Looking at the quarterly report, recently the authorized shares were increased to 1.2 billion. Since that time I don't believe that 100 million more shares have been issued, so I think at most we currently have 600 million shares outstanding. I'm not certain, but believe that the total warrants outstanding shouldn't have been able to generate more shares than was previously authorized, if that's true, the total today with warrants included ought to be no more than 600 million.
I believe the bigger question for investors should be, what is the potential market cap for the company with one, two, or three approved drugs. Personally I don't believe you can put a maximum on this potential until an understanding of what the drugs will treat is fully understood.
Can you imagine what the inventors of aspirin first thought about the potential of that drug. I don't know that eventually our drugs won't be used in many forms of cancer, the Phase 1 for Direct seems to say so, and now they have a way of improving the drug. I think there is a question about whether an improved version can be substituted for the current version without further testing by the FDA, but we do have an improved attitude on the part of the FDA, so perhaps it won't be that difficult to make the change.
Frankly, if this was Big Pharma, I doubt if they'd make the change, rather they'd gain approval, then look to make the change either when patents were about to run out on the earlier version, or when market share was threatened by competition. I believe our patent laws often delays progress, and that really needs to change to encourage constant improvement.
Gary
