Theriva Biologics Inc (TOVX)

[Ann1]

There was a bit of a try. There was a nice block at 2.44. But overall, most of the volume came at higher prices. I think it says something that we were green a good part of the day. It tells me that the market understands the deal, that the shorts can yell about dilution, but that it is hollow. There won't be any dilution for at least a few months -- probably not until 2016. In the meantime, we will have some very positive news on C-diff, IBS, Pertussis and Trimesta. I think a little dilution to move all of these drugs forward into Phase IIIs is a fair trade! Can you imagine what our PPS will be when c-diff, IBS and pertussis are in Phase IIIs and Trimesta gets partnered?!

No wonder that research house just upgraded SYN to a BUY this quarter from a HOLD last quarter. They've looked at the pipeline, like we have!