose levels will be evaluated for safety, tolerability and aspects of biological activity. In the US, the study will be led by Dr Peter Francis at the Oregon Health and Science University, Portland, Oregon. In France, Professor Jose-Alain Sahel will lead the study at the Centre Hospitalier Nationale D’Opthalmologie des Quinze-Vingts, Paris.
Stargardt disease is the most common juvenile degenerative retinal disease which affects approximately 80-100,000 patients in the US and Europe. The disease is caused by a mutation of the ABCR gene which leads to the degeneration of photoreceptors in the retina and vision loss. StarGen™ uses the Company's LentiVector® platform technology to deliver a corrected version of the ABCR gene. On the basis of pre-clinical data, it is anticipated that a single application of StarGen™ to the retina could provide long-term or potentially permanent correction. There are currently no approved treatments available for Stargardt disease. StarGen™ has received European and US Orphan Drug Designation which brings development, regulatory and commercial benefits.
John Dawson, Chief Executive Officer of Oxford BioMedica, said: “Following the recent initiation of the RetinoStat® Phase I study, StarGen™ will be our second ocular product, partnered with sanofi-aventis, to enter first-in-man studies in the US. Receiving IND approval to advance StarGen™ into Phase I/IIa development represents further endorsement of our LentiVector® platform by the US regulatory agencies and, with no currently approved treatment, this novel product brings significant hope for the future to Stargardt patients.”
Dr Stephen Rose, Chief Research Officer of the Foundation Fighting Blindness, an early funding collaborator of Oxford BioMedica’s pre-clinical ocular programme, said: “As an initial funder of the project we are pleased to move forward with a StarGen™ Phase I/IIa clinical trial, which reinforces the exciting potential for gene therapy to treat patients with Stargardt disease and other vision-robbing retinal degenerations. The Foundation Fighting Blindness is committed to accelerating the translation of laboratory-based research into clinical trials, ultimately getting successful treatments for rare diseases like Stargardt to the market and to patients who need them. Our relationship with Oxford BioMedica is an excellent example of this mission in action.”
Under the terms of the agreement signed with sanofi-aventis in April 2009, Oxford BioMedica is responsible for the pre-clinical and initial Phase I/II studies of four lentiviral vector-based product candidates in the field of ophthalmology: RetinoStat® for “wet” age-related macular degeneration, StarGen™ for Stargardt disease, UshStat® for Usher syndrome 1B and EncorStat® for corneal graft rejection. Oxford BioMedica will receive committed funding of up to US$24 million over the initial phase of development. Oxford BioMedica granted sanofi-aventis a license to develop the products and an option for further development, manufacture and commercialisation on a worldwide basis. At any time prior to or within a defined period after completion of each Phase I/II study, sanofi-aventis can exercise its option to license the products and will then assume responsibility for on-going activities. Sanofi-aventis also has rights to broaden its license to develop the four products in additional indications, and has rights of first refusal to license other lentiviral vector-based products for the treatment of ocular diseases.
Notes to editors
1. Oxford BioMedica plc
Oxford BioMedica (LSE: OXB) is a biopharmaceutical company developing innovative gene-based medicines and therapeutic vaccines that aim to improve the lives of patients with high unmet medical needs. The Company’s technology platform includes the highly efficient LentiVector® gene delivery technology, which has specific advantages for targeting diseases of the central nervous system and the eye; and a unique tumour antigen (5T4), which is an ideal target for anti-cancer therapy. Through in-house and collaborative research, Oxford BioMedica has a broad pipeline. Partners include sanofi-aventis, Sigma-Aldrich and Wyeth. Technology licensees include Biogen-Idec, GlaxoSmithKline, Merck & Co and Pfizer. Further information is available at www.oxfordbiomedica.co.uk.
2. LentiVector® gene delivery technology
Oxford BioMedica's LentiVector® platform technology is one of the most advanced gene delivery systems currently available, which has many applications in product development and discovery research. It is the system of choice for gene-based treatments addressing chronic and inherited diseases. Oxford BioMedica has established a dominant intellectual property estate in the field of lentiviral-vector mediated gene delivery through its in-house research and from work conducted by the Company's co-founders at Oxford University.
