Antex Biologics (ANTX) Message Board

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Biotech / Medical : Antex Biologics (ANTX)

ANTX 1.130

-5.0%

Nov 13 3:56 PM EST

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To: R Hamilton who wrote (1452)	3/22/2000 6:42:00 PM
From: Amigo Mike	Read Replies (1) of 1476

Serious Note : I am aware that many people on the threads pay close attention to what I have to say regarding Antex. Some may take this to heart .... others may take this with a grain of salt. I am very upset at the moment ..... I couldn't even read through the whole 8-K filing. That being said and a BIG ..... IMHO ....: The 8-K filed today is ..... IMO .... a major step back for Antex. The first thing that strikes me ...... is those entities that provided Antex with $15 million now own generally 44% of the company. They paid a lousy .66 per unit for a share of common and a class A warrant (exercisable at $1.50). There are 18+ million of these (corresponding to 35 million future shares). Then there are 4+ million class B units consisting of some crazy 1/100 of a share of convertible preferred stock and a corresponding class B warrants exersisable at $1.50 but can't be done for a year. The 1/100 of each preferred convert into 1 common share but only after one year. There are a number of class C and class D warrants that went to the entities that placed the offering that appear to be freebies ....... and on top of that a consulting agreement for a couple thousand a month. I didn't even get to the terms for those warrants. The A and B units were bad enough. On top of all that, the person handling most of the placement services, Mr Blech, has been involved in securities fraud during 1999. One of the interesting paragraphs in the filing stated (paraphrasing) that Antex may not be able to obtain future conventional style financings as a result of this financing and there could be adverse effect on the share price. Guess what Dr E ....... NO $HIT ! Again, Antex has put themselves in bed with less-than-desirables after working real hard to get rid of DH Blair a few years ago. At this moment, I am completely flabbergasted and seeing RED ! I posted a few days ago to wait and see what the financing brought with it ..... now I want to puke. Long ago I told Dr E that he should solicit his current shareholders if Antex need more financings. I would bet that many current longs would have gladly bought new shares in Antex. Now ...... I am not sure I can advocate the purchase of these shares anytime soon. I will let the boards now of my decision tomorrow but I have a strong inclination to unload .... biotech rally or not. PLEASE MAKE YOUR OWN INVESTMENT DECISIONS WITH REGARD TO THE SALE OR PURCHASE OF THIS STOCK. Read the filings and decide for yourself. Amigo Mike

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