Ayala Pharmaceuticals Inc (ADXS)

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Attil, I think it would be in all our interests if Lombardo sold the company soon while the bull market is still going strong. Strike a Europe deal, then follow it by selling the company (I think we could realistically expect a buyout somewhere in the $20s, possibly around $30 if it comes after a solid deal). IMO this is a much better option than kicking the can down the road with further dilution to sustain ongoing trials and higher cash burn, especially given the execution risks, which are real risks for a micro biotech like ADXS as we have over the last few years. I'm less worried about Lombardo's integrity as he appears to be much more honest and aligned with shareholder interests than O'Connor, I just think at this point it's a better outcome for investors and patients alike to put the company in the hands of experts at a larger pharma that can successfully navigate our late stage trials and commercialization planning.

I don't think the manufacturing facility is of much value necessarily to a larger biotech or pharma acquiring ADXS since manufacturing is typically one of their core compentencies. I think it was more important to Dan under his misguided strategy of keeping more in-house trying to go it alone as far as possible, and also at the margin the value it brought to Dan when he could entertain and get his picture taken with the Governor as part of the ribbon cutting ceremony.