Ayala Pharmaceuticals Inc (ADXS)

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They don't? Normally if an entity purchases 5% they have to disclose within 10 days. So 5% of ADXS is only a little over 2.5 million shares ($5 million position based on the $2 offering). Noelle said there were reputable investors, but a $5 million or less position is nothing for a fund. If Pharmas are exempt I believe Amgen could have bought it all.