Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Doog - time for ipci to restructure bonuses based on profitability. No more bonuses for approvals. Odidi lives in a fantasy world where offerings pay him and his friends to play and file worthless patents. Soon he will have a new reality upon him.
Btj- yeah where did all that money go in q4. Must have been one hell of a party in China for odidi and his African entourage... Lol... Odidi is running out of time. He has until later this year to produce real progress or he will be fired. His last offering ensures this.
Did not ipci say they expected multiple approvals in first half of the year?
Btj- so where did cash from offering go? I understand say $1.5m for hap studies but what other big expenses could ipci have had in past month?
Wimike - could not agree more. Doing nothing and saying nothing on seroquol is unacceptable.
Just come fishing with me. You won't need any equipment. I have everything.
Doog - I estimate 1.1-1.4m for q1 revenue.
1.focalin will be the bulk of that.
2. Seroquol sales will continue to languish. Management needs to comment on how they are addressing this or what future expectations are. Silence will only show they have no idea.
I see an outside chance at 1.5m but I think that unlikely.
Stocking-I agree we all need to vote our shares and send a message. I will vote against management on everything. I hope all will join me. Collectively on this board I estimate we could vote between 1-2M shares.
Trend- Some good news for once would be a nice change!
Doog- Could not agree with you more. Our CEO has really let us down with his inability to do anything for IPCI! Except spend way to much money every month!
Doog- what pisses me off the most is he is CEO of a struggling company. He went to China on our dime and IPCI took second fiddle. He should of been over there getting that Gluco/Keppra contract manufacturing agreement hammered out. These things are not rocket science and you don't need to be a CEO to get this done. I know many average Joe, work for themselves guys, that have these agreements with Chinese manufacturers. These guys work out of their house for heavens sake. They don't have shareholders footing the $1M plus per month bill to keep the doors open- like Odidi has with IPCI. The Chinese are chomping at the bit for these opportunities. For him not to have this agreement in place is unacceptable. It is either incompetence or laziness... Either way Dr. Odidi has a wake up call coming soon. He made his deal with the devil this last offering and I can already see how this ends. I think everyone can EXCEPT Dr.Odidi.
Doog- I disagree that it is not a scientist thing. Dr. Odidi is just a plain arrogant idiot. The list of poor decisions, failures, excuses... Grows with every year. He just won't listen to anyone because he is the smartest... And he knows more than everyone else... And he believes that someday the street will recognize IPCL/his greatness and adjust price accordingly. So sad as he just sold 25% of his baby to net a little more than $4M... That is idiocy!
wimike- That is what everyone would like to know. My opinion is:
1. IPCI has no ownership in Smart Pharma. But I also believe Smart Pharma is only a shell company, empty building and contract manufacturing agreement for African specific medicine with Shanghai Yunfeng.
2. IPCI announced that they visited China and investigated contract manufacturing opportunities and sources for raw pharmaceutical materials. That is their official statement.
3. I personally think Odidi went over to China on IPCI's dime. Conducted a significant amount of personal business while conducting very minimal IPCI business(if any).
4. Odidi used IPCI's company name and position as CEO to facilitate his private affairs with Chinese investors and companies. While doing little if nothing to benefit IPCI.
5. If Odidi was doing business for IPCI we should be hearing about a contract manufacturing agreement with Shnaghai Yunfeng where they will be manufacturing Gluco, Keppra and other generics for IPCI... But crickets...
Doog- They are supposed to be starting PODRAS first human studies too. Just 20-30 people, so no reason this should not be starting.
I mean the HAP studies are expected. And they are being done by a third party. There is no reason on God's earth that these should not have started immediately after they met with the FDA for confirmation of the protocol.
Doog- Looks like the ask has been moving up. So does that mean news? Would like to think it does but probably just more games.
Numbers and all- The definition of "setting up a new pharmaceutical company in China" has a different meaning to people in Nigeria... All you need to do is go to China and rent out an empty pole barn in an industrial complex... Remember this is Odidi- the king of talk and little follow through... Yeah so what-they got an empty metal building and signed a contract manufacturing agreement with a Chinese company. Chinese companies are chomping at the bit to make these deals and setting up one of these deals is about as simple as it gets... The reason we have not heard about China is there is not much too it. Don't let all this online Nigerian promotion fool you. There is nothing more than a contract manufacturing agreement for some African specific medicine.
