Don't get me wrong, I continue to hold as I see the "potential" for exponential returns, key word being "potential". When weighing the risks of that "potential" becoming "reality" I look very closely at how the company keeps the market and more importantly shareholders informed, and in turn, at how the market prices that "potential" as well to keep my blue sky dreams in check.
The Annual Report released on 23/8/22 quotes Chairman Engle stating "I am pleased to report the business is in a strong capital position to fund progress towards a number of significant milestones. At the time of writing, Prescient had cash reserves of over $11m and a closely managed quarterly cash burn of $1.44m".
The Share Purchase Plan released on the very next day on the 24/8/22 then quotes Chairman Engle stating "The funds raised from the SPP will be used to progress the Company's deep pipeline of innovative cancer therapies ....".
So the 23rd August we had a strong capital position at $11m to fund progress but the very next day we needed to raise $8m to fund progress? It's all there, not my opinions, just the Chair's own words released 24hrs apart.
I apologise to those offended that I don't just suck it up and not call it out because I am rusted on in support of anything that company says or does, but I just think companies need to do better with how many of them raise capital so soon after making announcements to the market about a strong financial position to fund pipelines without any incentive other than "trust us".
PTX Price at posting:
18.5¢ Sentiment: Hold Disclosure: Held
