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Ditto.
If all things lead to Rome, why is Rome burning?
If this is such a great story, seems to me we need new storytellers cause the existing ones aren't getting the job done.
Realist is on ignore. I did read his post though. Sad to say that realist has been right so far. But still on ignore.
Jazz,
Looks like BB or BP are all over it. I hope mgmt really understands the shareholder revolt sentiment. Unfortunately, the report card for publicly traded companies is the stock price. Not papers published, mice cured, number of talks being held.
If things don't change between June 27 and July 21, you can expect shareholders to mobilize between then and the shareholder meeting.
As the saying goes, a chain is only as strong as its weakest link. Great technology plus weak mgmt equals weak company.
BTW, having a $.36 stock price really helps on the financing end, just when you need it. How will warrants be priced? Is more dilution at ten year lows in store.
Are you listening mgmt?
I started reading. No mention of Thorpe. Down to $.35. Shareholder revolt will start soon.
Deletions sold off in advance of final date which would be June 27.
http://search.ssrn.com/sol3/papers.cfm?abstract_id=960727
11.6 mil shares traded since May 30. Hopefully institutions are winding down on the sellout.
What your asking translates into sale of the company.
Worse? OTC. A reverse split is an arithimetic calculation. If the company has the goods, institutions will buy as long as stock meets nasdaq compliance. If you think there have been games played under nasdaq, wait til you see OTC. That's where a systematic transfer of shares will take place. And plenty of cheap options to be awarded. Mgmt will not let that happen cause a shareholder revolt will probably happen.
I think that if you don't make it by the July 21, you have to issue a pr stating that you will be delisted subject to an appeal. That news will really cast a cloud, not that we don't have enough clouds already. If that happens I would like to see them also announce that they have retained an investment bank to explore options including a reverse split or potential sale pending phase II results. Otherwise the stock will be shorted into oblivion.
KT Where did you find July 7 earnings announcement?
Regarding the lawsuit, I did not find much info about CTL. Looks like it's privately held. I don't think there's much meat on the bone in terms of settlement dollars. Perhaps revenue from China?
From Raging Bull board, CTL and Epstein changed law firms. I looked up the old firm and new firm. Old firm was bigger and had strong intellectual property team. My experience in lawsuits is when a defendant changes horses midstream, it's usually not a good thing.
Or conflicts arise from new business dealings.
I don't expect any pr's until after June 27 and I expect some crazy trading between now and then. Mgmt has until July 21 to get the stock up to $1.00 fo ten days so July 7 must be the start date. They can ask for a hearing but I think you either get delisted or pr that you will be delisted which basically hammers the stock. If mgmt fails to keep the nasdaq listing I really think it's time to put the company on the block and do the best we can. Otherwise the price goes much lower while mgmt awards themselves more cheap options while they achieve their "milestones". One of those milestones must be running the company into the ground. Hopefully I'm wrong and they can pull out of the tailspin.
Let's see. At $87 mil market cap and AVID value at $30 mil and $10 mil in cash, that makes Bavi, Cotara and all the preclinical assets and patents about $47 mil. It's taken Thorpe many years and many millions to advance these assets. What's the market saying about value? Maybe $.20 on the dollar? Why?
We need an Icahn type to unlock value. This mgmt team has failed so far.
Those phase II's were announced last summer. They have not even started yet and the company has burned thru $20 mil in cash. What's my motivation? To get you guys and gals as po'd as I am and hopefully light a fire under mgmt's arse. No more "we're in talks" and "we've achieved significant milestones since the last CC". My guess is the trials have not started because of money issues which creates more money issues because trials have not started. Meanwhile, Thorpe probably is scratching his head as his other peers move their projects ahead. Change is needed folks.
Frustration as a shareholder. If pphm has the greatest thing since sliced bread, why are we the only ones seeing this? IMO it would not take all that much to support the price, ie several players to buy into the story. IMO mgmt has failed to tell the story or doesn't want the story told. When they don't own much and benefit from cheap options, the motivation is not there. How many fat cats are out there looking for the next home run. Has mgmt gotten the attention of any of them? No. Has our IB done anything? No other than tell folks hold off until we line our pockets. How does that impact current shareholders? It has a big impact when the company has to raise money when the price is $.40 per share.
Before you get too excited, I'd check with mgmt to see if they used a liberal interpretation of the definitions. I've lost confidence in the mgmt team telling us the real deal.
IMO too early to draw conclusions. The PR was issued to counter act Russell selling. Just like earlier PR's timed with PIPE's. Just one question. Plot the stock chart with all the pr's (mostly positive) over the last two years and you have a consistent pattern of issuing decent news followed by a stock drop. Why? It should be the other way around.
Watching Trump and LeFrak on CNBC. Credit markets have basically shut down. Very difficult to get financing with even the best of credit deals. Wonder how this bodes for PPHM? Good news is cheap dollar is making assets in US attractive for foreign investment.
That is my concern as well. I think you would see some shareholder suits. If the pipeline is so good and BP and BB are paying premiums for promising pipelines, I don't think mgmt would be that stupid. I could be wrong.
