Philo, same here. I too was 'mystified' at the placement price - not to mention it's timing, the sudden change of broker, the equally sudden announcement of funding intention and the manner it was handled and leaked by a disgruntled 3rd party - perhaps Panmure...? Fact is, it was rushed through. Not exactly commercially 'slick'. So one has to ask the question why?...why the rush? not only to get the funding completed but get it successfully concluded i.e. get the cash in! And so we saw that heavily discounted price. This has puzzled me since. One possible explanation is that all important negotiating position. It would appear that excellent trial results and CD8 data wasn't going to be quite enough for OXB to get the deal they wanted....
The ball is now very much in the court of those potential out-license pharmas. For them it's 'decision time'. I believe a number of suitors are now circling TroVax with interest. OXB with the extra cash is hardly a wounded animal, but there are some scary monsters out there. Their response may be unpredictable - possibly aggressive; that's all I'm suggesting, dont discount any possibility here. Critically, it's a time to go long and stay long as the next 3-4 months may be defining.
As I say, it's ball-back-over-the-net-time...."New balls please!"
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