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Odidi after offering:
one for me, one for my wife
two for me, one for my employees
three for me, none for my shareholders
I guess he sure knows how to milk a pig!
Volume has been up last couple days. I guess we all know what me be coming after hours tonight...
wimike- First, the season has been great so far!
Second- how can management not think they have failed in a huge way... In the real world- IPCI management would have hit the bricks long ago... But this is the IPCI world- not reality- and the idiots that screwed up so badly continue to be paid generously...
wimike- I am guessing bills are piling up and only paying employees. I am guessing Odidi's are just waiting for the money to come in and then will take back pay for their ridiculous salaries. I wish I had a job like Dr. Odidi. Fail and make no progress for 10 years. All the while taking a fat, out of whack salary. And your wife does the same.
IPCI should probably be taken private. What is the benefit at keeping it NASDAQ listed at this point?
Doog- Think its possible the Anson shares were used to cover a short.
Trend- Yes he consistently makes no progress on anything! With a staff of 50- with several executives- a competent CEO could make so much progress... The lack of progress at IPCI is so staggering, he really cannot be trying at all... I have come to the conclusion he just does NOTHING! But he sure used to talk a big game...
Fabius- Yes, every Friday for the past month I thought offering was coming after hours. They need to realize that with a market cap less than their burn rate coupled with revenue of maybe a couple million per year they cannot sustain what they are doing. They really need to start making cuts and work on ways to generate revenue. For them to think management does not need pay cuts is ludicrous... For them to think they need 50 employees is ludicrous... For them to believe they are a manufacturing facility is ludicrous... One thing I have come to believe is part of the reason MNK cannot sell Seroquel is manufacturing costs are too high in Toronto. Yet Odidi visited China investigating overseas manufacturing last year... Yet they still have no overseas manufacturing... Can that guy make any progress on anything ever????
BTJ- Yeah, all the praise those pump articles have given him. Someone should write an article on how he took a capital investment by shareholders in excess of $100M and turned it into a failing company worth $10M... With a burn rate IN EXCESS OF ITS MARKET CAP... And CEO and COO annual compensation ALMOST 20% OF ITS MARKET CAP...
Fabius- I agree, I can't believe Odidi is not doing anything. Very pathetic CEO indeed. Look at how Musk has battled shorts and naysayers. Yes Musk is not my favorite, but at least he shows emotion and tries to fight for his shareholders. Does Odidi not realize the further he lets this fall, the more he will have to dilute? I guess the only rationale answer would be he will be buying the offering... But I am sure that jerk won't stick one dime of his into this company at this point.
In that 2010 interview he said:
1. 4 products have a good chance of approval by the back half of 2012
2. And 5 years down the road(2015) he saw IPCI as a $500M-1B company.
Now it is 2018 and it is a $10M company...
Great work Dr. Odidi, you are my hero!
2010 interview with Odidi:
Anybody driven by IPCI lately to see if any cars are in the parking lot?
So what is Odidi's plan? Does he even have one? Or is he just hanging onto an out of control train hoping and praying that he and his baby can survive.
Samsa- I hope your right and he has something in the works... But past history has shown us he never has anything in the works so unfortunately I see him diluting soon. Of course he does not want to at these levels. But also does not want to do anything that is smart or makes sense. That is totally out of his character.
Odidi is a brilliant scientist... I heard all the silence is because he is secretly working on a pill that will cure stupidity!!!!
wimike- I think they probably have some bills to pay once the offering gets finalized. I am guessing soon.
What did you say the difference between a moron and idiot was?
Mopar- Yes RS does not change market cap. That is the thing that is so disturbing. How low IPCI's market cap has gotten.
Mopar- I think that is a good sign big guys voted for RS.
Biotech Junkie- Time for IPCI to trim the fat. It is OK for profitable companies to have excess fat but public companies with long history of losses need to be lean. Time for IPCI to trim the fat. Here is the start:
1. Fire the Odidi's outright. IPCI does not need them.
2. Restructure management to less positions. President, VP of R&D, VP of Sales and Marketing, VP of Finance.
3. Hire VP of R&D one other good scientist to manage development and pipeline. Hire FDA regulatory affair smanager. Keep the lab people around that work on development/pipeline.
