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fbg0316

04/12/17 4:03 PM

#18128 RE: gajj #18124

I would very happily wait another two years for a $50 stock price, however, my concern is that we are have seen positive developments and clinical progress over the last few years, yet we are down 33% from the price the company has been recapitalized whereas I would have thought we would have seen incremental value built in our share price and valuation by now. A few years ago, we didn't have enough data, at least that was the thought, now we have the data, which is concerning. Is the market just not that impressed with the data? Or is the market not impressed with management seeing their focus on self-pay while the stock has not performed thereby turning off potential investors? Or is it simply shorts playing on statistical probability that most clinical stage biotechs fail and taking advantage of ADXS' frequent dilutions at discounts? I don't know. I do know that most would agree there seems to be a discount between the progress the company has made and valuation.