After the split we will have 571,651,636/400 = 1,429,142 shares from the current O/S. The Series C will convert to approximately 612,959 shares. Add in 1,142,857 shares from the offering and we have a total of 3,184,958 shares outstanding with approximately $8,000,000 in the bank. The company has already completed the ocular tolerance study. Under the CRADA the government is taking on the vast majority of the research costs for the metformin drops. The company has been required to be in a quiet period as a result of the pending up listing. I believe it should end at the time or shortly after the up listing. It is very possible we receive news on the GLP fairly imminently.
I find it hard to believe that insiders would take the time and effort to up list to a higher exchange, add independent directors, and face additional scrutiny from the SEC as part of the up list process if this was not a legitimate business. The government support on the metformin study adds credibility. I naturally wish the share price was much higher but and the split lower but this is the circumstance we are in. The company could not wait for the share price to rise as the quite period precludes any marketing and most news. Further, we all so the unfortunate financing available without and up list. Long term, I remain confident in this company. All should evaluate the information and make their own informed choice. Personally, I added today near the low. If you are a believer in the drug, than today should have done little to change your view. Good luck to.
