At this point we don't know whether we are being screwed or whether someone is salvaging something out of nothing...

Mgmt as usual has terrible communication w/ shareholders...

$8 mil plus $95 mil plus prob $60 to $80 mil to continue development...

So some entity is willing to spend roughly $180 mil to advance the ball...

A newly formed venture backed by?

Is SK involved? If so how...

Is VC behind it... does BP participate via investment vehicle?

Did JW help put deal together?

Is BP involved in some way?

Who are the folks bringing the IP forward... hopefully better qualified than the SK clown crew... access to patients etc ...will they be running this out of Harvard?

If one reads FierceBiotech on a regular basis, hand me down drugs get low up front payments and are usually back loaded so the terms do not surprise me...

And lots of drugs that BP acquired w/ small biotech company purchases are thrown out after further testing...

There is a lot we don't know and mgmt should be forthcoming in the answers and we need to press them on providing answers.

https://www.fiercebiotech.com/

feedback i get is ip is in very good hands and a lot of money is needed to advance the ball...

so with upfront and milestones and cost, someone is willing to bet probably close to $180 mil or more (wag assuming $70 mil dev cost) .... and with folks hanging out at Harvard... the IP was not a scam... it was terribly mismanaged by RG SK and the clowns..

Thorpe had the lead horse in the race and he was sabotaged by incompetence and greed... and he died of a heart attack over all the bs that was going on imo

Perhaps $20 to $30 mil in milestones over the next year and dilution would not be so bad...

and if it works and pulls in $250 mil in sales... $35 mil plus in royalties would give Avid some play money... granted another dream...

Ronin did what they said they would... the company was poorly managed and they threw the bums out. Thank you Ronin... And Lias comes through with what he said he would... and in a timely manner...

Some new contracts and we will see some new investors. The Russell is coming up in June and it looks like SK may not benefit ... Karma

And maybe pretty soon maybe we get to be a takeover target...

from delaware

https://icis.corp.delaware.gov/ecorp/entitysearch/namesearch.aspx

FILE NUMBER ENTITY NAME
6692805 ONCOLOGIE, INC. Filing date 1/3/18

I am also getting positive feedback from my network... IP is in good hands...

I still don't know full details but I will relax for now.

Go Laura go...

Be our champion... and some advice... don't let SK ES CJ or DP get anywhere near you...

https://lillypad.lilly.com/entry.php?e=8125

The CEO is no flake .....

http://cvbr.hms.harvard.edu/researchers/benjamin.html

granted small upfront but milestones and double digit royalties if they bring it to market... and manufacturing contract....

doubt this moves the needle but now the focus on getting CDMO rolling...

been watching deals on Fiercebiotech... seems to be the trend w/ smaller upfront and back loaded...

https://www.fiercebiotech.com/biotech/pieris-seattle-pen-1-2b-biobucks-pact-for-next-gen-cancer-drugs

do you think SK agreed to cut his pay and have all his options expire after 20 years of work? he was forced out .... same w/ old BOD... the standstill agmt lets them walk without ronin pursuing them or assisting others in pursuing them... the moat was breached and the old regime left town...

I am aware of SK employment status. At the same time he is collecting paycheck thru 5/22/18. My point is that if there is a deal to be made, it should happen by 5/22/18. Keep in mind current CDMO mgmt wants capital and the sooner the better.

SK has until 5/22/18 to cash out his options at roughly $9 per share. Prior to the 12/22/17 severance agreement, many of the options had exp dates as far out as 2026 which have all been given the 5/22/18 exp date. So all the "collaborations, partner interest and IP interest" will be flushed out before then. Given the CDMO changing of the guard just happened as well as the tax code just changed, it will take time to sort thru all this. We know we have a motivated seller. So if there is a deal to be made, it will probably happen by before 5/22/18 (or SK gets some of his own medicine).

At the same time the overall market will be volatile given the fed is no longer going to spike the punch bowl and the bloom is off the rose with stable genius as far as fiscal discipline. All the while, BP has overseas cash to invest to improve pipelines. Choppy waters ahead.

what were you expecting two months into mgmt change? just curious... as to SP drop, anyone notice overall correction going on? CDMO is not on the flight to quality risk off list...

What lies are you referring to?

What they do with their capital is their business. They are a huge prop trading firm. They are out to make money. Extremely volatile market and prop firms use leverage.

