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Friday, January 26, 2018 10:47:46 AM
Thanks for writing. To give you some context around this question on the proxy, this sort of request is considered a routine matter for a pre-revenue biotech when their available shares get to a certain level. Right now, of our 65M shares outstanding, we are at approximately 50M fully diluted (~41M outstanding, and ~9M reserved for things such as warrants and options). That leaves us with a little under 15 M shares available for use. When levels get to this point, a biotech will look to increase its authorized shares at their normally scheduled proxy meeting. These shares are used for a number of different types of general corporate purposes.
It is important to note that guidelines such as State Street Global Advisors’ typically support authorized share proposals for biotechs at a threshold for approval of 100% over current authorized shares. Our proposal is a 46% increase.
We are being opportunistic looking at all options of dilutive and non-dilutive options to continue to finance the company, and we are sensitive to current market conditions.
Please let me know if you have additional questions.
Best regards,
Noelle
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