Bio Path Holdings Inc (BPTH)

[SJSTOCKSHARK]

"Bio-Path Holdings Inc.'s stock BPTH, +38.53% rocketed 48% in morning trade Monday, after the biotechnology company focused on cancer treatments filed to withdraw a common stock offering. Volume was 4.3 million shares, already more than half the full-day average of about 5.7 million shares. The company said in a filing late Friday that it submitted its request for withdrawal because it "elected to not pursue the sale of securities," and confirms that no securities were sold or will be sold. On March 12, the company said it had agreed with several institutional investors to sell 712,910 shares of common stock for $25.95 each. That would have represented a 28% increase to the 2.51 million shares outstanding as of March 15. On Jan. 18, the company effected a 1-for-20 reverse stock split. The stock has run up nearly 7-fold year to date (563%), while the iShares Nasdaq Biotechnology ETF IBB, -1.25% has gained 14% and the S&P 500 SPX, -0.29% has climbed 15.6%."

Am I reading this correctly?

I do not understand why a cancellation of a deal for $18.5 million is good for BPTH. This company has no cash. I can understand why the buyers may have cancelled since they paid $25.5 per share.

Without this 18.5 million in cash how does BPTH stay in business?