"I agree with your interpretation of shares shorted, but it was the same argument Leo used."
Of course it's true that the short volume information has extremely limited value, but to be fair it's not the same argument used by the CEO, who referred to "short attacks" in May....actual short selling....a different, but equally flawed argument***.
Many investors are aware that when a company announces plans to uplist to a senior exchange, they attract and become vulnerable to those engaged in short selling. These people/funds take short positions trying to drive a stock down and hope for a reverse split to be necessary to meet share price requirements for the senior exchange. The companies are viewed as easy prey, as often these companies need to uplist in order to meet conditions of a financing.
We’re not splitting our stock. We have cash on hand and an equity line. Long term shareholders know we’ve been through these short attacks before and each time the stock recovered and reached new highs. As far as the uplist, it is in progress with NASDAQ.
If one has doubt as to the potential of our lead anti-cancer drug Kevetrin, I encourage you to read this morning’s press release disclosing that the Institutional Review Board (IRB) approved additional enrollment for our trial of Kevetrin for solid tumors at Dana-Farber Cancer Institute and Beth Israel Deaconess Medical Center. Typically, we are not inclined to release news on Fridays, but we wanted to share this – what we consider to be fantastic – news immediately with our shareholders.
Understand that Harvard Cancer Centers sit among the elite in the country for cancer research. The Scientific Review Committee and IRB had no obligation to allow for additional enrollment in our trial. After treating forty patients, would they want to treat more patients with a drug candidate that they don’t believe has potential? Of course not. We interpret the IRB approval as a strong vote of confidence as to the safety and potential impact of Kevetrin.
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