I have been one of the rusted-on rose-coloured-glasses-wearing...

I have been one of the rusted-on rose-coloured-glasses-wearing ACL holders for the last few years. I sold a few just post Fonda approval so the wife and I could have a weekend away but I quickly regained that position and a few more in the 60's and 70's prior to the approved generic announcement. To be perfectly honest, I thought the AG was a distinct possibility but what I didn't expect was the severe market reaction... I live and learn.
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Anyway, I reckon I was just as blind sided by the CAP raising (at 24c!) as the next small-time holder, particularly after believing Pete (in the infamous conference call a few months back) when he said that they had some "interesting" ideas up their sleeve. I was excited by that idea at the time (assuming partnerships and the like) but less excited by the eventual outcome. It hurt a lot to think of the dilution, and just how much they'd stuffed up, and I was getting caught up in the anger and emotion of a lot of posts on here a day or two after. The return of "hindsight" experts hasn't helped with mental clarity either but it does force you to think hard about your position and to justify it again.

After a few days of re-consideration, I've decided (for myself at least), that it ain't all that bad. The Cap Raising was ill-timed but as many have said - ACL management appear to have been played (completely manipulated) by the money men but take time to consider the difference between the best and "worst case" (current) scenarios. If they had raised the $20m they're searching for at same 20% discount to a 70c price immediately post fonda approval - it would still have required approximately 30m more shares. The AG would still have come along and potentially the market savaged the share price in a similar way. So, between "best-case" and the reality we now find ourselves in, would have been having 220m shares on issue (best case) and having 250m shares on issue (reality, post issue). It's really not substantially different in the long-term outcome of the company. And like a lot of people who've commented - I like the science - and as such, despite what appears to have been a bit of mis-management of capital over the past few months at this stage, it will ultimately be the science that determines whether this stock is a winner or loser long-term IMO (not the small differential in shares on issue if things had been managed better).
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Now regarding the split (if you're still reading - thanks for your time!)...
Fonda to me was always the "nice-to-have" asset to drive the oncology. The delay in approval was painful but eventually we got to the end-point we wanted and we're now a biotech with an income stream. Let's presume a pretty low level 20% total penetration of a $300m market (VERY CONSERVATIVE - I think), and minus costs and even with only a few years as the only generic versus Arixtra and an AG - it's a very attractive income stream. And with money in the bank, and other companies doing their own-funded due diligence on the merits of the VAST platform, certainly justifies the current market cap.

So, you arrive at one of the fundamental long-standing issues with ACL - there hasn't been and currently isn't any real value ascribed to the HA platform, the impressive Phase II results and the impending Phase III that have the potential to drive the company a lot further in the future. So, that being the case - maybe a new IPO is the best (only) way to get the commitment/partnerships for the oncology assets and the way I see it at the moment is that any value that is subsequently given to it (and that I in turn earn via a pro-rata issue), is more value than is currently being given to it (and my portfolio will hopefully reflect some added value if/when the split happens!).

Anyway, sorry about the long-winded post but I guess I just wanted to put a "less-negative" spin on things after a few days to think. And rightly or wrongly, I will be taking up as much of the SPP as my wife will let me, and then subscribing for the rest behind her back...