First step is to get rid of the poison pill or at least lower the amount. Second step is to get rid of the low milestone options. Mgmt has been rewarded for a low stock price over the last year. Why? If things are progressing, the price should reflect it and options should not be lower than previous stock price. If mgmt failed to communicate the "success" of a milestone to the market, they should not benefit.
If the market doesn't know about the tech, it's mgmt's failure. Does the price reflect value of the company? If it doesn't, mgmt has failed. That's a key part of mgmt's role.
Interesting article. I hope mgmt feels lots of heat. If things don't improve by July 21, hopefully the shareholders will demand results and accountability.
http://www.forbes.com/forbes/2008/0630/036.html
It depends on whether mgmt puts shareholder interest above their own at this juncture. They have valuable technology sitting on the bench while competitors are not sitting still. IMO they really need to sell ONCE we get some phase II results. They need to get competitive bids from BP or BB and not do a sweetheart deal that rewards mgmt down the road at the expense of shareholders.
You saw a different friend. My IB friend retired and lives in a 6,000 sf house (not cardboard because it couldn't meet code). He counterparts at another firm told PPHM mgmt to clean up the capital structure several years ago so they could get some institutional interest. The also said get away from the offshore PIPEs. Mgmt was clueless as to what institutions require. But they go to all these investor conferences to highlight why institutions can't invest. Let's see? You want me to recommend to investment committee a non-compliant possibly delisted stock with 226 mil shares outstanding and not enough cash to continue? Please give me some of what you're smoking.
Please forward this to mgmt. Yes, word is on the street they want to do a deal according to my IB friend. Unfortunately, they don't know how to do a deal. And they won't listen to folks that can help them. Very inexperienced mgmt team from a deal maker standpoint.
I stand corrected. I read the list several times and did not see it. Hopefully the selling is over related to the Russell.
Don't know how much was shorting or selling. Could be that institutions saw the writing on the wall and sold right after May 30. Either way, downward pressure on price. If instit sold and have to buy back in, upward pressue. Same with shorts having to cover. That's assuming they're on the wrong side of the trade. That's why I expect a battle in the days ahead.
A "Who Cares?" event happened around 9:31 am EST.
How many shares could have been shorted? A lot. Short interest info every two weeks is dated. As sor selling, it could have been after May 30 when PPHM traded below $1.00 which is a Russell requirement.
I would imagine some institutions sold early and others shorted in anticipation of the big dump on June 27. If it was shorting, there could be some nervous players out there on the wrong side of the trade. If some players are on the wrong side, let's see if they force it down this week.
A nice partnership deal with some upfront cash could tip the balance. Or resolving the financing question could help.
We were in the Russell microcap.
http://www.russell.com/indexes/documents/Membership/MICROCAP.pdf
Given today's pr, maybe the push to $1.00 starts today. Lots of selling or shorting in anticipation of the russell boot. If there's some major news and folks have to cover or buy back in, could be some interesting times ahead.
Also, don't need 10 days of $1.00, Just one day. Not sure which day though, whether it's June 20 or prior.
PPHM not on the preliminary deletion list. Next date is June 20. Could be interesting. Wonder if company is discussing issue with Russell folks.
http://www.russell.com/indexes/membership/Reconstitution/Recon_microcap_deletions.asp
I agree that mgmt needs to have some smiling faces by the ASM. If they don't make delisting, the letter goes out which adds another black cloud to the ones there already. The only card to play between now and the ASM is a Duke paper (if it's even in the works) and prelim phase 2 in India (or a license deal on a preclinical asset). With the appetite for biotech pipelines, mgmt may want to "go ugly early". Mgmt is not on the drivers seat with all the unhappy campers. Even with a poison pill, mgmt would have to respond and if they failed to deal with a legit offer, you could see some litigation. Mgmt can not make a good case for protecting shareholder value at this juncture.
It will be an interesting ride between July 1 and July 21. I expect some short to spoil the party for another agenda such as continued accumulation while under pressure due to delisting. I think the delisting letter comes out if they don't make it on July 21. Correct me if I'm wrong.
I think a shareholder revolt is brewing. A change is needed. All the selling has been russell related. Now mgmt will grant themselves some more cheap options. The technology really needs to be put in more capable hands. Great technology plus weak mgmt equals weak company.
Now that the patents have been issued, play ball. Get the phase II out there and let the bidding begin.
IMO there will be no news flow until July. Putting out PR's now is like swimming upstream. Once the Russell shakes out, which hopefully most of the sellers are done, the company might have 1% institutional ownership with a whopping 226 mil shares.
I was hoping for a big score with PPHM. Now I want to recoup my losses. My hope is a buyout which will most likely have to be forced on mgmt. What incentive do they have to protect shareholder interest? They seem to get rewarded when the stock price is low and relative to the float, they really don't own much of the company.
If they don't correct the ship soon, I would like to see an investment bank put the company on the block with expectations that once phase II data come rolling in, the highest bidder gets the deal.
I've called over six times and have yet to get a return call. I gave up calling last year.
Good point and could be. They could also be filing new patents before paper is published. If so, are we back to square on in terms of testing for news mabs?