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Jesse, with all the potential suitors including big pharma, one of the existing partners, Merrimack, Pharming, TEVA, Dr Ready etc, how in the heck did you come up with NABI?? Just curious. bp
Jesse, Thank you this favor. Could you see if the deck hands were smiling? By the way, did you ever read any of the Patrick O'Brien sea novels? Set during the Nepoleonic Wars, really great. Regards, bp
Jesse, Since you are in the 'hood, do you (or any board members) take a drive by the GTCB parking lot and see if its full and if people are coming and going and smiling? bp
Thanks Jesse and best of luck with your investments here. I just didn't want to jump off the cliff alone and wanted the Sundance Kid with me. bp
Dew, If you don't mind a personal question, are you continuing to accumulate? Jesse? (Crou, I know you are...) If we are all of the mind that bankruptcy is unlikely this is the time to take the flyer. bp
Dew (sic) any of our regular board posters have any Pharming? bp
Now that is a disappointment. It is their lead product so maybe a press release? We are due to hear about the phase II RA trial. Tried to find out if any more countries in the European union have established pricing but so far could not. Nothing new on the home page either. We wait. bp
Merrimack presents at 2:30 EST tomorrow at the UBS conference. Go (surrogate for the) goats!! By the way, why not a perfect storm senerio. Financial disaster looming on wall street and main street. Should put pressure on the policy makers to look to the science of reducing health care. I don't blame Dr. Cox for holding out. He knows what we have and we just have to survive long enough to get noticed. Phase II DIC results less than a year away. Dew and others: I know you think I am naive and we will be bought. If the company goes private shouldn't existing share holders have a choice to "stay the course?" What a long strange trip its been. bp
Dew, Eight weeks is a pretty short time frame to pull something with "some style" off. If a further support from an existing partner existed, it would probably have been announced. Agree the revere split seems unlikely. So what is pending in the public domaine that could happen in the next eight weeks? The only thing I see (short of some magic with a generic company like TEVA), is the release of the MM 093 data re RA. This might be a PR spring board for us or an opportunity to highlight a partnership with Merrimack. There is still the Gates foundation, there are visionaries there... Regards, bp
Re Poker. Confidence or bluff. Confidence= knowlege the phase II studies will be positive for MM 093 and result in inking lucrative deal for phase III and beyond with Merrimack or ?merger?, Bluff=bubkas bp
It would seem unusual to release phase II study results at a financial conference. If they were to discuss results wouldn't a published paper/abstract/presentation at a scientific session with peer review be likely to precede? bp
NIH Gov trials site has 4 hopsitals enrolling in Europe for the DIC study and expects closure in June of 09. bp
Right. I got a little farglundget because the DIC data looms and I was thinking Leo because this is the program with most immediate urgency re getting information out and keeping GTCB breathing (and healthy if the data is positive.) Unless one included MM-093. If the info weren't redacted we could know the extent of partner support and committment. Now that would be a useful piece of information. Where's that bike messenger? Regards, bp
Dew, Can you please clarify something about the Leo infusion of 3 million to GTCB. I understand from RMF about the infusion and GTCB giving up more of the 50% split and having the ability to pay back the money at a premium some time in the future. My question is this, how deep is this well? Is there an agreed upon limit or can it proceede by the good will of both parties? Are other agreements in place with the other partners or would we just find out on a "need to know" basis. I suspect this is what Jesse has aluded to you probably have thought through in that if there will be support from partners such as Leo for GTCB programs until such time as data (phase II DIC etc) is available, in essence a credit line with no clear limit continues and we need not worry too much about what is actually in the coffers currently. Can you comment? Regards, bp
You can't report that which is unrecognized which I suspect is a bigger number. bp
Ditto re Jesse's reply. Imagine a GTCB with two or three years of cash in the bank and the same set of successful ongoing programs. That would be a WOW. Its the short term we need to worry about. This company has made some very fine scientific achievements. I actually see Dr. Cox as a man of humility with intelligence and direction. He is a man with a plan. bp
Yes and no. This company is too good and makes a number of important products. Cox is a class act no matter what anyone says. bp
Aastrom. You might like Geron better. Regards, bp
Dew, You probably saw this but just in case-- TEVA sues MNTA, just fyi, you probably expected this. Regards, bp
Flo, Sending best wishes. bp
OKY, don't dispair, you have plenty of company, many have looked on the goats with unrequited love for years based on promise and hope, enthusiasm and prescience. Keep the faith. The ugly ducking will turn into a beautiful goat one day. bp
I too think Dr. Cox is doing a fabulous job. We have new technology that is on the brink of FDA recognition in the US. This will bring disease free (HIV, Hep B,C, malaria, Chagas disease--all of which have been plasma transmitted at one time or another) product that is PURE (one part per billion pure that is) provided in enormous quanities that will encourage use in areas currently limited by any number of factors. This is no small feat. The arduous EMEA approval process is past due to the fine stewardship of Dr. Cox et al and we are selling product. (I think I hope) in Europe. New doors are opening in the monoclonal and fob markets. Gtcb is just starting to grow pubic hair, why sell? The intrinsic worth of the company and its technology will bring forth the financial support we need. DR. COX, DON'T SELL THIS COMPANY. I have been most patient lo these 12 years and can wait a little longer to see fruition. Go goats!
