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Biotech / Medical : ARIAD Pharmaceuticals
ARIA 23.990.0%Feb 17 4:00 PM EST
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To: Dr. John M. de Castro who wrote (466)2/7/1999 12:56:00 PM
From: rkrw  Read Replies (2) of 4474
 
John,
The shares were registered in December and totaled nearly 6M shares, which may include warrants I believe. Your conspiracy theories regarding the "C" holders shorting the stock is far fetched. Perhaps Ariad tipped them off to the January run and had them short once the stock hit $3 1/2.
The risks here shouldn't have come as any surprise. The offering was announced and SEC filed last November for all to see. A cash hungry biotech selling for a buck and change with heady goals is ripe for dilution. The convertible holders merely took advantage of what Ariad offered them, cheap shares for short term cash. Lowered risk with the discount. I recall your urging Ariad to alter the terms of the warrants to your favor, so I see conflicting opinions on the relative merits of dilution.
On the flip side and I didn't see you note this, is that Ariad recently issued HMR shares at over $12 per share, in raising $5.7M.
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