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I would gladly vote for issuance of an additional 200 million shares if management agreed none of those shares would be issued to them.
Even Pourhassan's most staunch supporters have gone silent: better late than never.
I guess the emails to Amarex were too much for even Pourhassan's long-time apologists to explain and tolerate.
Let's hope the next CEO can get respect from the FDA, as well as from possible collaborators and investors, that is not possible under Pourhassan, in my opinion.
When Pourhassan is finally dispatched, I expect the share price to increase dramatically, and for Cytodyn and leronlimab to finally get the respect they deserve.
The world needs leronlimab, and Cytodyn desperately needs a change of management.
LM
How many times, over the years, did Pourhassan state Amarex was doing a "fantastic" job as the company's CRO?
Either Amarex did a bad job, as Cytodyn now claims in its lawsuit, or it did a good job, and Cytodyn is falsely claiming to the contrary.
Either way, this all falls on Pourhassan, and is yet another failure that took place on his watch.
Indeed, how does any competent CEO keep an incompetent CRO on board for eight years?
Rather than just criticize the 13d group with unsubstantiated speculation about how the Ziff IB financing would have been structured, why don't you address the objective facts in my post regarding the compensation the current board has paid to themselves, and the comments of the Delaware judge, among other things.
I have stated I am very long, and have been invested in CYDY for seven years through numerous Paulson raises.
I will also state, for the record, I want the company to succeed, and am not compensated for writing comments that are critical of current management.
Can you, and the other Pourhassan supporters on this message board, and on IH, say the same?
LM
The proxy group make some telling comments, based mostly upon objective facts that cannot be refuted by any spin, that I believe should be carefully considered by all shareholders in deciding how to vote in the upcoming election:
First, the compensation package paid to Cytodyn directors in 2021, such as Jordan Naydenov, is higher than that of the directors of Fortune 500 companies, such as Arthur Levinson, the Chairman of Apple's board of directors.
Second, the compensation package paid to Pourhassan is 2021 is nearly equal to, and in many cases in excess of, that paid to the CEO's of companies such as Weyerhauser and Paccar that have sales of $7.5 billion, and $18.72 billion, respectively.
Third, the judge in Delaware, in response to a lawsuit of former directors, settled by Cytodyn's Special Litigation Committee (SLC), stated, with respect to the stock the board of directors "awarded themselves, " that "fairness to Cytodyn and its shareholders was not even a consideration in these transactions, much less an objective."
It appears that the independent board members, who were on the SLC that agreed to the Delaware settlement in which Pourhassan was required to give back much of the stock the board "awarded themselves," are no longer on the board. Many other directors who did not agree with Pourhassan over the years are similarly no longer board members.
Fourth, Ziff IB offered to invest $25 to $50 million in the company, mostly to support its oncology indications, with the only qualification being that Pourhassan be replaced as CEO, and transition into a new position, with "equal money." Pourhassan refused, and proceeded to orchestrate a series of toxic (and highly dilutive) loans from Fife.
Lest anyone think I have some ulterior motive in criticizing Pourhasan and the current board, please note that my interest is 100% aligned with the company, as I have been a substantial shareholder for more than seven years, having participated in numerous Paulson raises. My only interest is in having Leronlimab approved for many indications, and for the company to succeed.
After observing what Pourhassan has said and done over the past seven years, I am convinced the company will fare much better under new management, and with a truly independent board.
LM
No Cytodyn shareholder should comment upon the proxy group until he/she listens to at least one of the proxy group's webcasts.
To my mind, anyone who objectively compares and contrasts what the proxy group says, and the background and experience of their proposed board, with that of the current management and board, would come to the obvious conclusion that the company would fare much better under their leadership then under that of the current regime.
Given the vigor with which many members of message boards such as this, and others, blindly support current management, while ruthlessly attacking the proxy group, I cannot help but wonder if some are being paid by one of the 11 companies hired by Cytodyn to promote the company.
Gilead announced results from a double-blind Phase 3 clinical trial which showed that early administration of Remdesivir reduced hospitalizations for Covid-19 by 67%.
More importantly for Matinas Biopharma (MTNB), Gilead also announced it is developing a novel oral treatment for Remdesivir, and hoped to file an INDA with the FDA in early 2022.
