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tonyvanw

07/27/07 11:15 AM

#7732 RE: zebra4o1 #7731

<Of course the other way to view small cap biotechs is as non-expiring options on the potential success the pipeline. So maybe from that perspective dilution is the price you pay for having your option not expire.>

Agreed - and as credit tightens, pipe deals become more expensive - bigger discounts from market and more favorable warrant deals, resulting in greater dilution.