Martin Shkreli is a genius. Forget the fact that he livestreams himself playing World of Warcraft all day. This hoverboarding man just took a completely bankrupt company and raised $8 mill, in what’s sure to be a fucked up PIPE financing, priced at $29, and the stock soars because of it.
How is this possible?
Fucking magic, that’s how.
On this news, the stock is up 28%
KaloBios Pharma raises $8.2 mln in private placement through the sale of 280,170 shares of common stock
The co announced it has entered definitive agreements with institutional and accredited investors in connection with a private placement, or PIPE financing. Upon closing of the transaction, the Company will receive gross proceeds of approximately $8.2 million in exchange for the issuance to investors of 280,170 shares of common stock of the Company.The Company intends to use the proceeds from the PIPE financing for an acquisition and to advance its pipeline of drug candidates, including its lead compound, lenzilumab for the treatment of myelomonocytic leukemia
Where will KBIO go from here?
Absolutely lower, that’s where. It may not happpen today or tomorrow; but rest assured, shady biotechs who get financing via PIPEs almost always trader lower.
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Didn’t even get to start reading this when I saw the bluestar exodus ad with charlie sheen – priceless, got me good
Yeah, saw that last night. Love it.
Same playbook as he used with RTRX, if he can get benznidazole approved KBIO can receive a Priority Review Voucher from the FDA they could flip for $250mm+.