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This men is a bad manager and he is a control freak; so it is impossible for him to timely and adequately inform shareholders becuase this would mean that he could be considered as not being in control of the process.
Since we are likely losing the major part of our money I now hope at least he will see his creature being bought out and brought to sucess without him being part of it !!
how are they going to solve :
1.00$ NASDAQ requirement ?
cash needs (given almost zero revenue) ?
easy...a reverse split and a new offering...
disgusted, disappointed and feeling fooled around
Everybody vote WITHOLD for the Board and against everything else.
Let's kick them out. Arrogance and incompetence together...never thought Odidi would have proven so inadequate.
Angelo, where are you ?
what's your take about this reporting ?
and why releasing it on monday, instead of friday, as was done in the past, given the very negatuve content of the reporting ?
Wim, the mangement or Odidi himself are very likely to hold the biggest part of the shorts...they are too well timed.
...and would be the only way to justify Odidi attitude..he has nothing to loose.
Hope to see today one of the funds is increasing his position.
Wim, they stated that almost all of the revenue came from PAR licensing !!
Seroquel = close to zero.
Keppra and Gluco shelved, and this idiots make a new offering instead of moving their NDA forward ?
Reading the management report it is now clear to everybody why I repeatedly wrote on this board TIME is MONEY. Each quarter makes a generic drammactically less valuable than the previous quarter.
Same for NDAs...collecting dust it is usually a demential strategy.
Let's now be realistic...the market will now start to price the new inevitable offering, the one which will trigger the funds overtaking control and then passing it up to a pharma taking over.
Odidi...shame on you !!
Odidi his proposing a new director (+1 salary) BEFORE any possible Agreement on the China side ?
is it a joke ? an insult to shareholders ?
Announce a deal and contextually propose the new director who made the thing happen...
same logic of first having the bonus for an approved ANDAs and then leaving it on the shelf ?
These guys @ IPCI are without shame and honour.
Let's kick them out.
Armistice will get us took over @ 1$ thanks to Odidi.
The big short position I reported here some days ago does seem to be consistent with company developments. Their revenue just disappeared.
Now, who can be so informed to have a correctly timed huge short position (compared to flaoting), position which was decreased before the AdComm and then constantly increased thereafter ?
I have this upsetting feeling, a feeling which could change my consideration of Odidi being a complete inept to being a smart bast..rd: Odidi himself has been holding this huge short position, something which is his insurance and could justify his lazy attitude.
He has a big salary, he earns wounderful interests from debenture, he gives jobs to family and friends, he can run the company like it was his family business....and when/if he knows something big his about to be finalized he will cover his position.
If the company fails he wins with the shorts being closed at 0.01.
Fantasy ? It is almost impossible to find out who is the benefical owner of a short position which has to remain "confidential"
Couldn't find any reason for the drastic drop in Revenue; but this explains why they had to make the new offerings.
IPCI is surely a good fit for an OTC company; it looks like the spent some moeny on trials but they didn't communicate when they started (as ALL other biotechs do) and on which product.
They still have 2 products shelved, for which they are considering international commercialization (China ?) ...TIME is MONEY for everybody except them !!
China...how low does it take to sign up an Agreement ? Or are they first incurring costs, setting up, etc and then go for the Agreement ?
Consistently disappointing over the last 2 years...I would say over the entire period following the Focalin FDA mess.
" Segmented information
The Company's operations comprise a single reportable segment engaged in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs.
As the operations comprise a single reportable segment, amounts disclosed in the financial statements for revenue, loss for the period, depreciation and total assets also represent segmented amounts. In addition, all of the Company's long-lived assets are in Canada.
The Company’s license and commercialization agreement with Par accounts for substantially all of the revenue of the Company "
What about Seroquel ?? Guys...what the hell is going on ?
They report 1/4 of reveneue vs previous year and they say nothing ?
Beyond outrageous
The company needs a brand new management.
Months after months same empty words and phrases.
A new offering it's in the numbers if they don't make some partnership or restructuring.
Kick them out.
Vote against the board
Guys they really suck. No updates, no achievements, ...nothing new.
SG&A exploding
Managers' discussion ...a cut and paste ??
Disgusting
6k filed. Anybody could see the financial reports?
Mopar44, happy to hear it.
Hope Doog could join you.
Would also be very nice to see Armistice and Anson attending...even if they don't ask anything...just to say...hey ..we have been watching you
You may be right, sad but true.
Just hope we long time holders can end up with a little smile= at least breakeven our investment
Let's hope Purdue can see a 200mln value in the Rexista+Prodras...
They would like turn those 200mln into a billion in a couple of years...
