Replies to post #208327 on Biotech Values

[DewDiligence]

AQB—It may take a few weeks or more to establish a somewhat stable valuation...

Another consideration is that XON shareholders who received free shares of AQB in the partial spin-off may be inclined to sell their new shares AQB rather than conduct DD on such a small (relative to XON) holding.

[DewDiligence]

AQB valuation correction to #msg-127990660: The number of basic shares outstanding as of 1/5/17 is 8.88M, not 6.46M as stated in my prior post. This is because the financing transaction announced on 11/7/16, in which XON purchased 2.42M shares of AQB for $25M, was not actually consummated until AQB obtained its Nasdaq listing on 1/5/17. Apologies for the prior misstatement regarding the share count.

In other respects, the discussion in #msg-127990660 still pertains. AQB's the cash balance at 12/31/16—on a pro forma basis including the $25M received from XON—was about $28M by my calculation.