In a direct stock offering/underwritten offering that would be the case, but microcap bios usually have to do private placements/PIPES, in which cash the financing entity gets all the shares and warrants.
Larger bio companies are sometimes able to do direct/underwritten stock offerings, but you don't see that often with micro caps, I guess because the deal is too small to be worth the underwritter's time.
However, the last PYMX financing (April 2011) was underwritten, and in such a deal the underwriters distribute the stock/warrants to their various clients. Prior to that, PYMX did a registered public offering (Nov 2009). If PYMX could do an underwritten or direct offering like these, perhaps Nic might see this as a viable option to raise money after a R/S. But issuing almost 50% additional shares in any type of financing to get a measly $17 mil doesn't seem like something that would be his first choice, especially when he can do a favorable non-dilutive pharma partnership deal that raises a lot more cash, and doesn't risk creating large equity holders who might then demand seats on the BOD, or otherwise undercut his autonomy in running the company.
News 
Market Data 
Discover 
AI
