While the staff at BuyersStrike! HQ has been deluged with China related matters of late, it does not mean that old friends like RPRX have been forgotten. One item that recently crossed the wires was the Repros Therapeutics fka Zonagen‘s (RPRX fka ZONA) earnings release. It was enlightening to note that Stock Salesman of the Century Joe Podolski has the decency to warn people of what is coming around the bend. From the press release:

Based on our existing and projected commitments, we believe we will need to raise additional capital by the end of the second quarter of 2012 in order to continue operations on a normal basis. However, if our expenses are greater than expected or our revenues are less than expected, we may be required to raise additional funds prior to that time. We believe we can secure additional cash resources through the sale of our equity securities; however, there can be no assurance that the Company will be able to raise sufficient capital.

That is likely to be true, given Joe P’s excellent track record (examined here) in selling shares to keep Repros alive, while diluting his stockholders. It will also give all sorts of low-level bankers another chance to pick up some fees. Perhaps it will allow some lucky investors to pick up sweet packages of stock and warrants like Perceptive Advisors, Quoque Capital,  and Steven Oliveira did a few months ago, as explored here.

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So just who bought Repros Therapeutics (RPRX) units in that amazing offering in early February? Tough to say, but looking through the February 2011 filings, the biggest buyer appears to be Joe Edelman‘s Perceptive Advisors. As of the end of 2010 they held no RPRX, but are now the biggest shareholders in Repros with a 12.28% stake.

Edelman used to work for Paramount Capital, run by the colorful Lindsay Rosenwald. Some readers, familiar with the world of bio-dreck are no doubt also familiar with Lindsay, as well as his early 90s employer, famed bucket shop D.H. Blair. Read about Blair here and here and here and the 173 count indictment against them here and here.  Lindsay’s father-in-law,  the even more colorful penny stock king Morty Davis, was the founder of D.H. Blair. Read about him here. Lindsay himself has quite the ego. Check out his vanity sites here, here and, of course, here.

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Repros Therapeutics (RPRX):

Market Cap as of March 2, 2011:       68.55mm
Last 12 months sales:                 0
Accumulated Deficit Since Inception:  178mm

ECTE and NEOP are not the only companies popular with the retail bio-dreck crowd. Another name in fashion among those with poor memories and even poorer search skills is Repros Therapeutics formerly known as Zonagen (RPRX fka ZONA).

And, like those other names RPRX recently did quite an amazing financing.

On February 3, 2011 RPRX, through their longtime low tier banker Ladenburg Thalman, did a HIGHLY unusual unit offering. For each unit that cost an investor $17.15, the investor got the following:

4 shares of common stock
1 Series A warrant to buy 3 shares of common at 1c per share
1 Series B warrant to buy 2.45 shares of common at 2.49 per share

Yes, you read correctly, the Series A warrants are struck at 1 penny. That is a 99.6% discount to the market price of the stock, $2.58, that day.

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