I wouldn't look into the shelf too much and wouldn't expect a capital raise prior to the PC data release. In fact I'd be willing to bet all my shares that there will not be a capital raise prior to the PC data. I sent an email to Peter when the shelf was filed to try to figure out what the plan is for it. I specifically gave the example of assuming they wanted it in place prior to the PC data release as they expect a run up that they would then sell into. His response was pretty typical. Paraphrased: "Every company our size should have an open shelf. It will allow us to quickly raise funds when conditions are appropriate, like the scenario you described. This has been something I wanted to get in place since I joined the company."
I've been saying I would expect to see a capital raise by Q1 or Q2 of next year since they will need to raise money before Q4 when they project their current cash to run out. That being said I also know Peter will be very opportunistic in said capital raise. I believe that if we were trading near $15 a share we would have already seen it. Obviously that is not the case so we are stuck waiting. If the PC data takes us over $10 I would expect them to pull the trigger on part of that shelf. If we end up trading anywhere from $15 to $20 at any point regardless of catalysts I also expect they will raise more whether it is needed or not. What I am 95% sure of is that there will not be a capital raise at current levels unless ABSOLUTELY necessary. Peter is very much a "better to have cash even if you don't need it" type of person. If the price is right they will tap into that shelf. It's not just there to use when the SP jumps near catalysts. This is just my two cents having discussed capital raises with Peter before so take it as you will.
As far as I know the only other catalysts for the rest of the year are the initiation of phase II in AML by year's end, the interim update on the Marker sponsored ovarian trial for TPIV200, and I also expect them to present at ASH. The Russell reconstitution will be complete by the end of the month so that should provide some more stability for us at our current levels. Inoviorulez also said a potential update on the breast cancer trial but I don't recall ever hearing that from the company. I would assume this would be from their sponsored trial of TPIV 200. In addition to what we know above we have the Mayo sponsored, DoD funded trial phase II of TPIV 200 that is still enrolling. They could provide an update on this trial at anytime but since it is sponsored by Mayo the company has no control over it. We also have the phase I trial in DCIS enrolling and the planned start of the TPIV 100 combo trial with Herceptin. Both of these sponsored by Mayo and fully funded by the DoD. Again, all of these are on Mayo's timeline so don't expect to hear a lot of updates on these any time soon.
Friends don't let friends place market orders