I spoke with them a couple of times during the summer. Their mission from what I can gather based on my discussions: replace BOD ... imperative to remove ES CJ and DP and SK ... SK was way over his head running a company....replace BOD with competent BOD focused on CDMO... sell the IP for as much as possible.... get AVID straightened out ASAP... they saw the potential in the CDMO market and saw how poorly the company was run. I also spoke with Tappan as well during this period. They saw the potential of the CDMO market and saw how poorly the company was run.

And the old regime fought Ronin and delayed ASM three months and expanded BOD to 7 in order to remain in control.

Given the roughly two and a half months since they have taken over, I am impressed as to the progress made to date.

Two other things to consider...

The more institutions that are involved, the better from Ronin's pov imo. In other words the less retail, the better. So a ten percent sell off might be a great investment in the long run if it chases retail out.

And as far as the IP value.... I would not be surprised at $30 million nor would I be surprised at $300 mil. There is $500 mil plus invested in bavi (granted some very poor investment decisions w/ the home run go alone play)... Juno was just bought for $9 bil and Kite? And if the PS paradigm gains traction which it seems to be doing, the PS winner probably wants to block off channels of competition by securing competing IP.

Given SK's rainbow window expires on 5/22/18 with an average exercise price of around $9 per share, we won't have too much time to wait. And if anyone can recall the summer of 2012 when all of a sudden we started moving up, the psych ops were going on in full force. Wall St is still Wall St and retail needs to be moved out.

Run Forrest run....

Keep in mind up until the DS hearing last summer, the old regime was going to "limit" the BOD pay to $400k per year and add a BOD member 90 days after bavi was approved in US (with no trials in play for that "approval"). And they added unnecessary BOD members to try to stay in power in the Ronin fight. In other words the old regime thought they had a moat strong enough to keep the invaders out for a long time and no incentive to do anything but pass go every year and collect the $400k (thus the CJ jig folks mentioned). And the carrot salesman was hard at it with the "avid" profitability talk and partner interest BS.

So I am very happy Ronin has come in and cleaned house. The carrot salesman has until 5/22/18 to cash out his carrots given all his carrot options go away per his severance agmt (SK had option exp dates up to 2026 so he was sent packing imo). Reread the amended annual report filed in late August which primary purpose imo was to lock in the gravy train in the event of old regime ouster.

The fixes are straight forward and new mgmt has a good platform in Avid to build from and the right folks are at the helm imo. The CDMO market is consolidating and efficient biologic manufacturing capability is in high demand. And if worse comes to worse, the Avid play could be a bolt on acquisition for a bigger fish and the CDMO ticker could be an easy way out for a private entity wanting to go public. And we have a mgmt team that is not locked into self preservation leech mode which is what we had with the old regime.

The sale of the IP could add a boost to the efforts and if there is value, the timing w/ respect to capital availability and interest in general of BP in gaining an edge in I-O is as good as one can expect.
The IP portfolio was mismanaged as well thanks to a BOD not having any biotech experience to speak off.

As far as Ronin selling some off, look at the Dow and Nasdaq charts. Seem to me they are on spot on w/ market moves and they are a big prop trader (private yet very big) so they know what they want to do with their capital and are probably better informed than I am of where the market is heading. And keep in mind their level of investment in PPHM was geared towards ousting the ES gang and that fight dragged on three months beyond the usual ASM meeting dates which further set back the company from righting the ship.

So bottom line I am very pleased of what Ronin did. It has been roughly just over two months since the ES gang was chased out of town. The last quarterly report was top heavy with throw out the trash restructuring charges so hopefully will help future performance.

Will we see the astronomical rainbow the carrot salesman alluded to? Probably not.... but a nice rebound from the current state of affairs is very possible.

The good thing is that PS is gaining traction. I had the same concerns earlier about so called "infringements". PPHM does not own the playground, they just carved out a spot and created something ("IP") that is being evaluated as we speak as to its "worth" or "value". I spoke w/ a contact close to the situation a while back w/ respect to Birge patent. On a macro level, the more articles, science etc that helps the PS story, the better. The rising PS tide should lift all PS boats. At the same time the race is on to make the better mousetrap. When the winners are selected via BP Darwinism, the losers sink to the bottom.

