Ayala Pharmaceuticals Inc (ADXS)

[fbg0316]

I agree with you about bad management. O'Connor destroyed a great amount of shareholder value all while the clinical trials progressed nicely and the platform looks promising. I just think it's short-sighted of you not to recognize the stock could appreciate back to the $20s. The stock was in the $7s before the Amgen deal, then within a week after appreciated to $16 before it was knocked back down by Dan's dilution afterwards. I think Lombardo is focused on raising cash in a licensing deal on our late stage assets, AXAL, and or HER2 to address the company's cash needs without another dilution which should get us back up to a higher valuation that is sustainable. Is there a buyout in the works? Probably not until a deal on Europe and HER2 is done first, which would make the company more attractive to a buyer and command a higher buyout price. I don't think many of our shareholders would be very happy with a buyout below $15. At the very least $15, but that is only $3 above the recapitalization price investors paid over the last four years, so IMO Lombardo would not entertain a buyout until the share price is high enough to command a buyout in the $20s.