Avid Bioservices Inc (CDMO)

[Bungler]

Fair enough. I will just make a couple of additional observations. As we saw with Oxford Financial, unless there is significant collateralization of a loan, the slightest misstep will result in declaration of a default. I would rather ATM than mortgage the IP.

Second, let us assume your hypothetical that the ultimate value for PPHM is 5 billion dollars. A year ago at 100mm shares in the cap you would have gotten $50 a share for your holdings. Today, at 156mm share cap, you would get approx $32. However, suppose that PPHM did conclude a partnering deal instead of selling the 56 million additional shares. Your scenario assumes that the partner will receive nothing in return for the deal. In fact, the partner is going to demand a large share of the potential value. If the partner wants a 50-50 deal, that means the ultimate value would be only 2.5 billion with a deal instead of 5 billion "go-it-alone." So, your shares would be worth only $25 with the partner deal, vs. $32 with the additional shares.