2.00 wont do much for all those options for management. Not a big pile of gold at the end of an arduous journey for those at the top. I think you are wrong. i predict we will attack Iran, the market will fall, there will be inflation and GTCB will hold its current value until Merrimack announces positive results at which time we return to the radar screen, raise capital and fly when the phase ii DIC results are announced. We will remain independent and will partner with a big generic firm for FOBs. Take that, you and your October 14th. And yes, speaking only for myself, I am feeling alright. Regards, bp
Gym, teach me about this. Can one track what and how much Carl Icahn or anyone else or that matter is buying or selling? I would find that information very useful. For example, everytime Dew makes a buy I would like to do the same. Everytime crou makes I buy I probably should sell (just kidding crou), ...But seriously is the information re big buyers like Ichan in the public domain even for small buys like the 86K you mention? Thanks, bp
Dew, In cases where there has been "remote" work for other companies back in the days of "undisclosed" protein developement that could form the framework for FOBs, the preliminary work was paid for by the contracting company, say ELN or Centocor. Would they (the original contracting companies) have any claim on a product that would be gtcb produced in the future, as a result of prior production agreements (now concluded)? Or does gtcb now own the potential production platforms and IP that could be ramped up more readily since the priliminary work has been presumably done (and paid for). Do you think there would be a legal issue or is it clear from contract arrangements that gtcb owns the IP and ability to produce. Have been away a few days, looks like things are getting hot, hope for good Merrimack news. Regards to all, bp
Still a long way to go for those options to be worth much, accelerated vesting or not. bp
So why wouldn't this have been looked at seriously before in these days of leech spit, streptokinase, TPA etc. ?? There must be some reason or was it just "supply". Nice conference today. Jesse you called it with the LFB support. I think your vision of a partner supported model is being borne out. bp
Clearly Crou you do not have the perspective of one who bought his first share of Genzyme transgenics in 1995 and has been buying ever since. bp
I checked the Bio Europe speakers list and could not find Ashley Lawton listed. Anyone know what that presentation is entitled? I would anticipate a lot about follow on biologics tomorrow. Hope Jack Green is in good form! I am on the edge of my bank account, I mean seat. By the way Dew I was amazed to see you thinking acquisition! You have made such a strong case for this technology, surely your joking Mr. Feineman!!bp
Anyone notice the mention of Israel in the announcement of the earnings call??? Paging TEVA, Paging TEVA bp
What if...the MM-093 data is positive (as we suspect) and in addition to a large contract for a phase III study and beyond for GTCB, Geoff knew that Merrimack would offer to buy back our 1% for say X million, maybe this is one of the potential future events that make him "confident" we will return to financial health. Have a great weekend, bp
OB--you just get better and better, thanks for including me. I'm thinking Gunga Din might just bring us some water! Regards, bp
Dew, Does this have any "hidden" meaning? They (GENZ)have obviously kept their position (as I remember I think they had to by agreement). Each quarter or each year does Genz report or write down the value of stock owned in other companies for accounting purposes? Are you still thinking (not to put words in your mouth) that we might see a de ex machina soon? Regards, bp
Dew, I had hoped that TEVA would be "the one" given the Israel's propensity for audacity. Dissapointing for us. Since the hold up might represent skepticism re the platform itself particularly re regulation and approval from the FDA (US Atryn approval might change all that), overseas markets with less regulation (?parts of Asia) and particularly markets in India and other so called emerging countries with advancing technologies might make for more attractive partners and markets at this point. Maybe Dr. Ready is "the one". What are your thoughts? Regards, bp
Dew, Have referred to it numerous times. I access by going to one of your old messages that has the link. It was the only way I could get there. Its been excellent. I hope Bill Gates finds it pleasant bed time reading. Regards, bp
I think the conversation Jesse had with Dr. Meade is fascinating in that it confirms GTCB has made ALL of the potential FOBs that could be eventually marketed. They didn't just make the one most likely to succeed. This took money perhaps millions. It also means they are ready to move from preliminary work to scaling up development if the money is there. I doubt they produced all the potential FOBs for fun. They think the money is there. JL is being honest, he like the rest of us just doesn't know how or where the pennies from heaven will fall he just thinks if built, and gtcb has, they will come. bp
Thanks Doodah, no question current shareholders would have zero value with Chap 11. Lets hope this is only a remote possibility. bp
Dew, Thank you for this analysis. While not too attractive it beats bankruptcy and preserves some value of the stock for existing shareholders. My initial impression of a reasonable marriage between these two looks a little more like a Hollywood prenup than a marriage of equals. Its a shame since GTCBs IP seems by far and away more valuable than Pharmings. I guess we continue to hope the Red Sea parts and a partner for CD 137 emerges, Dr. Ready wants to make FOBs in goats, Bill Gates makes good on his commitment for a malaria vaccine, goats cure Alzeimers, or an existing partner extends a line of credit. Maybe all at once! Again thanks for answering my questions. Regards, bp
Jesse, I thought Pharming had some 60 million in the bank but will go back an look. Dew can probably tell us how much of their capital is borrowed and how much was raised in public offerings. bp
Dew, thank you for your thoughts on this. 60% is a good number. One could take it to LV and do well. One more question for the board. How many of us have held stock in a company that actually went bankrupt? I am not suggesting this for GTCB and many very good arguments have been made to the contrary. I have held stocks in companies that did go bankrupt. They "reorganized", people at the top made plenty. The stockholders got nothing and new stock was issued under the same company name with a new chance to buy in. So my question is this. Would a "new" GTCB in this unlikely scenario be committed to honor preexisting agreements e.g. with LEO, LFB etc? If they are why wouldn't bankrupcy be a real option? Essential personell could be kept on and preexisting agreements kept in place, new stock issued and the process starts again with "old" stockholders and GE holding the bag. This did happen to me with Global Crossing and in a slightly differnt way Bank of New England. Like many of us on the board I would like to examine what a worst case scenario looks like since the truth is I would like to buy more stock in GTCB now. So which is more likely and why: life or life after death. I think many of Jesses points could still be applied to a GTCB that has undergone rebirth. Thanks for putting up with this sort of outlandish speculation but a close look at this will help me decide to buy more at what look like bargin prices. Regards, bp