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Is it still trending up from $3, Excel?
IMO the bucks stop with Sid (The Rat) Ransky. No excuse, he should not be on the Board and should step down given the shareholder value destruction on his watch.
Actually no, he had very little skin in the game, as the vast amount of money and shares he got from the company was unearned compensation he took from shareholder assets.
The last several investor days have let downs, because nothing of value was delivered. They largely served as a podium for management to tell investors that they deserved more non-merit based compensation. If Berlin has nothing of value to deliver, better not to have an investor. He needs to be spending 100% of his time closing a large non dilutive monetary deal or outright sale of the company. For too long the compnay has been managed solely for the benefit of employees. We need alignment with the interest of the owners who foot the bills for a change.
Net of cash, the company's enterprise value is around $30m, which is lower than it was under Tom Moore's tenure when the company wasn't in Phase 3 and didn't have any BP collaborations. Goes to show how O'Connor's wasteful spending, unethical self-dealing and lavish non-performance based comp policies, crappy deals and no real business strategy destroyed significant value even though the company advanced clinically. But hey, while the company's owners/investors may have been screwed, at least employees voted it the best place to work on NJ.
We are at $2 because Dans firing revealed he was the emporer with no clothes - he was driving the company into the ground through shady self dealing, no viable business strategy and reckless spending.
Once upon a time, folks thought Tom Moore was the worst imaginable leader ADXS could have...that is until O'Connor proved his worth by burning through $200m large with little to show for it while paying himself large unearned sums of money, culminating in nearly driving the company into the ground and loosing all trust that resulted in a dilution at an all time low stock price.
A big part of the problem is O'Connor lost Advaxis critical investor trust due to his unethical behavior, financial recklessness and self-dealing. That trust is very hard to regain especially for a clinical stage micro-cap biotech, which is why investors demanded an all time low $2 stock price to give Advaxis more capital. Berlin needs to show the market that he is ethical and aligned with investor interests (unlike O'Connor) and also that he is able to strike a non-dilutive monetary deal and not a lazy do-nothing (like Old Man Lombardo).
Here is another legimate question: why are you posting on this board?
Keith, a $1b valuation is around $20. What happened to change your previous view the company was worth at least $50?
It says it is for neoantigem production, which is the Amgem deal. The EU application is for AXAL. The two are unrelated.
Dated May 22, 2018. ADXS didn't put out a PR because it's not really news worthy, as it's just ADXS picking a manufacturing sub contractor essentially. The big question is why has the trial not started and it's been more than a year since we got the IND. ADURO filed their NEO IND after ours yet they've already begun their trial. I still think it's possible that Amgen buys the entire company sooner rather than later. Just look at all the missteps of the incompetent management of ADXS. Amgen could get the technology to market faster and keep it all to themselves.
There is a reason: poor and self serving managememt of the company over the last five years, lack of a focused business strategy, wasteful unstainably high cash burn and loss of investor confidence.
Admirable work uncovering that information. Call me a cynic, but I highly doubt you are as uneducated as you say you are, Mr. GED.
Problem is every week is a holiday week at the Best Place to Work in New Jersey.
Pep talks no longer work. Dan lost investors confidence as evidenced by 40% vote against his share grab proxy a year ago, subsequent tute exodus and recent $2 offering at an all time low price. Berlin needs to strike a BP deal or sell the company outright.
Ub, you said his first month has been unremarkable yet we don't know what he has done or how he has spent his time. For all we know he may have made a lot of progress finalizing an attractive deal. What you really mean is that the movement of the stock has been unremarkable, no?
"just like in college, F student always stay on the bottom."
Since you are making the analogy to college, shouldn't you mention he has a degree from Princeton? I'm sure you have a degree from a better school, right?
The point is Dan treated our money like it grew on trees setting up a culture in which employees would be richly rewarded and not accountable to creating value and cash could be burned freely without a coherent strategy, which has caught up to us now as evidenced by the shareholder valued destroyed. When the BOD, asleep behind the wheel, took action it was a few years too late.
Still a possibility the silence could end with the company being sold. Anyway you look at it Old Man Lombardo was a disappointment and never should have been left to run the company for 10 months, which resulted in another 70% shareholder value destroyed and dilution at an all time low. The guy should have been retired already. Unless Berlin strikes a deal for at least the upfront of the NEO Amgen deal, it's probably a better option for the companys owners if a sale happens. Moreover, Amgen would be better off taking the whole company out for $300-$500m/$6-$10 now rather than paying a potential $500m milestones for NEO alone.
LOL, ouch, caught!
