I have seen what your are referring to as well...HOWEVER the D-UP411 WHAT's REALLY GOING TO HAPPEN starts here:
*What changed end of June? We received 2 MILLION in return for 8 MILLION shares. Had the chance to add more money if we hit milestones. We did not for many unknowns. If we hit those milestones we would have diluted 10-20 more million. *ballpark.
*As of May 6th 2018 we had just over 155 million OS. If you include that 8 Million shares for the 2mil cash our OS on June 29th was 163 Million.
*Looking at the prospectus today, we see that the OS was exactly that: 163.1 MILLION Shares OS as of Aug 27th!. So the entire freak out and OMG about what happened and the sky is falling...nothing else happened other than getting CASH for shares. The rest is history and no other shares can enter the market from that June 29th deal.
Fast forward ----- We miss all milestones per Aspire deal, the market freaks out about the 10K which stated they did not think they were going to hit the milestones, however stated that a NON-BINDING TERM SHEET was signed with a GLOBAL BP and not only for what we expected from the ASPIRE Agreement for B-OM with the expectations of double digit millions upfront, now we find out that a GLOBAL BP has signed a TERM SHEET for B-OM and ALSO B- IBD!!!! Something changed in those months. We find out this was now signed in August sometime.
We then find out that BREAKTHROUGH DESIGNATION is under review with the FDA in the middle/later September for B-OM!
Recap - What has happened here. We received 2 Million dollars for 8 Million shares. Nothing more we can hang our hat on at this point. We do not know if the 2 Mil went towards lawyer fees for the Term Sheet, we don't know if that money went to B manufacturing, we don't know if that 2 Mil went towards KEVETRIN ORAL testing, we do not know.
*Milestone D-Day passes - Sept 31st.
*October 9th - New 10 Million Financing Agreement with MFO. There is an initial phase where we will receive Approx 2.2 Million over first 30 days. We have issued 2000 Series B shares:
After giving effect to the sale of 2,000 shares of our Series B preferred stock for net proceeds of approximately $1.9 million after deducting estimated offering expenses payable by us, and assuming a conversion price of $0.238 per share, which was 85% of the closing price of our common stock on October 3, 2018 That means the OS increased by about 8.2 million more. So Currently the OS is approx 171 Million.
There is a clause in this offering:
Redemption Rights
Shares of Series B preferred stock are not otherwise entitled to any redemption rights, or mandatory sinking fund or analogous fund provisions, other than as set forth under “Triggering Events” below. Following 30 days after the closing, the Company may elect to redeem the Series B preferred stock for 120% of the aggregate stated value then outstanding, plus all accrued but unpaid dividends and all liquidated damages and other amounts due in respect of the Series B preferred stock. The Company’s right to redeem the Series B preferred stock is contingent upon it having complied with a number of conditions, including compliance with its obligations under the Certificate of Designation. -- Not saying this will happen but you never know!
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Here it is. IPIX just raised 4 million dollars in 3-4 months for 16.2 million shares. All in the while, applied for BTD for B-OM. Sent in a request to meet with the FDA for end of phase meeting for B-OM (today), signed a Non Binding Term Sheet with a GLOBAL BP for OM and IBD :) also advised they are presenting at the Celegene conference for IBD in November.
If this is my company and these things play out.
We receive BTD in the next week or two, we sign the B-OM/IBD deal with BP, we announce the partnership at this IBD conference early in November and then take the BP with us to the FDA meeting for OM.
All while nothing significant has happened to our share structure or drugs in the past year and our stock price shoots right back up to 1-2-3-4 dollar land. Where it should be today. And who knows, maybe they have been working Kevetrin Oral in the background or drop the Prurisol results with this new set of financing. BOOM TIME BABY.
D-UPS 401 looks a whole bunch brighter
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