Like usual, I'm not in agreement with the board consensus. But what the hell do I know.
A) A FOB program or the M118 program would not have a need for any immediate funding that $70 mil quarter of cash flow wouldn't easily support.
B) Momenta could double their current size and it wouldn't consume more than 1/3 of their current cash flow.
C) And this is the most important thing, without any immediate cash needs that we know about, why would Momenta Management feel that the $15 level was an appropriate price for dilution.
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