We shall soon see how much cheese is in the mousetrap, if any?

and as ronin was buying a Sh-load of shares, mgmt was dumping at the same time and working hard to stay out of the russell...

yes probably no accident.... the level of investment was for a purpose... get enough shares to oust management... mission accomplished and I think we are on much better ground and it will take time... I see progress being made.... Ronin has a very big prop trading firm.... allocation of capital prob changes hourly and markets are very volatile right now....

from the 13 d

selling for a profit... brilliant... that's how to be a billionaire...

i was ready to sell in 2012 but they only gave me a 1 day window...

All pre split....

Ronin Capital

Common Stock:

· On February 1, 2017, Ronin Capital, LLC purchased 1,000 shares at an average price of $0.3043 per share.

· On February 2, 2017, Ronin Capital, LLC purchased 2,000 shares at an average price of $0.30995 per share.

· On February 3, 2017, Ronin Capital, LLC purchased 1,089,965 shares at an average price of $0.31547 per share.

· On February 6, 2017, Ronin Capital, LLC purchased 631,589 shares at an average price of $0.32101 per share.

· On February 7, 2017, Ronin Capital, LLC purchased 515,516 shares at an average price of $0.32359 per share.

· On February 8, 2017, Ronin Capital, LLC purchased 607,904 shares at an average price of $0.32076 per share.

· On February 9, 2017, Ronin Capital, LLC purchased 2,610,986 shares at an average price of $0.35647 per share.

· On February 10, 2017, Ronin Capital, LLC purchased 1,338,028 shares at an average price of $0.3534 per share.

Agree this is not going to happen overnight... Hopefully we are a takeout target once the ship is in the right direction. Once the "future" cash flow story is in place, we will see it in the SP... greed is still good... and we won't have the stench of the ES crew keeping institutions at bay...

Given all the trials we are going to see with all the combos coming out the yahoo, having the ability to manufacture these on a small efficient scale will be huge... and high margin....

And remember time is money for BP.... if you can recall, several spent hundreds of millions just to speed up the process with the FDA...

http://www.ey.com/Publication/vwLUAssets/ey-the-pharmaceutical-cdmo-industry-is-consolidating-september-2017/$FILE/ey-the-pharmaceutical-cdmo-industry-is-consolidating-september-2017.pdf

Conclusion and outlook
The consolidation of the CDMO market is
accelerating, with many private companies
selling to other publicly traded CDMOs or
new entrants. CDMOs follow one of three
business models to address the market
needs and grow their businesses: specialty
CDMOs rely on technological leadership
and provide cutting-edge services for
selected segments at limited scale;
capacity consolidators aim to be regional
or global leaders and preferred partners
for large-volume production of certain
product types; while vertical integrators
seek to provide value by addressing
a wide range of customer needs with
integrated solutions, from development to
packaging.

the cook catalent deal...

CDMO space is hot.... pretty easy fix w Avid imo with what they have to work with...

http://www.ey.com/Publication/vwLUAssets/ey-the-pharmaceutical-cdmo-industry-is-consolidating-september-2017/$FILE/ey-the-pharmaceutical-cdmo-industry-is-consolidating-september-2017.pdf

i think the CDMO ticker may come in handy for a private entity down the road...

Looking at it from ronin's perspective, Avid was a very attractive take out relative to value. Any IP value is gravy.

The old BOD delayed the ASM by three months to try to fend off Ronin which set us back three months and consumed one qtr of burn. Throw in the cost of the consultants hired to defend the moat. So basically the new crew has been running with the ball for just over two months. I see a lot of operating leverage with minimal investment to get to $200 mil in rev's.

Once the IP is placed and the capital needs questions answered, we will see some traction. And retail needs to be shaken out which is what is happening right now. Wall St is still Wall Street. Only I hope we have a set of competent crooks.

And the Cook deal was bought for 10 times rev's. Worse comes to worse we should have a home with the Cook acquirer.

sw... no PM capability...

like everybody else... we await the value of the IP.... the expectations have been lowered ...

as the Tappan guy told me last summer.... any IP value is gravy to them and they see Avid as a great business...

maybe not

could very well be BP's are securing production commitments... get the IP issue resolved and the capital raised for expansion and we are off to the races..

just what if a juno does a deal for bavi/ip with upfront money for cart stuff along with manuf agreement w/ AVID (celgene parent) and buy in to cdmo stock...

celgene could basically get the tech for free with the buy in which CDMO benefits as well as celgene...

lias mentioned in presentation that shelf was effective last week...

not surprised if selling ATM to add cash for qtr end...

not showing up on cdmo website but shows up on nasdaq and sec

https://www.sec.gov/cgi-bin/browse-edgar?CIK=cdmo&owner=exclude&action=getcompany&Find=Search

http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=12496098&RcvdDate=1/25/2018&CoName=AVID%20BIOSERVICES%2C%20INC.&FormType=EFFECT&View=html

my guess is capital raise before qtr end 1/31.... Lias said going concern is a problem w/ getting biz... about $23 mil current cash est or less if more restructuring charges ... r&d spend is down so 6 qtrs at $4 mil burn rate is $24 mil plus capital exp so they probably have to raise some cash to keep the ball moving forward...