3. Foundation Fighting Blindness
The Foundation Fighting Blindness is a publicly-supported charity raising money to fund research for macular degeneration, retinitis pigmentosa (RP), Usher syndrome, Stargardt disease and related ocular diseases
http://www.oxfordbiomedica.co.uk/page.asp?pageid=59&newsid=284
We have many new people coming into ACT, some are new to investing while others are seasoned investors but new to ACT. I see the same question(s) being asked by both so this is an attempt to dial in on
ACT's strategy with hESC's. First of all folks, I find all of this scientific and very technical processes and procedures challenging too, so don't feel like the lone ranger. I searched for something that I thought would best describe ACT's ES cell technology approach and felt the two paragraph below essentially covered most if not all the resaons ACT is pursuing this technology in a big way. I have bolded some words in the paragraph below and provided a glossary. Once you understand the vocabulary and re-read paragraphs applying the definitions it should jump out at you a little better, it did for me.
"We believe that solving the potential rejection of ES cells in patients is the greatest scientific obstacle to developing successful therapeutics. Our research and technologies are focused on solving this obstacle by creating stem cell therapeutics with compatible tissues. Compatible tissues are referred to as being histocompatible."
"The strategic focus of our human ES cell technology is to produce cell lines that are both histocompatible with the patient and pluripotent. We have numerous proprietary technologies that we believe will generate histocompatible, pluripotent stem cells for patient-specific application. These cells maximize the potential for effective use as transplants to replace diseased or destroyed cells in human patients. If successfully developed, our cellular reprogramming technologies will make it possible to produce cells that have the proliferative capacity of young cells, have specific therapeutic application, and are immunologically compatible with the patient."
histocompatible
•The immunological characteristic of cells or tissue that causes them to be tolerated by another cell or tissue; that allows some tissues to be grafted effectively to others.
pluripotent
Having the ability to give rise to all of the various cell types of the body.
(ACT's)
cellular reprogramming technologies
This research program involves development of therapies based on the use of genetically identical pluripotent stem cells generated by our cellular reprogramming technologies. These technologies can be used to generate patient-specific pluripotent cells and tissues for transplantation. We believe our technology platform will enable the transformation of a patient's cells into pluripotent ES cells that are histocompatible with the patient and have the potential to be differentiated into any of the over 200 different human cell types that may be therapeutically relevant in treating diseased or destroyed tissues in human patients. We expect that our cellular reprogramming technologies will offer a new avenue for the introduction of targeted genetic modifications in cells and for the regeneration of cell lifespan, thereby making youthful cells available for aging patients. The combination of these advances, the ability to produce young cells of certain kinds that are histocompatible with the patient, is a core potential application of our technology. We believe these cellular reprogramming technologies will be effective therapies where there is time to prepare customized therapy through reprogramming of the patient's own cells.
Some of the technologies that support our cellular reprogramming program are somatic cell nuclear transfer, chromatin transfer, factor reprogramming, and fusion technologies.
dianne,
I will throw out one more thought for you and others to ponder. If you are in the camp that believe a big board listing will benefit the Company and shareholders and you believe that the ACT trials have a good chance of sucess along with other upcoming news and projects, I ask the following question.
What difference does it make what ratio the rs will be, besides psychological?
dianne,
we can throw numbers around all day long to no avail in all honesty. Your questions will be based on 2 factors IF the company makes the move.
1)What will the share price be when management wants to move
2)What comfort level will management want the OS# to be
Your 1:5 reverse figure(assuming 1.5B OS# is the same in the future, it will likely be higher) we would go to the new exchange with 300MM OS# and it would take .80/pps to qualify if a $4 bid price is required.
These are the very reasons that if they Proxy a rs ahead of time it makes sense to have shareholders approve a rs RANGE as I mentioned prior. This gives ACT the authority to apply whatever fits the pps figure at the time..
risk,
When re-reading your post it appears you are dividing both the OS# and price per share by 10? That is not correct.