4. Get rid of fatty positions like shipping people, janitors, mail clerks. These are not essential people in small operations and this work can be absorbed by the other staff members.
5. Get rid of the entire BOD.
This is good start.
I called him Dr. Odidiot yesterday. Now I am reconsidering with Dr. O'shady.
Tilator- I hope so. Actually I think they should just clean house. Get rid of the Odidi's. Get rid of Akempyon. get rid of entire BOD. Restructure to a smaller management team. President, VP of Sales and Marketing, VP of R&D, VP of Finance. Hire new scientists to finish the products they are working on. Bring in an FDA regulatory expert. But most importantly get rid of the Odidi's. Way too expensive for the pipeline IPCI has. Also sell off some assets to keep doors open. Keep doors open via cutting burn rate by 30-40% and selling off assets. Getting rid of Odidi's would go a long way to reducing burn rate.
Lastly, open an investigation into the Chinese endeavor. Force Odidi to come up with personal receipts that show he paid his own expenses for his involvement in Smart Pharma. If he cannot, sue him personally for damages. Hold him accountable for his actions.
Question- What percentage of the IPCI market cap is the Odidi yearly compensation package? Pretty sad... To think someone is so arrogant and greedy, that he feels he should continue to be paid so highly is lunacy...
Samsa- Is Wainwright still calling for a price target of $3 per share? LOL... We know when they give the next upgrade that they have a commission coming in from next offering. LOL...
Fabius- I agree, how can he let market cap go below $10M and do nothing? Especially when he has to raise money to keep doors open. After R/S, it will be 25% dilution for a quarter worth of operating cash. How can he sit back and do this? The problem is he should have been working on and taking deals a year or two ago. Right now, no one in their right mind will give his reasonable terms. The degree he has mismanaged this company seems unreal... So maybe he is a con artist.
Meeting should be over soon, so I would expect to hear the results soon.
Simco- They took huge bonuses on Keppra and Gluco on approval. They have not sold $1 of these yet. They also took bonuses on Seroquel- which they have not commercialized successfully. The pipeline is stale and never advances despite new promises every year. The salary they are paid is paid through dilution. When you think about it, it is like the pyramid scheme... Keep selling shares on promises and funnel the money to you and your wife through ridiculous and unjust salaries. I agree, lets hope for karma. People have mentioned on here how Odidi might be a religious man. Typical... Go stand in front of the congregation all pompous and righteous. But when it comes to living with good and moral actions during the week, you just go back to hoodwinking and scamming new suckers(shareholders). Yes, let's hope for some true karma for Odidi and the BOD.
Yeah but that can't do anything about the shareprice... Its called progress and advancing the pipeline... But yes they can't do anything with that... Completely out of their control...
I am not a big fan of Elan Musk but he at least tries to fight the shorts and shows emotion that he will fight for his shareholders.
Odidi just ignored everything and let the price collapse. He certainly could have done more. Does he not understand that his inaction here relegates him now to dilute at extremely low levels? Boy, how can anyone be that stupid and incompetent. But I guess it comes back to his other fault... He can't advance the pipeline at all... So people looking in from the outside say this company gets nothing done... And the stuff they get done, they can't sell, partner or make a profit on... This, the stock is not worth anything as it will be nothing but dilution after dilution after dilution...
We all call Odidi an idiot but he is smart enough to continue to run this scam of a company and continue to take shareholder monies via his salary and bonuses.
Fabius- Take a look at the picture in China again. Odidi went over there tooting his own horn on IPCI's dime and struck a personal deal... All the while there telling people he was this big CEO scientist, with a big Canadian pharma company... He left out the part that he was running the company into the ground by not advancing the pipeline. And all the while collecting his fat salary when no progress was being made.
