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Mosaic ImmunoEngineering is a nanotechnology-based immunotherapy company developing therapeutics and vaccines to positively impact the lives of patients and their families.
Message: It must be positive spin time again.
It has cash problems, after taking in $150,000,000 it has had to recently take on debt. It has illiquid investments.
As of November 30, 2008, we held auction rate securities with a par value totaling $12.9 million that failed to sell at auction. In the event we need to access funds invested in these auction rate securities we would not be able to liquidate these securities until (i) a future auction of these securities is successful, (ii) they are refinanced and redeemed by the issuers, or (iii) a buyer is found outside of the auction process. The investments consist of student loan auction rate instruments issued by various state agencies pursuant to the Federal Family Educational Loan Program (“FFELP”). These investments are of high credit quality and the AAA credit ratings of the investments have been reaffirmed since November 2008. These instruments are collateralized in excess of the underlying obligations, are insured by the various state educational agencies, and are guaranteed by the Department of Education as an insurer of last resort. We have the intent and the ability to hold these investments until the anticipated recovery period.
During June 2008, we obtained a credit facility from Wedbush Morgan Securities, Inc. ("Wedbush") for as long as needed, which provides for financing up to 50% of the par value balance of our outstanding auction rate securities. The facility is collateralized by the full value of the outstanding auction rate securities, required no origination fee, and when drawn upon will bear interest at the federal funds rate plus 3%. On October 14, 2008, we borrowed $3,000,000 on the credit facility, the proceeds of which is included in cash and cash equivalents at November 30, 2008
Deutsche Bank Arbitration
On October 16, 2008, we initiated binding arbitration claims before FINRA against Deutsche Bank Securities, Inc., and affiliates ("DBSI") based on advisory services provided to us resulting in our purchases of auction rate securities ("ARS") and the failure of the ARS market in February 2008. We experienced a loss of liquidity and other damages as a result, and allege DBSI engaged in negligence and nondisclosure in providing us services. DBSI has not yet responded to the claim. Some instruments have been repurchased by the issuers since the claim was filed
It has a huge payroll, and has committed itself to capital expedenture needs that it cannot guarentee it can provide
Currently, we have sufficient resources to fund our operations through at least the next twelve months. (January 9, 2009)
Perhaps there's something in this "exposing" trend, after all? Now where's my lunch?
Be well
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