If a 1:10 RS were done today at a .17 price per share the following would happen
OS# 150MM
price per share
$1.70
Market cap is the same 255MM
A 1:10 RS would not get us to the big boards.
risk,
Well, you got this part right.."If there is R/S 10:1 O/S will be 150 Million,"
nothing else makes sense or is correct.
mail,
"rocky, your e-mails from Rabin indicated they use the Treasury method to calculate dilutive share number. Is that stated in any SEC filings?..thanks for checking this out"
yes it is. Sorry, for some reason I thought I included that in my post..here it is and thanks for asking.
(recent 10K scroll to page F-9)
Net Loss Per Share —Earnings per share is calculated in accordance with the ASC 260-10, “Earnings Per Share.” Basic earnings-per-share is based upon the weighted average number of common shares outstanding. Diluted earnings-per-share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.
http://www.sec.gov/Archives/edgar/data/1140098/000101376211000631/form10k.htm
The FDA trials have drawn in alot more than we had at .04
Really, and how many is "alot more"?
louisa,
If ACT made a big board move the bid price would would have to be $3-$4 depending on what exchange. There are a boat load of Inst. Companies and Mutual Funds. While you often see the $5 minimum pps before they invest simply isn't the case. Some investors may have that set in stone but many others don't. Listing on big board along with events will entice many to buy shares quarterly with the intent of holding for growth. Being a .16 stock with 1.5B shares out doesn't draw to many in as you are well aware of.
SteveMQ,
The following is directly from ACT and can be found in SEC filings ubder "RISKS"
We do not yet have any product candidates in late-stage clinical trials or in the marketplace. Our potential therapeutic products will require extensive preclinical and clinical testing prior to regulatory approval in the United States and other countries. We may not be able to obtain regulatory approvals (see REGULATORY RISKS), enter clinical trials for any of our products, or commercialize any products. Our therapeutic and product candidates may prove to have undesirable and unintended side effects or other characteristics adversely affecting their safety, efficacy or cost-effectiveness that could prevent or limit their use. Any product using any of our technology may fail to provide the intended therapeutic benefits, or achieve therapeutic benefits equal to or better than the standard of treatment at the time of testing or production. In addition, we will need to determine whether any of our potential products can be manufactured in commercial quantities or at an acceptable cost. Our efforts may not result in a product that can be or will be marketed successfully. Physicians may not prescribe our products, and patients or third party payors may not accept our products. For these reasons we may not be able to generate revenues from commercial production.
We believe that no company has yet been successful in its efforts to obtain regulatory approval in the United States or Europe of a cell-based therapy product for the treatment of retinal disease or degeneration in humans. Cell-based therapy products, in general, may be susceptible to various risks, including undesirable and unintended side effects, unintended immune system responses, inadequate therapeutic efficacy or other characteristics that may prevent or limit their approval by regulators or commercial use. Many companies in the industry have suffered significant setbacks in advanced clinical trials, despite promising results in earlier trials. If our clinical trials are unsuccessful or significantly delayed, or if we do not complete our clinical trials, we will not receive regulatory approval for or be able to commercialize our product candidates.
Twaro, leifsmith and SteveMQ,
you are welcome, glad to do it. Not sure all 3 of you have been welcomed to the board..so Welcome, glad to have you all here.
davpar,
I did a hear a few notes from that tune. The Socius C shares were filed with Delaware on the Dec 13, same day Caldwell passed so yes, the deal was in the works prior. http://www.sec.gov/Archives/edgar/data/1140098/000101376211000004/ex31.htm
Caldwell got the ball rolling in many areas so the many accomplishments were there although always clouded by the financing issue. I have no doubt his heart was in the right place and a big desire for ACT to succeed.
Times change davpar and an interim CEO, possibly looking to go permanent, sounds his trumpet. I guess that is Ok too.
jckrdu,
thanks for asking the question. It surprised me a little bit too, that is why I asked for confirmation. With the Phase 1 SMD-AMD being anticipated in the $5-7MM range, I would be happy to see half of that coming from CIRM, even if it was a loan with better terms...thanks
elk, dianne and louisa,
You folks are being way to kind. While your comments are appreciated, last night was not a big deal. The ACT Science side has always had the potential, the other side is what has always concerned me. Sec filings and numbers are an important part of the equation for me. If corporate and the science side ddon't work in tandem then things just won't ever be what we want or hope them to be. Elk, I would agree that ACT is making an attempt to change the perception of this Company and that is a very good thing. As stated prior, to be a major player you have to act like one.
