def-com,

Your statement "...my opinion that Cardio will not try to raise the amount of money you indicated because of the current low price of the stock. I believe they will raise between 500-800 thousand and the price will not be 10 cents but will be closer to the current market." is reflective of how Dr G allowed himself to be "played" by Saunders.

Entrepreneurs frequently fail to raise sufficient cash to finance their development projects when faced with their initial dilutive financing. When they have to execute a second financing, they learn the "hardway" that they should have raised more money with the first financing. To wit, using your $800,000 target Saunders would have paid $400,000 to receive 800,000 shares. At today's share price that $400,000 will require at least 2 million shares.

What makes you think Dr G will be able to negotiate better terms that the 50% discount he accepted with the first PIPE. IMO the 50% discount was accepted by Dr G because he did not want to issue warrant coverage.

Ante