Blue, please stop posting information that is not true.
We don't know all of the BlackRock funds that own ADXS so can't say how long their average stock ownership holding period is. And regarding Perceptive, if you go to Whale Wisdom, it calculates Perceptive's turnover as 51.82%, which means on average they hold a stock two years, not five.
Julius, FUD by design is meant to be general and vague, not specific, so don't expect him to get back to you regarding his unsubstantiated claim about trial failures.
That's a positive he's reading email sent to him. If he has a mobile device on him at all times, it's easy to quickly open and skim. I wouldn't take it as a negative that he hasn't responded. I bet one of the reasons Noelle was asked to stop responding to all inquiries is because of the misinformation and subjective interpretation of things being said on this Board, such as
"No need to worry, Tony is not going to dilute, Noelle told me so."
"Noelle told me Tony is looking at all options including dilution"
"Noelle is going to try to release the names of the healthcare funds who participated in the offering very soon"
Alternatively, he may be very busy and did not have time to respond to your email or feels like his time is better spent trying to advance the company and create shareholder value rather than responding to every retail shareholder email.
Also, Rennaisance is Jim Simon's firm and has one of the most successful tracks records in the history of hedge funds. The fund is quantitative based identifying stocks that are the most undervalued and/or have the most upside potential. The fact Rennaisance took a position in ADXS is a significant positive.
Sarrisa did sell out of ADXS. What does that have to do with Engaged taking a position in PETX?
LOL, right, trust the company to decide, look at what their decisions have let to: lost investor confidence, major holders selling and the stock collapsing culminating in the company selling 20% of itself for an all time low stock price $2 for a mere four months more of operating runway/$20m.
IMO the best course of action for Berlin would be to sell the company outright. He should be able to get at least 300-500m/$6-$10 for ADXS' pipeline and kate stage assets. The reality is that the cost to sustain the company now is too high because of the poor management under O'Connor for four years, as investors said with the $2 offering they require a massive discount to give the company more money
If Berlin can negotiate a sale of the company for around $500 million or $10 a share, it will be approximately a $9 million pay day for him with his combined RSUs and options. That's a lot of incentive to sell the company sooner rather than later, because longer we kick the can down the road the more dilution and watering down of our interests and pressure on the stock price. Get it done Ken.
Blue, I call B.S. on your claim that Dan bought more, because he is no longer an insider at ADXS so there is no report that your friend would have showing it.
Where was it reported he bought those shares?
I have added a bit down here.
Open your eyes. The stock dropped like a rock from +$5 to $2 going into the offering. Collectively, investors required $2 to give the company another $20 million. There has been huge "management" risk in this company and the $2 offering showed investors wanted to be compensated for that risk with a lowest ever entry point that massively diluted existing owners. Think about it. The last CEO was kicked out because his strategy wasn't working and an unsustainable cash burn and non-performance based liberal management comp was eating into shareholder value. Then the BOD stood flat footed with no succession plan, leaving in place an interim CEO for 10 months who was 70 years old and should have been in retirement. Naturally, to hand over more capital to this cash burning company known as ADXS who had no leadership or strategic plan in place in the "interim", these investors demanded and were able to get a huge sweetheart deal at our expense thanks for poor planning by The Rat.
Blue, he bought in at a massive discount of $2, which was the lowest price ever that the stock had seen in its ten year history. He is a shrewd investor. He likely saw how poorly the company was being managed and required the massive discount we saw with the offering to compel him to invest. So you need to put in context that while it is positive he invested, he did so at a time when long-term shareholders have seen 80% of shareholder value destroyed. That is why he is a great investor - he knew how to take advantage of and invest at the right time in a company nearly destroyed by incompetent management and he received a massive discount to fair value as a result.
Clearly, ADXS shareholders would benefit from a large investor represented on our Board to strengthen management accountability and alignment with our interests. One has to look no further than the consistently poor management decisions and governance under Sid ("The Rat") Ransky's tenure at ADXS as Board Chairman.
I also wonder if he was part of the short cartel that drove ADXS down so he could force the company to offer him shares at such a low price.
Well at least he chose ADXS out of a few thousand other companies he could have invested in, will be interesting to see if he adds to the position.
It's been a rough ride. Frankly I'll be happy if and when we are back up to $10. When we were there a year I never thought we would be as low as we are now. Goes to show how bad management can wreck a company, which is why I'll be grateful if Berlin can turn the compnay around at at least get us back up toward double digits.
My apologies if what you wrote is true. It just came across as a bit of a stretch, similar to your claims that the stock is worth more than $60.