So where are we:
It looks like we got some answers and yet more questions.
-Now we know why BPAX did not tell us anything over the last 5 months or so. They were tied up in multiple confidentiality agreements. And 5 months before that, they were probably scrambling to attract buyers or look for partnerships.
-We also now know that the ANI merger is just part of the bigger picture. It looks like they are shopping Libigel to be funded with an additional merger or purchased outright. That would explain the CVRs which would follow whereever Libigel goes, if it goes anywhere.
-We also now know that there were worse offers on the table than the ANI merger.
-We also now know that Simes drove the company into the ground with the failed efficacy studies. Yes, the FDA may truly have misunderstood their own parameters, but this might have been addressed a long time ago. Anyway, at this point it is academic.
The failed Libigel study (for whatever the reasons) doomed the company. So they spent the first half of the year trying to find suitors, buyers, and financing. This is probably why the stock became a short target. No upside. And now that would explain why TANG was right in there effing us on the way down- they had inside knowledge that there was no concrete deal.
Now we are about to be diluted one way or another with the ANI merger. We may benefit from wherever Libigel lands. Depending on the safety studies, it might be worth a company throwing another 30 million at it. But that 30 million will come directly out of our investment share of the pie.
So my biggest question is- where are the effing safety results promised us back in October?!
Also, why was Libigel not included in the sale to ANI? I would rather have half of the value of Libigel when in the hands of a stable, cash flush company than trying to negotiate a deal out of thin air. That does not seem like a good way to go.