NP’s philosophy based on first hand accounts is go cheap and minimal. Sometimes cheap works out, many times it does not, like in the case of Amerax and not having the BLA reviewed by a third party. His philosophy on raising money is a cousin to going cheap. Do small raises and only what you need. Perhaps this was based on confidence that trials would be successful and result in a higher SP. I don’t doubt NP thinks that it is best for shareholders to do small raises that are claimed to be non dilutive but are not. This is his inexperience showing and not taking advantage of a hot hand. Admittedly some hind sight, but the case built against him is so lopsided on the failure side that the financing just falls into that bucket. There is no imagination used or required in the case against NP. Just one hard fact built upon another to the point where the scale tips to failure. NP did all the work. I just report the news. On the other hand, support of NP requires imagination I cannot comprehend, as well as dreams and fairy dust.
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