Ann: CONFIDENTIAL SUBMISSION TO US SEC, page-27

Hmmmm. Everyone seems to be getting very excited, but to me an IPO looks like dilution. Thinking aloud: An IPO raises money. BLT doesn't need money for the currently-scheduled trials (I think), so its aim must be to raise money for the later trials and hopefully marketing. How much will be needed? At what point in the sequence will they launch the IPO? The answers to those two questions should tell us roughly how much dilution to expect.

My guess is that they won't launch the IPO until after efficacy has been demonstrated. My wild guess is that they will raise 50-100m at ~$5, ie. ~10-20m shares or a dilution of ~10-20%. That looks PDG to me. If OTOH they launch at say $1, that would be just giving away a lot of my future comfort. Anyone have any more informed estimates? Obviously I've got to sit tight and wait - this company has been a tough one to hold over the years, but hopefully it has just started getting a whole lot less tough .......