This was set up - it seems to me - both to limit the power of these two major holders, and also as some protection against a takeover before the company can fulfill its true value.
The only downside that I see here is that while these are warrants, they are essentially, if not exactly shares in existence, so you need to figure market cap based on something more like 150mm shares, rather than the 70+ million "common shares" outstanding. But we can worry about that later, after the exposion.
See pages S-44 through S-46 for the warrant/Baker stuff.
bit.ly/1gbyl7T
And here's the full link, just in case the above ceases to function.
http://ir.iderapharma.com/phoenix.zhtml?c=208904&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTkzNjQ0NDEmRFNFUT0wJlNFUT0wJlNRREVTQz1TRUNUSU9OX0VOVElSRSZzdWJzaWQ9NTc%3d#supprom668677_9
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