They filed the s-3... are the noble folks cutting a deal for a private placement?

this may have nothing to do with IP value ... the ip could be worth something or nothing but the timing to find out could be off... they have to plow ahead ... as much as ronin bitched about dilution, one would think they would do only the amount needed for going concern...

And given Cook was just bought out for ten times revs, it would make sense for that acquirer to go after AVID

yes from what I understand... thus the reason tappan and ronin jumped in... easy fix.... and team ronin was not afraid of temp setbacks with existing clients per conversations ... they made themselves available during the proxy battle...

and tappan did extensive research on cdmo market... Avid assets are in prime demand w/ limited supply

patience...

Ronin and crew signed a standstill agmt. That doesn't mean all other shareholders have to standstill.

I'd ask SK to invest his 5 months left of salary towards the effort since he has the most to gain... turn him into an investor in his own carrot farm

If he doesn't want to invest, put him on the team cause he knows where the "leads" are like Glenngary Glenn whatever

And hire someone like Noble to oversee process... it's worth it IMO

Initial fee of $250 k plus 15% of proceeds to agent...

Set up due diligence room where prospects sign conf agreement and are given access to info...

I used to sell large institutional buildings to institutional investors... always a defined process and well documented..

Put out schedule and goals... first bids due x date...

Background on bidder and decision makers and internal decision making process... who signs off.. availability of funds

Preferred structure of deal... money up front, cvr's and commitment of buyer to advance science

contact info of KOL's such as wolchok to verify interest

Put certain amount of money at risk once horse is picked

x number of days to complete due diligence

This is not rocket science

if it's a competitive process, I have no problem with it..

I also think Mr. White has a lot of explaining to do given he welcomed feedback in their solicitation to shareholders per the invitation to "call me w/ questions" on the Ronin letters. The assurances he gave as to how they would handle the divestiture of the IP was an inducement for shareholders to vote for their plan...

The other option to consider would be to "donate" the IP back to UT system (or an MSK and MSK finds a sponsor where we might get something down the road) for tax purposes if all we are getting is a breadcrumb deal... way out of my league on this one but worth a try..

I once negotiated a building sale along w/ donation for a Habitat for Humanity building... we had a matching grant in cash for the value of the building and everybody won including the seller where the tax liability was offset by the "donation" below fair market value... and the owner was elated to help such a cause..

one more thing to consider..

all hypothetical..

if SK and crew show up down the road with the IP for ten million dollars, most here would be upset and lawsuits fly out the window at the entity w/ the IP and CDMO and they will come rest assured.. and CDMO should not put themselves in that position... not worth it starting out of the gate

but if SK ends up with the IP for $10 million after a competitive process handled by an agent with a fiduciary obligation to represent shareholders, then my attitude is thank you SK and good luck...

don't know... they had to kick out the old BOD first... this could also explain why previous mgmt hid the true numbers with AVID by consolidating with r&d side... very strange to talk subsid and not break out numbers... same with the BS talk of upcoming profitability without providing numbers or guidance... a dollar in profits total or 5 cents a share profit? ... and keep the institutional investors out because they demand answers not carrots..

my guess is mgmt wanted to keep the carrots out there on r&d until avid was up and going and then the scumbags would have been on the cash flow machine forever w/o accountability....

when lias mentioned a consolidation in the industry lots could change over the next few years... many private firms eventually want to go public as an exit strategy for the private investors.... maybe CDMO could be the vehicle..

as for the IP sale... would be interesting if SK shows up w/ IP down the road... maybe why the settlement... all the more reason for an agent such as a Noble to demonstrate market exposure and process...

I asked Dias why there was no list of assets for sale on website given CDMO still owned the assets and therefore was possibly undervaluing the company... a very poor excuse was given in that professionals don't go to websites to value assets... and if the market was not valuing the assets, what did they have to lose?

