I think maybe you are kind of assuming a lot Frustrated. Yes, we had a huge number of shares trading up to $3+ recently and you are implying that was later taken down by the company using the ATM? Or am I off base there? Yes, the company heavily used ATM last year to get rid of the growing concern and to build up its cash reserves as they were starting the Phase 3 trial. Not exactly a optimal thing for existing shareholders due to dilution, but better than the alternative of going under or giving the company away in a bad partnership deal. But my main point is where is your evidence that the ATM is continually running full bore (not just a couple of million shares a quarter)? The previous quarter did show a minimal increase using the ATM, but now that the company has another means of raising cash (preferred shares) their reliance on the ATM is not as necessary. In short, you are apparently assuming something that may not be happening and actually doesn't make sense considering the heavy cash position they have an they have arguably a better system of raising money via the preferred shares. Remember, they authorized issuing up to $100 million worth of preferred shares, and they have used just a bit above 20% of that last I looked. I personally like the idea of using the preferred as they can always buy them back rather than issue shares by converting them and if they make some partnerships and maybe get AA for Bavi, money might come rolling in to do that prior to the conversion date...thereby negating the dilution. With ATM, you can't negate that dilution short of buying your shares back at market value. The only negative on the preferred shares is the high dividend, but again, it may be a bit high, but when (notice I didn't say if) the drug gets approved for marketing, that will not be an issue as they will find the dividend payment is petty cash from what they will be bringing in.
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