Let's prepare for the usual quarterly promises and disappointments
"That's true, but if/when Armistice et al find a buyer they do not ask Odidi to act but they more like tell him how this will happen. "
Yes you are right...my point was that if Odidi wasn't the slowest CEO in the world he could try to advance some of projects increasing the company value.
right now I would sign today for a take over @ 170-200Mln mkt cap...I see it like a dream given where we are and HOW we got here.
tilator I tend to agree about everything you wrote,
unfortunately the potential for much higher valuations than now is linked to the TIME factor; something I stressed out many times in the past, saying how Odidi has been completely disconnected from reality beacuase of not putting the TIME variable into his personal IPCI valuation equation.
a possible buyer has now the interest to close the deal in a relatively short time, without giving Odidi the possibility to achieve important trial results which could trigger a repricing and interest from some Others.
and unfortunately we know Odidi has never been in a hurry to deliver anything !
Wim, here is mine, which is considering the very low negotiating power that Odidi has given many products are unproven:
10 generics = 5mln each = 50Mln
Regabatin = 30Mln
Rexista = 30Mln
Prodras = very difficult = 15/45Mln
technology Platform = 15Mln
Total: 140-170Mln / 43.5Mln = 3.2 - 3.9$ per share
if IPCI starts to deliver on some of important projects I would move the range in the 200-230Mln
fanta.scenario (or not ?)
most likely buyer: Purdue
most likely shares manipulator: MM on Purdue mandate
Armistice and Anson directly selling to Purdue
Odidi offered a CSO role for 10 year @ 1mln salary per year plus royalties partecipation for future commercialization
I would say it the other way around:
Everything 300mln
Odidi -100mln
Thank you so much Samsa.
I think it is interesting Armistice decided to strongly pass the 9.99% thereshold knowing the warrants become non exercisable.
Tilator made a good point.
to me it is very unlikely that Armistice did put so much money into a tiny cap company without having a clear plan (exit strategy) other than dumping all the shares into market.
they are (already have) in contacts with a possible interested acquirer of their share or of the Whole company.
The lesser mr Odidi delivers in the next weeks the lesser the value of a possible take over or change of control.
We are in Odidi's hands...let's just hope he doesn't start clapping them! lol
I am not sure...when it comes to legal english I sometime get lost. would like to know what SAMSA thinks of this.
It is as well important to read that Armistice is now @ 19.75% and that they have different tranches of warrants; it looks to me this guys have pretty serious intentions with IPCI.
Everybody read carefully here "Apr 10 2018 Alternative monthly report "
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00029068
"The requirement to file this report was triggered on March 16, 2018 when Armistice, on behalf of certain investment funds managed by it, participated in a registered direct Common Share offering of the Issuer and acquired an aggregate of 2,916,668 Common Shares and 1,458,334 common stock purchase warrants of the Issuer (the “March 16th Warrants”). Since the date of the
transaction, Armistice, on behalf of certain investment funds managed by it, has continued to acquire Common Shares of the Issuer on the NASDAQ market."
"A holder of Warrants (as defined below) will not have the right to exercise any portion of its Warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% or 9.99% of the number of Common Shares outstanding immediately after giving effect to such exercise (the “Beneficial Ownership
Limitation”); provided, however, that upon notice to the Issuer, the holder may increase or decrease the Beneficial Ownership Limitation, however in no event shall the Beneficial Ownership Limitation exceed 9.99% and any increase in the Beneficial Ownership Limitation will not be effective until 61 days following notice of such increase from the holder to the Issuer."
"As a result of purchases from the treasury of the Issuer and normal market purchases noted in Item 2.2 above, Armistice
1 8,600,000 Common Shares;
2 1,458,334 March 16th Warrants
3 909,091 warrants (the “October 13th Warrants”) to acquire
909,091 Common Shares with an exercise price of US$1.25 per share
and an expiry date of October 13, 2020, which warrants were purchased on October 13, 2017;
4 1,125,000 warrants (the “March 21st Warrants”) to acquire 1,125,000 Common Shares with an exercise price of US$0.60 per share and an expiry date March 21, 2021, which warrants were purchased on March 21, 2018."
"As the percentage of Common Shares over which Armistice exercises control or direction has exceeded the threshold of the Beneficial Ownership Limitation, Armistice has calculated its securityholding percentage on a non-diluted basis,which is approximately 19.75% of the Issuer’s 43,537,849 issued and
outstanding Common Shares as reported by the Issuer in its material change report dated March 23, 2018.
I hope he will be reduced to CSO..the sooner the better...hope the new guys in town will increase their shareholdings before he is allowed for more damages.
Odidi&friends didn't cut their salary, didn't close the convertible debenture, didn't subscribe any part of the offerings, they didn't buy a single share on the open market...
They are just an insult to shareholders...collect salaries and bonuses and deliver nothing...wow
Two examples of what others can do when raising money but putting more skin in the game...just recently...Intercept and Scynexis...very different stories but ...management is another class
Short interest as of 29 march: 1'940'197 shares short (-123K vs previous 2 weeks)
this means that NONE of the new shares issued have been used to cover.
this means as well that the shorters are still convinced about their view (likely very negative), but at the same time the possible squeeze could be gigantic considering the low floating.
now, who will have right...shorters or Odidi (plus new Funds) ?
Positive, negative, neutral?
