Frankly, I'm impressed that the company has been able to get this far without having to issue any warrants. Can you name one other biotech with a similar market cap that hasn't issued warrants? I know I can't.
Also, I find the likelihood that a director sold shares at $1.25 just to save a dime on today's pricing of $1.15 to be remote. Of course, he knew a financing was coming...anyone with half a brain knew the company was going to raise cash before the end of the year.
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