Somethings are not adding up and I can attest to Bfiest and have had many conversations with him... S White with SWIM told me they would hire professionals such as an IB to evaluate IP ... I compared notes w/ bfeist about those conversations... hopefully mgmt is not playing us for fools because they will be very disappointed in themselves if they shortchange investors by the way they handle the IP...

and one last thing for the day... the investor saw great opportunity in avid... i was disappointed in the outlook for the ip but relieved they thought avid had great potential...

yes ... some work to get there.... once avid shows some success i think we will rebound from current levels.... and i am sure mgmt prefers more institutional interest which means less retail investors...

last qtr cc was take out the trash and more trash needs to be dumped...

this will take time but satisfied (with exception of IP sale process) with game plan moving forward...

one other thing the major investor told me last summer... if the IP has value, why isn't mgmt loading up vs taking so much in cash? tough to argue with reality

I was thinking the same thing and SK is still collecting his six months of pay. And SK per SK has his dozens of collaborations. As to efforts by SK in the past, were those efforts saddled with unreasonable demands such as retain US rights, continued demands of entrenchment of the BOD? SK should be motivated given his options expire at the end of May 2018 and just over $9 per share.

I spoke at length with a large shareholder last summer that did extensive DD on the company. They assigned zero value to the IP based on several factors including what they thought was the lack of respect the SK crew had in the biotech world. Could that have been the result of such a shady BOD? I don't know. The company always had a problem with institutional ownership and seemed to chase them away with russell shenanigans imo. More institutional ownership would have resulted in more oversight which is what the company seemed to dread and for good reason. Couple that with the fact that PS was struggling to get traction and if the ambassadors were such sleazeballs, no wonder.

It is unfortunate that Thorpe put his trust in the ES crew and SK was the well paid puppet with zero experience in running a company. PS is gaining traction now and all the money spent was misdirected to sunrise vs further research and validation.

As for Lias, he is probably going 24/7 trying to straighten out the ship and probably doesn't have the time, knowledge or connections to focus on the IP sale. One group with a history and connections is Noble. Why not engage them with a healthy commission agreement? If they decline then there is a good chance there is not much meat on the bone.

The NCCN trials where we had to pay them tells me the interest was tepid imo.

I am relieved the Ronin crew took over and the previous mgmt has held us back three months w/ the delay in the ASM. Good riddens to SK ES and crew and if the SP hovers around $9 until June, so be it. We should get a nice pop in June with the russell inclusion and in general, more institutional interest now that the scumbags have been removed. Karma at its finest. All imo.

use a 6 to 8 multiple on that rev....

page 10

http://files.shareholder.com/downloads/PPHM/5892670337x0xS1683168-17-1772/704562/filing.pdf

Additionally, we have U.S. and foreign patents and patent applications relating more specifically to our product, bavituximab, including composition of
matter, combinations and methods of use in treating angiogenesis and cancer and in treating viral infections and diseases, alone  and in combination therapies.
These patents that more specifically concern bavituximab compositions and their use in treating cancer, both alone and in combination therapies, are currently set
to expire between 2023 and 2025.

Sounds like he doesn't know what he is selling which is a real problem. No process and no IB even as consultant. I spoke with Brekken in July. If I can recall I brought up the patent issue and he thought the bavi combo patents were later. Some patents expire in 2019 and 2021. I want to say the bavi related patents expire 2023 for mono and 2025 for combos plus the extension possibility.

It could be an issue but Lias needs to be educated. If they don't know what they have, they need to hire someone that does.

Both folks you mention are from MSK. I believe someone else mentioned a planned trial w/ car-t as well. I believe it was with MSK. As for bavi availability, should be non issue. The issue is trial sponsorship.

Also other car-t news... now is the time to be on the playground, not the sidelines. New mgmt took the reins about six weeks ago so it takes time... Are we there yet? Are we there yet?

https://www.fiercebiotech.com/biotech/gilead-kite-team-up-pfizer-for-car-t-mab-combo

simple... they had the votes to kick mgmt out.... tappan had 9%, ronin had 9% plus others and dart? .... per the chronology and ronin's letters, SK fought for team ES. Ronin had the votes and once SK realized they were gonna lose, they gave up control... as a group we could have done something much earlier but we had many protectors and gazee's.

I think SK was given his walking papers for this very reason. Maintain US rights, pole position etc. Now SK is in the pole position.

and cdmo car-t IP...

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=130490016

MSK, Ludwig, Parker etc have their name on this...

Can anyone at the ASM ask about status of this?