BK, I think that the answer is obvious. These shares won't be going retail anytime soon. I also think that you're spot on about the institutional investor and or partner. The only question that remains, is who. We'll see.
Agree. This is CTIX filing the documents necessary to allow it to have a full range of options to advance the pipeline and build shareholder value. Reminds me of the P*YC financing in JUN 2010 when the stock had rallied to the $8 level from $1.75 the previous 5 months and it announced and closed a direct offering of about $55 mill with institutions. 2 years later it was $55. My guess is Leo has plenty more good news to drop before any additional financing and future financings will be done >$5.
In the business world, leverage is everything. This is Leo’s way of telling potential partners that they can come up with $75M when push comes to shove.
As of June 30, 2014, CTIX still have $15.8M to draw from Aspire. So I doubt Leo will be selling more shares in the short term.
Don’t forget, management owns the highest percentage of shares so dilutions will hurt them the most.
Is it common for a pharma deal for one compound (Bril) to include an equity stake, particularly when you have several compounds under development? (CTIX is not a one-trick pony.) Such a deal would be prelude to a broad strategic partnership with the possibility of eventual (5 or 10 years) full acquisition.
And the verbiage of the shelf wasn't consistent with a pharma deal equity component.
I expect very soon either we get an explanation from management or the next shoe drops.
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