We'll have to agree to disagree, I see dilution needed to grow the company as a positive as long as the goal of growing the company is fulfilled.
As you probably know, I was an IMGN investor and I ultimately made money in it. SGEN investors however did better. SGEN was often raising funds to build their pipeline while IMGN was conservative. SGEN would present at a conference and webcast with video while IMGN pinched pennies and only webcast the audio from the same conference.
I believe that LP is taking an approach that's more like SGEN, she's spending to do what's right long term rather than pinching pennies to wait for better stock prices. In the end I believe we'll grow bigger and faster because of her actions now.
Think about it, did we have to acquire Roswell's technology? Do we need to own Advent? Do we need to have a leukapheresis facility that's company owned? Did we need to make the recent hires?
I think the answer to all these questions was no, we didn't have to do them. We did them because they're the right thing to do for the long term growth of the company. Would we be better off had 100 or even 200 million shares been saved and none of these thing done? I don't think so.
I don't consider it toxic as long as I believe it works to build my share price in the future. If I didn't believe that I really don't know that I could be an investor in the company.
Gary
Bullish
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