Ayala Pharmaceuticals Inc (ADXS)

[Meishairwin]

Ignatius, I take your point that there has been a change in strategic course from being willing to sell equity in preference to IP in exchange for investment $$ to now being more willing to sell IP versus equity. However, DOC was not on a pure "sell equity" strategy: note Amgen and other partnering/ licensing deals. He was opportunistic to do one or the other when he felt it benefitted shareholders. However, I agree he probably was rejecting deals the BOD wanted taken, which led to his dismissal.

However, you should acknowledge that "sell or license rights" IS DILUTIVE just as selling shares is in that selling IP suppresses returns to current shareholders -- it's just hard to know how dilutive "sell or license rights" is because you can't know exactly how much revenue/ profit is being given away.

I'm still invested in ADXS, but I'm far less comfortable with Lombardo than I was with DOC...although I do agree DOC's investor day and Kathy Ireland moves were perplexing and not well-received by me. If we don't see a meaningful deal for $$ (or other pps-moving news) in the next 3-4 months, I will likely pare back or exit my ADXS position.