SC, Any word on the expected financing for Acusphere? The CEO indicated a financing would be associated with the reverse split (see below). I guess the logical financing party would be Burrill again since they already own most of the company (65% ?).
The CEO has completed stage #1 (reverse split), so the next announcement should be #2 (financing).
I wouldn't write this company off yet. Getting the EMEA filing completed later this year could conceivably be enough to attract a partner, and an ultimate approval in Europe is a possibility. Acusphere has the potential to be a 'Phoenix' stock rising from the ashes. I was waiting to see what the financing looks like before considering a position. Of course there's no liquidity/trading volume right now to speak of, and the pps is all over the place. Once the new shares from the financing start entering the picture, perhaps the liquidity will improve some -
From the Dec 19, 2011 Letter to Shareholders -
>>> 1) Successfully executing a reverse stock split with the approval of our shareholders.
2) Raising adequate capital to fund European regulatory process
3) Submitting the MAA in Europe,
4) Completing the process validation batches which will provide required data in support of MAA approval as well as the clinical trial material for the U.S. trial and
5) Closing potential partnerships in Europe and the U.S. <<<
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>>> We are now seeking additional capital to support the Company’s strategic goals and finance our operations through at least the first half of 2012. <<<
>>> Our partnering discussions are proceeding well, with strong interest and significant due diligence underway by a number of potential partners, including global pharmaceutical companies, European-focused companies with expertise in cardiology, leading imaging companies, and smaller, more entrepreneurial specialty pharmaceutical companies. The due diligence process has culminated in expressions of interest from several companies. Raising additional capital now, so that we can negotiate terms of any partnership agreement from a position of strength, is an important objective for the Company. <<<
>>> The $10 million debt financing from Burrill Ventures, secured in 2010, enabled us to pursue our strategic goals this year. As you’ll see in the unaudited financial information contained in the proxy, our forecasted year-end cash balance is inadequate to fund the company through the first half of 2012. We need additional capital now, since some of our costs will increase as we work to complete the MAA submission and approval process, and we need to push forward with the partnering discussions, on the most advantageous terms to the Company and its shareholders. To raise additional capital, we need additional authorized shares to be utilized in any financial transaction. Therefore our Board of Directors has unanimously recommended that you vote for the reverse stock split, which will make additional shares available for capital financing purposes. <<<
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