Clinuvel Pharmaceuticals (CLVLY)

[ghmm]

OK I've had it with management/board

We desperately need changes at the management/board level. The slides of the AGM were posted
http://www.asx.com.au/asxpdf/20171128/pdf/43pn6c5k23mn2y.pdf
along with the chairman's address
http://www.asx.com.au/asxpdf/20171128/pdf/43pn41njvympfw.pdf

and its clear they are in over the heads and worse is they seem to be patting themselves on the back about it!

The chairman's letter pats the CEO for negotiations in German a language not his native tongue and criticizes bureaucrats for not accepting "innovative" pricing. Is he kidding? It really says 2 things
1-What the heck is someone not fluent in German (much less German reimbursement regulations, IQWIG, GBA, Amnog Law...) doing at the table! No wonder we got the shaft!
2-Why is a tiny biotech who has 0 prior approvals trying to "revolutionize" pricing/reimbursement! They have no skill-set to even mimic what big companies have done much less "innovate"

Then in the AGM slides we find out.
1-Not only is the filing delayed (yet again) but even if they meet the timeline outlined (early 2019) they don't anticipate actually treating a patient till end of 2019! What the heck are they (not) doing to prepare!
2-They are talking about "acquisitions" building their pipeline? Get real they can't do one drug right and they want to acquire? That sounds like it well go well! I have no problem with a small singapore operation to further develop in house technology but don't waste shareholder money in licensing!

They are truly incompetent and it seems they don't realize it. There is no sign of humbleness in accepting their weakness and seeking help (hiring competent people to do the negotiations with payers, R&D people to run proper trials not like the EPP/Vitiligo disasters). Its time for an activist baring that the best hope is on US approval we get a buyout!