Some history. Years ago I had a few back and forths with Mr. Caldwell. I have always made it a point to verify or find answers from a source other than the Company itself and most of the time I have no problem doing that. I have no doubt Mr.Caldwell was well aware of my posts here and many of them as you folks well know were not real pleasant as the financing and some of the fairness deals were beyond it. The e-mails stopped. I was never here to "bash"(although many believed I was), only to present the facts of what was coming down the road. The $1, $5 and $100 even back then made me work even harder at putting info out. All I wanted then and now is an informative board with as much factual info as possible. From there, everyone can do their own thing..buy, sell, hold...matters not to me. So, if I have an agenda..that is it.
Mr. Rabin: I had no idea when I e-mailed if a response was forthcoming or not. I was glad he took the time. I was probably more "all business" than I wanted to be but it was a long day for me. I had one goal, find out about the "diluted number" situation. Deep down I knew someone involved with financing like he has been doesn't make the mistake of saying fully diluted if he didn't mean it. That is what prompted the e-mail...nothing more to it and like I said, no big deal.
Louisa will back up what I stated to her privately back when Mr.Rabin was announced as Interim CEO.
1)I wasn't thrilled
2)I wasn't impressed with the immediate compensation #'s
3)He is involved with some of the financing with ACT
4)He hired Price who worked with him before
There, I have come clean. None of the above were meant to disrespect Mr.Rabin, it was how I felt. Most importantly, I told Louisa something else that I still believe today. If I were in Rabin's shoes I would find it very difficult not to attempt to stay on as CEO. The money is great and more importantly an opportunity to be running the show of a groundbreaking situation. Not sure I know to many that would readily give that up...That is jmo but if it is the case then maybe the CEO search isn't "on fire" right now? We shall see. I don't know Rabin at all but it seems apparent he is making an effort to remove the past and bring this Company into the realm of the living which is much needed. As each day passes I am feeling better about the corporate side of things which is long over due. This forum has a great bunch of people who I wish nothing but the best for and look forward to working with all of you. Louisa, you are right..I am simple..:)
thank you..eom
to anyone who listened to the CC,
so I don't have to revisit can someone confirm if I wrote this down correctly..thanks
"application was made to CIRM, was it for $4MM"?
To those asking, No, I am not surprised a Big Pharma has yet to step in. I have held onto the following theory for a long time. That doesn't mean it is set in stone but displays a load of common sense to me.
(from 16 months ago but a great read, imo, for those who haven't seen it)
"Big pharmaceutical companies enter the picture once the drug has passed the discovery stage and a significant part of development, too."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=43742448
"While orphan drugs account for only a small fraction of overall pharmaceutical revenues, the estimated $40 billion in annual sales they generate is not an insignificant figure. For pharmaceutical companies facing patent expirations for many of their biggest selling drugs and thinning product pipelines, the outsized revenue and profits orphan drugs can offer are enticing."
http://www.genengnews.com/gen-articles/big-pharma-reassesses-orphan-drug-sector/3202/?kwrd=Orphan%20Drugs
jckrdu,
:) There is the question of the day.
According to how the diluted OS# is calculated, yes, we are at 1.6B
based on March 11 OS# of 1.507.
So, for the sake of discussion only, if 150MM shares were available to issue and given your 13 month time frame, that would mean about 11.5MM shares per month on average. I would like to think that is possible jckrdu but I have been here long enough to say I will believe it when I see it. With as much cleansing that has taken place it should be a possibility. It ALL depends on how tight the share spicket is turned off and any increase in pps makes those shares go even further down the road.
btw, " don't intend to increase the authorized at this time" is a pretty general statement. I think we can handle a MOVE and benefit from a move prior to your time frame,jmho.
mail ?,
rocky, what is the difference between now and the position ACT was in prior to default?