Fabius- Odidi is totally incompetent. What blows my mind even more is they have 50 employees and two "supposedly" top notch scientists... And there has been absolutely no progress on anything of relevance in the last year. What are they working on? I am guessing the floors are very clean because 45 people push a broom all day.
Remember this update on what they are working on from January? looks like some dates have slipped and the only progress I know about is HAP studies beginning:
Drug Portfolio Update
Oxycodone ER Abuse-Deterrent Program
The Company’s NDA for an abuse-deterrent version of Oxycodone ER was accepted for filing by the FDA less than twelve months ago. The submission was supported by Category 1 abuse-deterrent studies (to support intravenous abuse deterrent label claim) and pivotal pharmacokinetic studies that demonstrated that the product is bioequivalent to OxyContin® (oxycodone hydrochloride extended release) and can be administered with or without a meal (i.e., no food effect).
The joint meeting of the Anesthetic and Analgesic Drug Products Advisory Committee and Drug Safety and Risk Management Advisory Committee of the FDA held in July 2017 expressed a desire to review additional data for Oxycodone ER that may be obtained from human abuse potential studies for the oral and intranasal routes of administration. The CRL from the FDA received in September 2017 clarified concerns expressed by the advisory committees and the path for resubmission of the application. Subsequent to receiving the CRL, the Company immediately began preparing its response, including finalizing protocols and plans to complete the Category 2 and 3 studies to support the application.
The planned studies to support both the oral and intranasal route of abuse-deterrent label claims are scheduled to commence within the next few weeks and expected to be take approximately six months from commencement. We anticipate that the NDA will be resubmitted to the FDA in late summer 2018. As previously announced, as a result of the patent infringement proceedings against us in the United States launched by Purdue Pharma L.P. et al (collectively, “Purdue”), the FDA is stayed from granting approval of our Oxycodone ER product until August 24, 2019 unless the court declares Purdue’s patents to be invalid, or not infringed; or the matter is otherwise settled among the parties. The Company believes that it does not infringe the subject patents and that it has a well-prepared strategy to vigorously defend against the claims. A trial date for Purdue against the Company regarding the product has been set for October 22, 2018. With a resubmission of the NDA ahead of this date, the Company anticipates that it will remain on its original schedule with respect to commercialization at the earliest possible opportunity.
Intellectual Property Portfolio
PODRAS™ Technology
Intellipharmaceutics continues to make progress regarding its PODRAS™ delivery technology, recently obtaining three additional patents from the U.S. Patent and Trademark Office (U.S. Patent Nos. 9700515 and 9700516 in July 2017 and No. 9,801,939 in October 2017) also entitled "Compositions and Methods for Reducing Overdose" and covering aspects of the Company's PODRAS™ delivery technology. The Company is optimistic about the prospects of this technology, which deliberately regulates the bioavailability of active ingredients in both generic and non-generic medications in a way that reduces the opportunity for overdose and/or abuse. The Company is finalizing plans to initiate proof of concept trials in humans. The Company believes that the preclinical work on the technology to date has shown encouraging results, but human trials are required to show that the technology works as expected. The human studies for PODRAS™ are expected to take place in the first half of 2018. Based on the results of these studies, the Company will evaluate commercial opportunities for the technology including potential out-licensing as well as incorporation into products within our pipeline.
Drug Development and Commercialization Progress
Generic Seroquel XR® and Generic Focalin XR®
Intellipharmaceutics’ marketing and distribution partner, Mallinckrodt launched all strengths of generic Seroquel XR® (quetiapine fumarate extended-release tablets) in the U.S. in June 2017. With the launch of two additional strengths of generic Focalin XR® (dexmethylphenidate hydrochloride extended-release capsules) in November 2017, the Company’s marketing and distribution partner, Par has now launched all strengths of generic Focalin XR in the U.S. Intellipharmaceutics continues to work with Mallinckrodt and Par to gain traction in the competitive U.S. market, and is actively pursuing opportunities it has identified outside of the U.S. to expand global market reach.
