Shares of Oncolytics Biotech (ONCY -13.8%) tank on resumption of trading after pricing its 8M...


Shares of Oncolytics Biotech (ONCY -13.8%) tank on resumption of trading after pricing its 8M share offering at $4, a 14% discount to Tuesday's close. The drug developer's shares were halted in premarket trading as the company disclosed the details. The company, which had had about 76.8M shares outstanding before today, unveiled the offering yesterday to raise funds for its clinical-trials and manufacturing programs.

Comments (1)
  • john kelly at ddo
    , contributor
    Comments (60) | Send Message
     
    well that was a shock to all the patient investors who have held oncolytics over a long period as I and many others have. I can understand the companys need for cash to continue operations as it does not generate any cash. dilution is always a hazard to a company that is not fully established in its field.BUT IN THE LIGHT OF ALL THE PROSPECTS for the virus in so many field trials to blatantly sell a bought deal to a PROMOTER broker a such a low PRICE is tantamount to treason for the current shareholders. they should have sold the shares at at least 4.30 as this gave the greedy promoter a tidy profit I have in the market for over 50 years and have seen many slick willy deals. BUT then to put a cherry on the top of this sweet deal (FOR THE PEDDLER) allow further sale to the broker if all goes his way I forsee loyalty going down the dumper and this stock becoming a trading joke rather an investment. AM I SORE you betcha and to the ceo of oncolytics , guess which finger I am holding up, you should hang your head in shame for this treachery .
    20 Feb 2013, 12:19 PM Reply Like
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