There is a big difference. We had run the OS# to within approx 94K
shares of the Authorized number.(see below) Secondly, the toxic CD financing was set up much differently than the financing of late. With the CD financing we received all of the money up front and were set up to repay monthly over a 3 year period(first 6 months were grace period) We did this 4 years in a row and was an absolute nightmare. The Optimus and Socius lines are set up to take out tranches when the company needs it. No dragged out time frame, shares are paid when money received. NO monthly payback based on 80% of pps in a constantly declining situation.
"As noted above, as of July 15, 2009, a total of 499,905,641 shares of the Company's currently authorized 500,000,000 shares of Common Stock are outstanding. In addition, the Company currently has outstanding Amended and Restated Debentures (defined below) convertible into 171,759,306 shares of Common Stock and Amended and Restated Warrants (defined below) exercisable into 205,251,285 shares of Common Stock. Accordingly, the Company currently does not have sufficient authorized but unissued shares of Common Stock to permit conversion of the Amended and Restated Debentures and exercise of the Amended and Restated Warrants
hilo,
So you think it was due totally to market maker manipulation on the Over the Counter Bulletin Board?
totally? No. I am sure some impatient folks exited as elk stated, but it is important to remember that ACT has many debt holders who have received large share amounts over the years at much lower prices than the pps today, lawsuit shares at .02 and so forth. It would be a mistake, imo, to think they have all sold out. Combine all of the above and you MAY have an answer. This has been going on so long I honestly pay no attention anymore. Approx. 1B shares have been issued in last 18 months so I lean heavily towards this still being the major problem here. ACT will work out of this eventually, especially since debt is now paid the shares going out the door should come to a grinding halt compared to what we are use to seeing. In time, this will make the difference as we go into trials.
interstate,
The prolonged discussion with Rabin last night was strictly on the topic of prior post...numbers only
CC,
I thought the CC was fine and should have been helpful to many. As stated prior I think CC's are a good thing and I am glad it will continue. While there wasn't earth shattering news(wasn't expecting any) I did learn a few things that I hadn't known which is always good. Davpar posted much of the highlights. The "books" are at the point of being cleansed and as stated in CC the only thing holding ACT back from the big boards is pps, which we pretty much knew. All the effort and expense to "cleanse" was NOT to stay on OTC..:) Sustaining any pps increases has been a major problem here for 5 years. I am hoping with the start of trials that will change, at least enough so if a reverse is used it will be smaller than what it would take now. When I see ACT data on clinicaltrials.gov, I will know we are positioned to see what the MA-09hRPE can do.
hilo,
what you left out of your timing table was the fact the original registration was filed Feb 14. The S-1A added all the new 10K info as required. The S-1 has NOT been declared effective by the SEC yet so those shares you speak of have not be cleared for resale.
louisa,
ACT has noted that they can fund operations into 2012. From CC yesterday they are projecting $5-7MM for Phase 1 SMD-AMD at least the way I understood it. I was figuring twice that amount but that was based on more patients, not 6. So ACT is comfortable where they are at for now and that isn't based on any other grant/funding that might come their way.
Also a note from prior post. Approx. 50 Million less warrants than what we saw in year end 10K numbers. If those were the CD holders .10 warrants then that translates into $5MM into ACT coffers too. So, with no intent or reason to do funding at the current pps levels, the $21MM is still available for the future. EXAMPLE ONLY: If PPS were to be .50 at year end, it would only take 42MM shares for the $21MM. Does that help?..thanks
Good Morning All,
To get everyone on the same page here I e-mailed Mr.Rabin concerning his statement of 1.5B fully diluted number at the CC.
I would like to thank Mr.Rabin for taking the time last night. I stated the importance of ironing this issue out and he was kind enough to stick it out with me during many e-mails. I am in hopes the following info clarifies. I will be posting what I believe to be correct and not a string of copy/paste e-mails. Mr.Rabin is aware of where I post so any mistatements or corrections brought to my attention will certainly be posted for all to see. This is my way, so if some of you don't like it then feel free to do the research yourself..:)
ACT calculates the fully diluted OS# by usingg the Treasury Stock Method. This is important to know to follow along. Please take a minute to read the following. This section apllies to stock options and warrants.
