Looks like they potentially have another 9 months to get above $1
Initial Grace Period
The Nasdaq does not immediately delist a company for noncompliance. It provides the company with a grace period in which to "cure" -- or eliminate -- the deficiency. The grace period lasts for 180 calendar days after receipt of the deficiency notice. The company's securities remain listed during this time.
Second Grace Period Optional
The Nasdaq may grant a 180-day extension of the initial grace period. In such a case, the stock remains listed throughout the extension. Not all companies qualify for this second grace period.
The market value of publicly-held shares of a company's stock must be at least $1 million. The market value is calculated by multiplying the publicly-held shares -- the total number of shares outstanding minus any shares held by officers, directors, employee stock ownership plans or beneficial owners of 10 percent or more -- by the closing bid price. These companies must have maintained the other nonprice listing requirements.
Found it page 46 of the presentation http://investor.sierraoncology.com/events-and-webcasts?item=35
If you want to listen its 47.30 mins into the webcast
The thing is Sierra can get a further 6 month extension so effectively till next June, I do believe NG has a plan though they decided not to raise on the run up to results, now they don't want to dilute shareholders and in the wedbush conference he stated they are not taking on more debt and wont draw down from there $25m for Momelotinib
Imo he has someone lined up for SRA737 or he believes he can get it partnered or sold in the near future
Or he is totally blinded by Momelotinib and doesn't care about anything else /
Sierra's Barbara Klencke buys 229,000 shares at a cost of $100,638.30 https://www.sec.gov/Archives/edgar/data/1290149/000120919119047421/xslF345X03/doc4.xml
Barbara Klencke, MD
Chief Development Officer
Dr. Klencke is an accomplished oncology drug developer with a demonstrable track record of success, having made substantial contributions to the development and approval of numerous significant oncology products. Previously, Dr. Klencke served as the Senior Vice President, Development at Onyx Pharmaceuticals, a subsidiary of Amgen Inc., from January 2011 to June 2015, and prior to that was the Group Medical Director in Product Development, Oncology at Genentech, Inc., having joined the company in July 2003. In this period, she led a variety of oncology programs including those for Kyprolis (carfilzomib), Kadcyla (ado-trastuzumab emtansine), Avastin (bevacizumab), and Tarceva (erlotinib). Prior to that, Dr. Klencke served as the Medical Director at Chiron Corporation, a biotechnology company later acquired by Novartis International AG, and as an Assistant Professor of Medicine at the University of California, San Francisco Medical Center. Dr. Klencke holds a BS from Indiana University and an MD from the University of California, Davis.
We know NG has been speaking to some majors in the past so who is most likely to want a piece of CHK1 as it is with good tolerability and safety, keeping anogenital to one side and just looking at the combinations we know Janssen are fully aware and a Major Immuno-oncology company has also showed an interest anyone want to throw some names out there who might be interested and reasons why?
The problem with the milestones for SRA737 is they can be renegotiated and therein lies the problem, if Sierra secures a partner or some non-dilutive funding it wouldn't surprise in the slightest if the phase 2 anogenital had a deferred payment agreed on positive results. Unfortunately Sar as a junior partner probably wouldn't get much of a say.
Lets hope its for:
Strand Hanson is one of the most active UK Takeover Panel approved advisers, and has significant experience of working as financial adviser, to both offerors and offerees, on all M&A related matters.
Strand Hanson has advised on some of the most complicated, multi-jurisdictional transactions in the UK public market. Strand Hanson prides itself on creating innovative solutions to complex problems and has advised on c.£3.0bn of M&A since our MBO.
Strand Hanson has won a number of awards for M&A – including, most recently, Best Mid Cap Full-Service M&A Adviser 2017 from Acquisitions International.
One would imagine Sierra legally have a period of time e.g. 6 months after the trial finishes in which to progress SRA737. They have announced they are seeking non dilutive funding options to progress SRA737 so cant see either CRUK or Sar having any say at all for the foreseeable. Going forward If anyone can partner fund SRA737 in the near term my money would be on NG but still leaves any future milestones for Sar a long way off.
Re reading the RNS I think this now makes sense.
Sierra noted further information relating to the milestone payment schedule (of which Sareum is eligible to receive 27.5%) resulting from the future development of SRA737: "FUTURE DEVELOPMENT"
So Sar are not currently owed or due any milestone payments but were probably hoping on both of these:
If Sierra start a trial in the US then Sar would receive there share of $7.5 million (possibly was the Janssen Parp combo)
If Sierra start a phase 2 e.g. anogenital then Sar will receive its share of $12m
That's how I read this and makes the most sense
As a partner Sar are fully aware of SRA737 milestones, triggers and potential dates so one can only assume the Significant Shareholder Value and small last placing is because of TYK2 :-)
I just don't think they can comment on TKY2 (NDA) or publish any data and that's such a shame would love to read up on the data to date.
Only sad thing for me is I have no funds available anywhere to add at 0.30
Personally I don’t think Sierra is to blame here
The Trial is still ongoing!!! No one is going to be taking back CHK1 anytime soon / Sierra are actively seeking non dilute options to progress SRA737 and after the amount of money they have spent you think they will want to give it up easy? Strategic partnerships can take years to setup so legally as long as Sierra is trying to progress CHK1 nothing will be done this end.
The warnings to Sar shareholders were stated if Sierra was to pursue a phase 3 in Momelotinib:
Page 7 (Investment sensitivities specific to SRA737)
The real question here is why Sar are not communicating over TYK2 !!!! :-)
Nothing has changed just frustration and sentiment
It’s a Strong Buy from me at these levels
Okay so my heads spinning
Hasn't Sierra already payed the first Milestone of $7m ?
Isn't it the case that they will owe $12m (Sar due $2.8m) on first dosing of a full phase 2 trial e.g. anogenital trial ?
Or am I completely bonkers and everything from Hybridan reports to the forum discussions this last year have all been a dream.
Need a drink or 2