Ayala Pharmaceuticals Inc (ADXS)

[Meishairwin]

Cab033, you say, "...if you don't need the cash."

Pre-revenue biotechs ALWAYS need the cash. No way does ADXS have enough cash to carry it through to AXAL commercialization plus advancing its platform generally. You ALWAYS RAISE when you can get what you feel are favorable terms.

Partnerships can be just as dilutive as secondaries. They sell off future revenues/ profits for cash now. But, because future revenues/ profits are highly uncertain, but current cash is certain, partnership deals only look nondilutive. Whether a deal, partnership or secondary, is more or less dilutive than what the alternative would have been is always a judgment call by management, based on current circumstances and on beliefs about future outcomes (how certain and how big revenues will be).