Now if there is ever any follow through on the IPCI end of this visit... We will hear that a Chinese manufacturer is going to manufacture some of IPCI generics. And make us more cost competitive. Really that is about all we may hear. But maybe not... As this would actually require our fearless leader to follow through and do his job for a change. But that is because Odidi insists on micro managing everything. This China task should really be something he delegates to one of his employees as it is not necessary for CEOs to negotiate piddly Chinese contract manufacturing agreements for generics.
wimike- I think Odidi's intention in China never was the Opioids. I think he is looking at generic manufacturing to help keep the generics cost competitive.
I will be there Mike! We will make it happen!
Impact- One more thing... It just blows my mind that Odidi did not want you to help promote the company... Just by making the video and putting it on Facebook, Youtube and Twitter is all he needed to do... On a side note, he let some idiot make a video of him walking around Chinese manufacturing facilities talking about God knows what. See here:
Fabius- That is part of Odidi's problem... There is no I in team... It sure seems like he has to be the star and he has no concept how to delegate tasks and responsibilities to others.
Impact- The list of Odidi's mistakes grows daily... I have been watching this for almost 5 years... I was a cheerleader for three... My outlook changed last year when they said all first half of 2017 they would be cash flow positive by second half of 2017... And then nothing but crickets and blame and excuses... No changing game plan or stepping up to the challenge... Just incompetence and arrogance...
Everyone- I think compensation/bonus packages may be coming up for vote at this years company meeting. I think we all need to work together to vote as many shares possible NO to send management a message. Does anyone have details on the vote yet?
Fabius- Agreed... The more and more I watch them continuously flounder... And make the same mistakes over and over... And not listen to anyone's advice... I see arrogance too...
wimike- That would be an excellent question to send to Andrew Patient. I would do it but I have burned my bridges there. If you do, ask him if he expects sales to pick up once the 12 month contracts that were locked in expire.
wimike- Agreed... But based on how I have seen IPCI handle things like this in the past, it would not surprise me if they just do nothing and sit around and watch the paint dry... So no effort on their part = no Seroquel sales... Like I have been saying, I understand failures and setbacks. What I don't accept is lack of effort and unwillingness to adapt to changing situations.
wimike- What do you think will happen with Seroquel sales in next 6 months? Will they pick up or stay the same? I know one of the excuses we heard was contracts were locked up for up to 12 months. Those contracts should be expiring soon or already have.
Sam- I think this is just notice about that the warrants exist. Looks to me like they need to wait six months to exercise:
TORONTO, ON / ACCESSWIRE / March 19, 2018 / Intellipharmaceutics International Inc. (NASDAQ: IPCI) (TSX: IPCI) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled- and targeted-release oral solid dosage drugs, today announced that it entered into securities purchase agreements with certain institutional investors providing for the purchase and sale of 3,000,000 common shares at a purchase price of US$0.60 per share in a registered direct offering, resulting in total gross proceeds of approximately US$1.8million. The Company also agreed to issue to the investors' unregistered warrants to purchase an aggregate of 1,500,000 common shares at an exercise price of US$0.60 per share. The warrants will be exercisable six months following the closing date and will expire 30 months after the date they become exercisable. The offering is expected to close on or about March 21, 2018, subject to the satisfaction of customary closing conditions.
Tilator- They filed the same exact form on 3/21. I am thinking that was for the warrants for first offering. Yesterday 4/3 they filed the form for the warrants for the second offering. Take a look here:
https://ir.intellipharmaceutics.com/all-sec-filings#
Fabius- Agreed. I would have loved to see IPCI management buy the offerings... But they did not. I think Armistice pretty much bought all of the first one and Anson bought all of the second one. If anybody questions this, compare the recent filings by Armistice and Anson to the amount of shares that were sold in each of the two offerings. You will then see what I mean.
Doog- Very good insights. And I agree with you regarding the shorting. That is why offerings with warrants are so toxic... You deal with a company that will buy the shares and then immediately short sell 50% or more as a hedge. So if the price goes down they can roughly break even or lose a little. But if the price goes up they make money as they either have the warrants or shares to cover and then have many shares to sell at a profit. This is pretty much the model that many of these bottom of the barrel investors use in these situations.