Regabatin™ XR
The Company has had in development a once-a-day non-generic controlled release version of pregabalin (marketed in the U.S. by Pfizer under the Lyrica® brand) under the NDA 505(b)(2) regulatory pathway, with a view to possible commercialization in the U.S. at some time following the December 30, 2018 expiry of the patent covering the pregabalin molecule. Regabatin™ XR is based on our controlled release drug delivery technology platform which utilizes the symptomatology and chronobiology of fibromyalgia in a formulation intended to provide a higher exposure of pregabalin during the first 12 hours of dosing. The FDA has recently approved Lyrica® CR, a branded controlled release formulation of pregabalin. The Company believes its product has significant additional benefits to anything currently on the market and is very excited to continue development of its formulation. We are currently evaluating partners for required Phase III studies and expect to begin these studies in the second half of 2018.
Other Products and Markets
Intellipharmaceutics continues to pursue partnering opportunities of its other ANDA, Abbreviated New Drug Submission (“ANDS”) and NDA products and product candidates, both in the U.S. and internationally. The Company has a strong pipeline of ANDAs. Two ANDAs have recently been approved and others are in various stages of the FDA review process. While commercialization opportunities for our product have been challenging in the U.S. due to the extremely competitive cost environment, the Company has been working with its supply partners to reduce input costs and achieve efficiencies which we expect to lead to new opportunities in the U.S.
In addition, the Company continues efforts to identify opportunities overseas, including in China, that could if effectuated provide product distribution alternatives through partnerships and therefore do not require an investment or asset acquisition by the Company. The Company recently visited China where discussions toward establishing a partnership to facilitate future development activities are ongoing. The Company has not entered into any such arrangements at this time. These opportunities could involve out-licensing of our products, third-party manufacturing supply and more efficient access to pharmaceutical ingredients and therefore assist with the development of our growing product pipeline.
As the Company builds its product portfolio, we are also seeking to add additional product development candidates to our pipeline. We have received considerable interest and are investigating several opportunities to develop products in collaboration with international partners.
Doog- Unfortunately I am seeing the same. What I just cannot let go of is the big song and dance they gave early in the year on what they would do in 2018. It is 3/4 of the way through 2018 and we have not seen one iota of progress other than the HAP studies starting. How can the Odidi's continue to justify diluting to pay them each almost $100K per month? For that combined $200K per month shareholders get nothing but empty promises.
Dr. Odidiot
I guess it is obvious at this point that IPCI will take no cost cutting measures. They will just R/S and then dilute. I guess the burden of this mismanaged company is not on the employees, management, BOD, etc. They continue on unaffected. However, the long term shareholders are being wiped out. Is that really fair? The Odidi's have put us into this position but they will be fat and happy with their ridiculous salaries. And what is even more ridiculous is the grandiose plan of the things they were working on this year... They spouted it from the rooftops early this year... But it sure appears it was all talk and no action. That is what Odidi is... All talk and no action. Well time for him to pay the piper soon. He will dilute himself out of a job. And then he will be relegated to go work at a Chinese University. One thing I will make certain is he never sells a single share of his bogus Chinese company. If he thinks he can run to China and run his next scam, I will make sure everyone over there knows what he did in Canada. And how he screwed over shareholders and ran IPCI into the ground. So Odidi if you are reading this, take note and realize your backup plan will not be a viable option.
Anbody hear that sound? Its the bus Odidi is driving that the IPCI BOD and IPCI management are about to throw every IPCI long shareholder under!!!!
Whatever happened to building shareholder value? Did we not hear something about that about a year ago... How they were working on that? Sure looks like the opposite has happened and they wiped out all the long term shareholders with dilution after dilution after dilution... I used to think this company would get some approvals... I used to think they would make some deals... I used to think there was hope here... But hope has left the building...
I think most long term shareholders have given up on Odidi. Thus, very few posts on here. They published a long list about what they would do at the start of 2018. But it has been crickets since then...
Some serious volume today...