Humanigen Inc (HGENQ)

[Corundum]

I don't think NOMIS BAY has affected the price at all. kylumberjack posted their recent sales below, and they seem small compared to the daily sales total. NOMIS BAY is a tiny hedge fund out of Bermuda that got really lucky with HGEN. They were also a key early supporter that helped get HGEN and us to this place. Their sales seem more like sales to cover cash-out requests from individual fund investors, or to fund a quarterly bonus for the operator of the fund, with perhaps a little to cover operating costs and salaries. If they are paying themselves a bonus, it is negligible compared with the 6 million shares they still own that have appreciated hugely.

My guess is that the recently announced open registration of a $100 million dollar stock offering is what is getting in the way. Either the underwriter is trickling out shares as they see a bump, or the buyers are allowed to sell the stock short at the same time they commit to buying a chunk of shares from the offering at a somewhat lower price (a price we don't know, but perhaps $17.50 or $18.00). They get a guaranteed profit, the company gets the funds it needs, and we get "capped" until the $100 million is raised. If this is what is happening, it seems to me the underwriter is not very effective and is picking off the low hanging fruit -- to our detriment. I think this scenario is much more likely than the NOMIS BAY theory.