Given that, according to Matinas' CEO, Jerry Jabbour, the NIH placed Matinas' LNC version of Remdesivir at the top of the queue, it would be fair to infer that this is the "novel oral treatment" for Remdesivir announced by Gilead.
If so, MTNB will be off to the races when the INDA application is filed with the FDA in early 2022.
The very question I asked on this board earlier, about cash burn and future financing, was asked in today's Emerging Growth call.
Pourhassan did not answer the question, but rather talked, yet again, about the fantastic job he has done is raising cash in the past.
As a long time shareholder, I am extremely troubled by the company's financial condition, burn rate, and inability to raise funds by selling more stock, as there is no stock to sell.
So, I would ask anyone on this board how they think the company will be able to raise funds to support the company's large, and ever growing cash burn.
LM
Anyone know how Cytodyn is able to fund its operations with a huge cash burn, and no outstanding shares available to sell?
I expect estimates to be adjusted higher after today's news.
The results announced today, for the LNC version of amphotericin b, are for a trial sponsored and funded by the NIH.
Dr. Fauci also asked MTNB to use its LNC platform to try and make an oral version of Remdesivir that is safe and effective.
That study is also being funded by the NIH.
So, it appears the NIH is very supportive of MTNB, and its LNC platform, which makes FDA approval of various LNC formulations, including MAT 2202 and MAT 2501, highly probable in my opinion.
The Remdesivir results, along with the results of numerous collaborations with a who's who list of big pharmaceutical companies, could be announced at any time.
I have to believe that at some point one of MTNB's big pharma collaborators is going to make an offer to buy the company.
Whether that offer is made before the FDA approves one or more of MTNB's encochleated drugs, and whether the purchase includes Lypsido, are the only questions in my mind.
It would be imprudent, in my opinion, to sell any shares in MTNB at this time.
The Mystery of Pourhassan's Non-Purchase of CYDY Stock Has Finally Been Answered.
I have been invested in CYDY for seven years. During that time, I have often asked why Pourhassan would tout the stock as being worth triple figures, sell about $15 million in stock awarded to him in the mid-3's, and never purchase a single share on the open market.
In yesterday's conference call, Pourhassan finally answered this question:
Pourhassan says he wants to purchase stock, and has tried to do so many times, but each time he asks, the company attorneys tell him he cannot do so.
However, Scott Kelly managed to purchase stock, many times, he says.
And in a great many of the companies I have invested in, the CEO's have purchased large quantities of their own stock.
So, it seems, the rule prohibiting insiders from purchasing stock applies only to Pourhassan, and to none of the other thousands of insiders who have purchased stock in their companies for as long as I have been investing in the stock market, which is a very long time.
I wonder if the SEC and DOJ were monitoring yesterday's call.
Release of the RTF would also support or negate the explanation initially offered by Pourhassan as to the reason for the RTF being a packaging issue that would be easily and quickly resolved in a matter of weeks.
In the call last night, the 13D group made very serious accusations regarding the FDA's refusal to file, saying it was because the company mixed up a tropism test with a receptor occupancy test.
If true, this would be a scathing indictment of current management.
If false, this would put the 13D group in a bad light.
The best way to resolve this dispute is for CYDY to release the RTF letter issued by the FDA.
"Those who forget the past are condemned to repeat it."
Happy Labor Day.
LM
Even you, Rabbit, have the right to run for election.
It is the shareholders who should decide who they want to run their company, and that right should not be usurped by the people in power.
I fail to see why so much company money and energy is being spent on keeping the shareholders from voting. Everyone who wants to be a director should be put on the ballot. Whoever supports or opposes any of the nominees should be free to present his or her case. The shareholders should then be allowed to vote for whoever they feel is best qualified.
We, the shareholders, must be allowed to decide who we want to run our company.
LM
The NIH, headed by Fauci, asked MTNB to create a safe, oral version of Remdesivir, which it has been working on for many months.
So, when Fauci now says he wants to treat Covid with an orally administered anti-viral drug that can be given safely for 7-10 days, it sure sounds as if he is referring to the LNC version of Remdesivir.
If this turns out to be the case, MTNB will be worth at least $10 per share.