Trasury Stock Method
The treasury stock method must be factored into the diluted shares earnings in order to meet the generally accepted accounting principles (GAAP). It simply means that when a company is figuring out diluted shares it has to also figure out the shares that can be created due to in the money options and need to be added into the equation. The formula looks like this.
(number of In The Money Shares)– (number of shares that can be repurchased)
For example company XYZ owns 1000 in the money options at $10 and the stock is trading at $20. This allows them to repurchase 1000 shares of the company. The proceeds the company will receive is $10,000 ($10 x 1000).
This means that the company will be able to repurchase 500 shares ($10,000/20). That means the new shares added is (1000 added – 500 repurchased or) 500 new shares.
http://www.stocks-simplified.com/Treasury_Stock_Method.html
____________________________________________________________________
the 1.5B fully diluted mentioned at CC was for year end. I don't see the point in addressing those numbers and will deal with the NOW.
With the above in mind, the following numbers from 10K are not used in the "fully diluted OS#
"As of December 31, 2010, on an aggregated basis our debt and preferred stock financings may result in being converted into 6,400,425 shares of our common stock, and warrants and options that may be converted into approximately 183,307,361 shares of our common stock."
The above totals about 190MM shares. Warrants have decreased by 50MM since the beginning of the year. That leaves us with 140MM stock options and warrants outstanding..15.8 million options and 123.8 million warrants and debt/preferred shares that can be converted to equity.
Now, due to the Treasury Stock Method of accounting, only 93 million warrants and options are on a fully diluted basis or another words 93MM options and warrants are "in the money" while the balance is issued at much higher pricing.
Clear as mud, right?
Time to sum up this section with a number and then we can move on to another topic.
March 11, 2011 OS# is 1.507 Billion Outstanding shares. For the fully diluted number add 93MM..
Fully diluted OS# as of March 11 would be 1.6 Billion shares
Socius 25MM financing
The warrants for the $4MM tranche from Socius are included which takes us to the next topic...
Our discussion ended this way. If ACT wanted to draw down the balance of $21MM at todays prices it could NOT be done. There is NO intent or plans to raise addition capital at current pps levels.
ACT is NOT increasing our authorized shares at this time.
I am sure questions will pop up here so fire away and hopefully we can all get on the same page...that's it for now...thanks
baseball and ALL,
I have had approx. a dozen e-mail exchanges with Mr. Rabin. Things were accomplished and certainly nothing BAD(relax interstate)..:)
Now, here comes a problem. I was on the road this morning at 2:30am to help with a family problem, that is why I wasn't around for CC until late. I will put up a coherent post right away in the morning, I can't keep my eyes open right now...My apologies, I didn't expect to take this long and hope you all understand. thanks...rock
Still hammering things out folks, if I don't get everything answered tonight I will post some partial info before hitting the sack...thanks
Killtoy and all,
I had quite a few e-mail exchanges with Mr. Rabin with several
delays inbetween so I apologize for taking so long. I had a post prepared when another Rabin e-mail appeared changing some things..
please hang tight, I will post soon, I hope..
Having e-mail exchange with Mr.Rabin right now. Will report any clarificatrions...
If someone has Rabins ear, this would the nature of the question to be asked..imo
"Mr. Rabin, you stated the fully diluted share number was 1.5B. That would imply we have NO stock options outstanding and NO warrants left to be exercised and NO shares needed to back the $25MM Socius deal. Is this what you are saying?"
jckrdu,
I'm a simple guy so let's simplify this.
Both items below are directly from the recent 10K. If we have no shares outstanding that can be dilutive, then they were exercised. Add all 3 bolded numbers together..Does it come to 1.507? I don't think so.
This was the # of OS we had on Dec 31, 2010.. 1,439,826,362
As of December 31, 2010, on an aggregated basis our debt and preferred stock financings may result in being converted into 6,400,425 shares of our common stock, and warrants and options that may be converted into approximately 183,307,361 shares of our common stock.
As to the Socius deal. Another simple perspective. Can a Company tout a stock purchase agreement for $25MM without having the shares to back it up? We have received gross $4MM and those shares do not get delivered until AFTER the S-1 is declared effective..
thanks davpar,
for clarity sakes, the following is Phase 1
"5) There will be six patients between the two trials with trials expected to last 12 months"