Doog- If what you said is correct, then those 5 bought the $1.8M offering? I thought it was pretty clear that Anson bought the $1.8M offering. Those totals look to be about 1.5M warrants at $0.75. Which appear to be exactly 50% of the 3M share offering it appears Anson bought. It just lists those people as related parties to IPCI. If you look at some of the other forms, I think you see the same.
tilator- No I think that is just the warrants pertaining to that second offering. My impression was that almost the entirety of both offerings were bought by Armistice(1st larger 1) and Anson(2nd smaller offering).
Doog- Yeah as long as Dr. Odidi is in the news with his minions praising all he is doing... He must feel real good... As he watches his company crash and burn... And he leaves us all in the rubble as he drains every last cent that he can on him and his wife's salary... While they do nothing to monetize the pipeline... He must feel real proud every morning he gets up and looks in the mirror...
Doog- The reality is that IPCI management is awful and does not get the job done. And market perception is exactly that. For heavens sake when you sell about 25% of the company to net about $4.5M and the sale of the ANDA pipeline is worth more than the company market cap... Well that confirms that!
mopar- a while back I was told that MNK launched late and contracts were locked up on Seroquel for either 6 or 12 months. So, 12 months will be coming up soon. It would be nice to see them start getting some actual market share at that time. But I am not optimistic. My guess is just another excuse like: off shore manufacturers like Lupin have eroded the price so far that Toronto manufacturing facility cannot compete. Thus Seroquel sales will not improve until there is a way to reduce manufacturing cost... So how is that Chinese deal for contract manufacturing and lower cost raw materials going? My guess it is one more of the many things IPCI management did not follow through on adequately... Thus no progress...
tilator- Last October I was told by Andrew Patient in a phone conversation they would start the HAP tests within 60-90 days. I talked to him again shortly after the 90 days expired(January 2018) and told them they had not started the tests within 60-90 days. And to be honest, he gave me some attitude. My response to him was, the company has a long history of not delivering. I gave the example that in the previous year they touted over and over cash flow positive status by second half of 2017. Which they did not deliver on in 2017 (and thus so far in 2018)...
So far in regards to the Seroquel failure all they give is a pathetic list of excuses... The same thing that happens every time the company fails... They don't react, adjust and overcome... They just make excuses and push off blame!
Doog- they are not only bad at telling their story... They are bad at executing it and planning it... How could they tell me 60-90 days to start HAP studies in October when they didn't even have an FDA accepted protocol for the studies at that time? This is not a real company. They have no idea what they are doing.
Trend- I vote for changing them to a toilet paper company. At least that way they could monetize the patents. So far the patents are not worth the paper they are printed on... So using them as toilet paper would be a step in the right direction
wimike- I was told they would begin within 60-90 days last October. That put them starting in mid January... I will believe it when I see it!
Here is a prediction. I am guessing 2018Q1 report will start back pedaling on the aggressive guidance the company gave early in 2018. There have been no announcements, nothing. I don't see how they won't start back pedaling on this guidance as the first 4 months of FY2018 there has been nothing. Even if HAP studies start today, that puts them at the end of September for completion. That would allow them 60 days to resubmit NDA in FY2018(end of November). So from all this I gather, the NDA will be resubmitted in 2019... Now how in the F*** can management justify this progress? There is no other developments going on??? So how can't they get the HAP studies done and the NDA resubmitted? I could understand if they would have said in January 2018 that they needed to reformulate Rexista without the blue dye and this will take a couple months and the HAP studies will start in April or May. But they did none of that. They just said they would start the studies right away and they would be done by September 2018... So it appears to me like management gave BS guidance without evaluating the situation first. The amount of incompetency within IPCI grows to new levels each and every day.
One other thing. Last year in October, management told me directly the HAP studies would commence within 60-90 days. I called them on this at about the 100th day. All I can say is I got some attitude. At that time, they told me that they were a little bit late but they were going to start soon. And they said this with attitude... Like I was the bad guy. Hey wait, you guys did not deliver once again and I am the bad guy?????
Trend- Yes very frustrating. This year will be IPCI's last year they can deliver on promises. It will be interesting to see how big a fight Odidi puts up. But he really won't be able to do much. That last offering sealed his fate. He either delivers or he is out. I only see two ways this goes:
1. He delivers on the guidance they gave. Most critical will be refiling Rexista NDA by late this year. Second most critical will be completing PODRAS human trials.
2. He doesn't deliver on the guidance and he is forced out. He is ousted as CEO and new board and new CEO will sell off IPCI piece by piece.
It is as simple as that...