LM
To my knowledge, none of the 13D people:
1. Are being investigated by both the SEC and DOJ;
2. Have been publicly rebuked by the FDA;
3. Have been harshly criticized by a judge of the Delaware Chancery Court that awarded the former director plaintiffs $3 million in attorney's fees;
4. Sold most of their stock at high prices, while at the same time telling shareholders the share price was grossly undervalued, while not purchasing any stock on the open market; or
5. Been found to have terminated the company's chief medical officer, without cause, and forced to return millions of shares of stock, and pay the ex-CMO over $7 million.
What will it take to convince the Pourhassan devotees that we need better management, even if the 13D group is not to your liking?
LM
Although some might consider the dual investigations by the SEC and DOJ to be bad news for the company, I consider this to be GREAT news.
Leronlimab + competent management will result in Cytodyn shareholders being treated fairly, and Leronlimab finally being approved by the FDA.
Being investigated by the SEC and DOJ, while being criticized by a Delaware judge, and losing the case against Dr. Pestell, show a very disturbing pattern of conduct in my opinion.
Shareholders obviously do not trust Pourhassan, or believe anything he says, and they have no reason to, in my opinion.
My point is that a prominent fund invested in ECOR, and insiders are buying stock.
The opposite has happened here where the "non-dilutive" funding is with Fife, who has been selling, and thus diluting the shares.
Pourhassan has never purchased stock, and sold most of the stock that was all given to him--improperly in some cases, according to the Delaware court--for a net to him of about $12 million.
Pourhassan sold in the $4's while telling shareholders the share price was much too low, and claimed he sold to help the company.
I would much prefer that the people managing CYDY have skin in the game, and be honest with the shareholders.
Is that too much to ask?
The market is speaking loudly and clearly about how they view the direction of the company led by Pourhassan and Kelly.
All in my opinion, of course.
LM
Altium Capital just purchased 7.5% of ECOR.
Insiders are buying as well.
If the 13D group can bring this type of capital investment to CYDY, rather than the substandard dilutive financing through Fife, that would go a long way towards helping to stabilize the company's precarious financial situation.
Of course, CYDY's already terrible financial condition was recently made much worse by the $7 million arbitration award to Dr. Pestell, that has to be paid within 30 days, along with 3 million shares of stock.
The company also has to pay the attorney's fees owed of the Tony C. group for their lawsuit against Pourhassan and the company.
In addition, Cytodyn also has to pay its own attorneys for the unsuccessful defense of these legal actions, as well as for the other lawsuits that are now winding their way though the courts.
LM
In addition to the $11 Million CYDY has to pay to plaintiffs and their attorneys, who successfully sued CYDY because of Pourhassan's errors, CYDY also has to pay its own attorneys to defend these cases.
Given CYDY's abysmal track record in lawsuits, I would think many plaintiff's lawyers are champing at the bit to sue Pourhassan and the company.
Is this really how we shareholders want the precious remaining resources of CYDY to be used?
CHANGE!!!
The FDA, SEC, Delaware Chancery Court, and now an arbitration panel.
One would have to be delusional, in my opinion, to still believe Pourhassan is competent to run this company.
Today's arbitration decision is just one more reason Pourhassan must be replaced.
On his way out the door, Pourhassan leaves with huge sums of money he made by selling his stock while telling shareholders the share price was grossly undervalued.
This, of course, is in addition to Pourhassan's inflated salary.
Enough is enough!
LM
CHANGE!!!!
See recent letters from the FDA and SEC, and last month's decision of the Delaware Chancery Court.
To believe in Pourhassan at this point is a fool's errand.
LM
Today's share price drop is yet another vote of non-confidence for our esteemed leader who once told shareholders, after selling stock in which he netted about $15 million, that he did so in order to help the company.
This follows votes of non-confidence by the FDA, and by the judge of the Delaware Chancery Court who wrote a scathing rebuke about the shares issued to and sold by Pourhassan.
Like many others on this board, I initially put my faith and trust in Pourhassan.
However, after more than six years, I have lost all confidence in Pourhassan, and desperately want him to be replaced asap.
LM
If management is not both competent and honest, a company is doomed to failure.
In my opinion, Pourhassan possesses neither of these qualities and, if not replaced, will lead the company into bankruptcy.
I base this opinion upon years of careful study and analysis.
