Considering the rough road for blood substitutes, throwing a reverse split into the mix should make ALLP a plausible short candidate when it happens. I can't think of any biotech that has done this and not cratered. NEXL comes to mind. I hate to short the locals, but . . .
>>SAN DIEGO--(BW HealthWire)--Aug. 30, 2001--Alliance Pharmaceutical Corp. (Nasdaq:ALLP - news) announced today that it has reached an agreement in principle on terms for the private placement of at least $15 million of common shares to a group of institutional investors.
The company will seek shareholder approval for the financing, which includes a reverse stock split, at its annual shareholder meeting to be held on October 15, 2001. The securities sold in the contemplated private placement will not be registered under the Securities Act of 1933 and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration statement requirements of the Act.
This financing will be used for working capital and to obtain approval for Imavist(TM), an ultrasound contrast agent being developed with Schering AG, Germany, and to resume the clinical development of Oxygent(TM), an intravascular oxygen carrier being developed by Alliance in the United States, Canada and Europe in conjunction with Baxter Healthcare Corp. <<
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Anyone have thoughts on this idea?
Cheers, Tuck |
