Biotech Values

[Titan V]

Fair questions. They were low on cash and had been waiting for the green light from Health Canada to start human trial for several months. Health Canada was supposed to give them a decision in H1’18 but they were heavily backlogged it seems. The company announced the offering on Oct 11. On Oct 16 they finally got the green light from HC. So when they announced the offering they did not know they when the trial would begin and that they’d have data in November.

I haven’t seen management buying stock from the open market but they haven’t been taking cash bonuses. All their compensation beyond salary has been equity-based. We can see this in both a positive or a negative light IMO.

They have also been disciplined about giving away equity. They have not done big raises. Their recent offering was for 1.28M shares for a sum of $2.7M only. This to me is a bullish sign that they are confident the human data won’t be bad because if it is, the next dilution would have to come at a very high cost.