Biotech Values

[DewDiligence]

PRAN—The $47M figure (actually $47.2M) is correct, as far as I can tell. The latest S-3 filing says the incremental $7,864,000 of common stock registered under the new filing represents 20% of the amount still available under the old (2011) registration statement. Since $7,864,000 / 0.2 = $39.2M, $39.2M must be how much was still available under the old shelf; adding that amount to $7,864,000 gives $47.2M as the new amount of stock available for issuance.