When the Purdue patent is going to end protection? What's the meaning of a reschedule at this point ?
Let's kick him out!!
Enough !
Still wonder how a brilliant scientists could go into the AdComm without HAP/HAL studies and without considering some support to the dye additive.
To me he is the main if not the only problem this company has...like those team who cannot win when there's the star player on the field while they are unbeatable When he's not there
". They ignore the facts of others who were approved months after IPCI and MNK launch now have a larger share of the market. so clearly contracts were not locked up."
Samsa...this is impossible. They are just arrogant...which at some point become stupid.
They know for sure Lupin was a winner...but they sucks at acting, plain and simple
Odidi ft. Simon&Garfunkel
"The sound of silence"
Surely next Q results will be accompanied by a new surprising music theme...ehm...maybe not
Wim, the 5 didn't buy shares in the offering, otherwise they should have had to file a SEC form.
Not clear why they possibly got warrants with Anson buying the shares.
Anyway let's see if the magic team is preparing to surprise the market ...or disappointing it again.
I was also thinking of how winning the Purdue strategy revealed to be against our minor league team.
I am not sure of the meaning
"Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering: 5 "
Ipci BoD and Odidi are simply not good at managing a company.
They deserve to be forced out.
For what regards Seroquel disappointment...ok it's not ipci responsability, but once ipci realized the bad development then they should have partnered Regabatin or Podras...or whatever...they DID Nothing.
Company will likely be sold between 1.50-2.00 with Odidi working in the labs for 200k per year but with the possibility to cash out its Odidi's holdings in the future, when some good management will start to deliver
Wim, I would say 55% they reschedule everything, 30% they deliver minor updates, 15% they start to seriously get things accomplished.
Reasons for this % being their past track record.
Seroquel and Focalin weekly numbers TRX Count
Seroquel (MKN): 527 (previous 520)
Focalin (PAR): 4.08K (vs 4.52K)
they both stgnate. we NEED SOMETHING ELSE !!
Given the importance of Armistice share I am almost sure they approached Odidi, to have some light on the future company REAL plans.
from that point onwards everything ccould happen, it all depens on Odidi willingness/ability to deliver (1) and find agreeable plans (2).
IPCI for Armistice and Anson ha a relatively low specific weight; therefore I would expect a rather tranchant behaviour...they won't spend months negotiating with Odidi.
When a professional investor decides to buy something with low "liquidity" he consider the size of his stake in relation to the dayly turnover.
You have then a ratio which gives you the degree of liquid ability of a position.
For stakes like Armistice's and Anson's the exit strategy cannot be an at the market sale.
The bigger the stake the more important the exit strategy.
Angelo,
"But unlike you... and many others on this MB I have complete faith in Odidi as a CEO... "
your point is as legit as mine...who I consider Odidi a complete disappointment.
faith has to be followed by results at some point; the MKN deal was good when inked, ok, but then when something turn bad you have to react.
Questions based on FACTS:
How do you consider Odidi going into Rexista AdComm without HAP/HAL studies (which the competitor COLL had instead presented) ?
How do you consider going into the AdComm without having a single possible study supporting the Blue dye ?
How do you consider having 2!! approved ANDAs collecting dust instead of even small money ?
How do you consider IPCI having ANDAs which have been waiting for approval 6years or more (and they told they were expecting two approvals by end of 2017) ?
How do you consider the neverending postponing of the gem (as you call it) Regabatin ?
How do you consider making 2 (formally 3) offerings in 6 months, Always at historical low prices ?
I cannot have faith in a leader with such a track record; the only reason I am still IN here is beacuse I am too deep in the red and I believe a management change could start a turnaround.
wim, I really really don't like the price continuing its neverneding downward, even now that we have 2 shareholders @ 26% of the company + warrants.
There is no point in going further down.
I fear there is a major plan going on by those (or other funds); the risk of being took over, taken private and sold out for penauts is to me concrete.
They can approach Odidi and grant him a 1mln salary for ever as CSO...and having no other alternatives he would accept.
Honestly we didn't have a single concrete development since rexista failure; they don't even promote themself...it looks scary.
Once the sharqs realized the management is not willing to defend the shareprice it has become an easy game.
doog,
there is too much nonsense in how IPCI has been managed.
I believe the only possible explanation is that they just are incompetent at leading a company, with the negative of not understading what REALLY MEANS to be a listed company.
we have
- the Focalin problem,
- the Seroquel problem,
- the Rexista disaster,
- the mystery of China conncetion,
- the lack of Regabating partnership;
- the delay in launching HAP/HAL studies for the new Oxy
- the delay in launching/partnering PRODRAS
- new shares offering systemtically done at the worst timing
- no marketing/business promotion
- an ANDAs pipeline with incredible waiting time for approval
- lack of investors communication
- lack of financial markets dynamic understanding
Whoever thinks that this BoD and the CEO shouldn't be removed, please indicate why ?
...and I mean REMOVED as of today...each new day with these guys at the helm just makes it more likely that we all end up bad.