No not at all. From a practical stand point, the offering was probably the right move. The problem stems from HB just telling us he saw no need for a secondary at this time. This time was not that long ago. You are the CEO, you couldn't have foreseen the Rida data being delayed and leading to a financing issue? I think I could have foreseen that and I'm not running Ariad. It's a credibility issue! Again!
1- What was the purpose in telling the world that there will be no partner until Rida data is released? Why are the two linked? You can look at it in two ways. Looking at it from the glass half full, maybe he knows the data is good and wants to wait and deal from strength as Kenyann pointed out before. Glass half empty, he doesn't want to get caught with his pants down and have to give way the ranch on 534 if Rida fails. Regardless, telling the world that he will not partner till final Rida data seems like a tactical error to me. I think he just "pegged" his own stock.
Let's see how things develop. Maybe he will surprise us with something positive sooner than I think. Perhaps some institutions will view this as a chance to accumulate on the cheap. If not, I think we could drift lower into the end of the year.
This is an issue for the Aria board. Thanks for your input.
