T,
My apologies for not responding sooner... been very busy the past couple of months, but don't worry I still follow closely, I just don't have much time to respond that often.
Anyway, myself I believe the bio-tech situation is quite interesting and has much potential. The left over bio-tech from FVRL is, "a nice wild card that could play out huge if management takes it slow and consults the right professionals in terms of value and potential".
If I'm correct, the Anti-CD20 made it's way to FVRL, through Diversa, who had licenced it from XOMA... I tracked it down some time ago through approximately 10 years of PR's and filings?
The only issue I could not overcome was "the value in this regard" because each and every deal was properly protected in terms of financials. (SEC Filings)
Anyway, even at the pre-clinical level, there should be some decent value to this technology. Keep in mind, Favrille did the deal with Diversa when they were flush with cash and investors...
FVRL was trading in the $2 range (Spring 2007?), and I am quite confident that Sanderling and Forward were behind the scenes "offering advice as to potential value".
Futhermore, FVRL put it on the shelf while they were attempting to reach the finish line with Specifid, so we never had a chance to speculate/realize, the true potential or value.
At this time, "only management would have this ability", and I have full faith in the MMRF team that they will do their best in regards to translating/transfering that value into the PPS for us shareholders in the future...
As for Specifid... time will tell, but we do know that 10's of millions were used to bring the technology from pre-clinical to Phase III.
(It would be interesting to revisit the final outcome in regards to the primary end-point which was established, and eventually missed. I'm sure Royston and Middleton would know more in this regard, because quite a bit of the trial funding came from their respected firms, and Royston was once the CEO of Favrille.)
Someone with deep pockets may want to give it another go, but that depends on extensive DD in regards to each and every trial, and having the money and courage to make another run at it...
(I'm pretty sure the FVRL auction only included "Non-fixed Assets" at the time, but not sure if the lenders that were due back then, had back door access to liens against the technology?
Either way we are making significant fundamental progress here with MMRF, and the technicals are looking ripe for a sustained move upwards in the PPS. Once revenues begin to increase consistantly, we will be on our way to setting new 52 week highs, and on a pretty regular basis, might I add...
As I have stated multiple times, Mr. Lorsch is a stand up guy, and believe you me, we are lucky to have him as the CEO of our investment!
Best Regards, Bernie
