Manage episode 235435543 series 1039141
Twenty four months ago CFO Mark Guerin had a pretty clear notion of what he wanted Onconova’s financial footing to look like during the second half of 2019. However, the question that lingered was whether the plan Guerin and his team were putting in motion had the vigor to overcome the obstacles along the way.
Beginning with a strongly worded May 2017 message from NASDAQ claiming that Onconova’s stockholder equity was no longer sufficient to meet its listing standards. While Guerin’s plan included two new stock offerings and growing the firm’s stockholder equity – NASDAQ rejected Onconova’s initial response triggering a NASDAQ hearing where Onconova’s plan ultimately received a nod from the stock exchange.
“It was an arduous task all the way through May of 2018. To do two offerings and raise a total of about $40 million in order to have the cash we needed to get to the end of 2019, and also to have the stockholders’ equity that we needed to retain our NASDAQ listing,” explains Guerin, who says the plan’s success was all the more impressive in light of the stock’s small market cap. In the end, Onconova’s financial footing – give or take a short stride – was spot-on with the plan.
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