Thus, I have been invested in Cytodyn for more than six years, having participated in numerous Paulson raises.
At one time, I had more than a million shares, and still own shares in the six figures.
During my six year journey with Cytodyn, I have closely watched, listened to, and even spoken with, Pourhassan.
I have watched as promise after Pourhassan promise has failed to come to fruition.
I was disgusted to discover that Pourhassan netted about $15 million from the sale of his stock, while telling the shareholders he was doing this for the benefit of the company.
I read with interest the ruling of the Delaware judge with respect to the stock issued to Pourhassan and Kelly, who strongly intimated it was improper for that stock to have been issued to them.
I have urged Pourhassan, many times, to show his support for, and belief in, the company by purchasing shares in the open market.
I have asked Pourhassan again, many times, why he did not purchase shares when, according to him, they were grossly undervalued.
Finally, I have read the unprecedented rebuke of Leronlimanab by the FDA that I found to be quite disturbing.
Based on all of this, and much more, it is my opinion that Pourhassan does not possess any of the qualities needed to effectively lead this company.
I will therefore be voting for the 13D slate, and will welcome a new CEO with open arms.
These are, of course, my opinions, and everyone should follow their own conscious.
LM
Per CoBear on StockTwits who posted the below along with a confirmation for the purchase of 40,000 shares of CYDY at $2.79:
"For all new investors, drug is fantastic, Management is awful. 13D is a bight side to make sure management gets the job done from here on out.
Here's mine: Been in over a year." (Bold added)
As someone who has been heavily invested in Cytodyn for over six years, through numerous Paulson raises, I concur with everything CoBear's post.
LM
The market has spoken: Pourhassan must go.
Given the lax FDA standards for approval of drugs where no viable treatment exists, Anavex 2-73 should get rapid approval for many indications.
The share price does not even come close to reflecting the potential value based upon approval for even one indication, much less for many, as now appears likely.
Well put 3X.
You see Pourhassan for what he clearly is.
The excuses some on this board make for him are bewildering.
The judge in Delaware spoke clearly about how he viewed the issuance of stock to Pourhassan and other senior management.
I am bewildered that some still believe Pourhassan cashed out his stock, netting many millions of dollars, in order to help the company.
If anyone still believes that, I would urge them to read the statements made by the Delaware court in what I consider to be a scathing rebuke of the stock issued to Pourhassan.
The 13d new management team cannot take over quickly enough, in my opinion.
When that happens, CYDY will again be a stock worth purchasing.
Until that time, I need to remind myself to never again invest in a company with management I do not trust.
LM
"We met our primary endpoint."
These are the only five words I want to hear on the CC this Monday.
Anything else Pourhassan or Kelly says will be irrelevant.
New management can't get here quickly enough.
The Delaware court's scathing comments about the stock issued to management should put an end, once and for all, to those who claim Pourhassan sold about $15 million in such stock for the benefit of the company.
Once competent management is in place, we can finally get leronlimab approved for HIV, and hopefully other indications, and be speared the constant drumbeat of false touts.
LM
If Pourhassan and the board are replaced by the Paul Rosenbaum group, my belief is that the the share price will rise significantly.
Should that happen, I will be adding to my already substantial holdings.
Please Paul, et al, make this happen!
LM
Pourhassan netted about $12 million for stock he sold at much high prices while touting the share price as grossly undervalued.
Kelly and Mulholland also sold millions of dollars worth of their stock at much higher prices as well.
If these insiders did not know that Leronlimab was unlikely to be approved by the FDA for treatment of Covid-19, they should have known.
In my opinion, Pourhassan and Kelly lack the competence, candor, and gravitas to run a clinical stage biotech such as Cytodyn, and need to be replaced IMMEDIATELY.
If any shareholder is not now in favor of immediately replacing Pourhassan and Kelly, I would like to know your rationale.
All in my opinion, of course.
LM
More anecdotal evidence as to the effectiveness of Leronlimab in treating Covid that the US FDA will likely ignore.
The big question for investors is whether the Philippines FDA, and other global FDA's, will issue EUA's given that there is little risk in doing so as Leronlimab has not resulted in any serious adverse events in the treatment of over 1,000 patients for Covid, cancer, and HIV.