ARIA
Its not new they dilute shareholders but on what terms. SPPI's CEO did a great job timing the offering this year. SGEN CEO diluted on very good terms as well. ZGEN CEO restructured the Atacicept deal, cut cost, and partnered lambda without doing any dilutive offering. Berger however gave share holders a 35% hair cut by issuing 35M shares +10M warrants this year to raise 60M when he should have restructured the Rida deal and focussed resource on 534. Heck the day after ASH the market cap was 280. If he hadn't dilute, the share price would have been 4 not 2.60. He then could issue 35M shares at 3.5 and bring in 122M which should be more than sufficient to do a solo phase 2 on 534 and score a even bigger partnership deal to fund the ALK inhibitor. Its ridiculous that Berger is blowing money on a me too rampalog when the the true gem should be 534 and the ALK inhibitor. Heck a Sarcoma maintenance therapy that cause grade 3,4 mucosotitis is not going to make it a blockbuster. Berger got dealt an excellent hand, but he certainly doesn't know how to play it right. I would much rather hold stocks like ZGEN where the management refuses to dilute than owning ARIA where the CEO wants that "flexibility". ARIA is a screaming short for those investors holding 2.15 warrants when everyone expects the management to dilute. Berger perhaps should consult biotech traders like WallstarB if he thinks having "flexibility" is important.
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