I infer that if you had done more research in addition to just reading the Prospectus, then you might not have even bought VXGN stock. Thank goodness for naivete, eh?
VaxGen had approximately $20 million dollars in liquid assets prior to the IPO, and with the IPO proceeds has sufficient funds to take them through Phase III testing. Genentech has the infrastructure to manufacture AIDSVAX and any variations. This is not a stock that will be soon diluted. In two weeks the "quiet period" ends and Prudential could very well be putting out buy recs at that time. The float is small and many of the shares bought in the IPO will not be put out for sale until there are further developments. I have heard that Paul Allen and Bill Gates took over 1 million shares of the IPO, diminishing the float even more. I believe these shares will not see the market until the FDA renders a decision on AIDSVAX. Gee, Manfred, don't you think their experts read all of the research that's available before putting Gates' and Allen in VXGN?
I do think you are doing a great job with your research and bringing it to this thread is very much appreciated by me, and I am sure by others. However, I do not come to the same negatively biased conclusions that you are coming to. I believe there is an excellent chance AIDSVAX will achieve a 30% efficacy level by 2001, and maybe sooner. I believe that Genentech will be able to manufacture and deliver to VaxGen, AIDSVAX vaccine in the year it is FDA APPROVED, (i.e. assuming it is, of course).
Genentech began developing AIDSVAX in 1984 and spun the division off, in effect, in 1995 which became VaxGen Inc. Genentech spent in excess of $50 million during this period. VaxGent raised over $30 million privately and in excess of $40 million in the IPO. It is a well financed and well managed company staffed with top doctors and scientists. VaxGen is much closer to completing this phase of the project than you are probably imagining. No other company has gotten this far in the development of an AIDS vaccine. Management is world renowned in their respective fields, and some of the world's wealthiest individuals are investors and backers. I think VaxGen's share price will trade well above $50 before year's end. |
