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tilator- Agreed. The last offering that I pleaded with Odidi to not do will be his demise. He has a couple ruthless institutions that make his position look small. Add in disgruntled shareholders... Everything will be sold off. Odidi kicked to the curb.
TREND- I just have to wonder what in the F*** 50 people at IPCI do every day...
I remember when I just got out of college. I started out with a small company(about 75 people). We developed, we manufactured, we sold, we researched... And we made profits... We had a bonus program that paid every employee in the company a bonus based on profits. People were driven by the generosity of the owners/management. It had a great founder with true market vision, who did not make excuses and easily adapted to challenges. That was 25 years ago. That company is now more than 1000 people in the US and 1200 people world wide. It ships product all over the world. Product that is manufactured in the US! A true success story... And this company has been profitable every year since I started. And that was going through some tough recessions.
When I compare the company mentioned above to IPCI, I see no similarities. The company above adapted to changing markets and tough economic times. The leadership never made excuses and reinvested the profits into the company, products and the people who worked there. IPCI does none of that. They fail and make excuses. Management takes fat bonuses on approvals that have not earned the company dime one. And IPCI's market vision is very poor. They may have a couple average scientists that can formulate drugs in the lab but their market vision is always 5 years behind the changing markets. The more I watch IPCI, the more I understand why they continue to fail... And every year they promise cash flow positive status but it never happens and the just go and raise money from ruthless investment houses that short the PPS down.
I agree with Fabius. Its been a good run for Odidi, but very soon he will be losing control of the company. Armistice has a larger position than Odidi. Add in Sabby, other institutions and large private shareholders that are fed up... Well changes will be coming and he will be forced out. ANDAs will be sold off as well as patents and other IP. That is how this will end. I can see it already.
One more thing... Likely just kicking the can down the road... Anyone remember how right after ADCOM they said they would commence HAP tests immediately... Well here we sit over a half year later and THEY HAVE NOT STARTED THEM!!!!!
Fabius- Agreed... No better indicator for future performance is past performance...
Doog- 4 full months. IPCI 2018 year started December 1, 2017!
And I will add they gave the guidance on how much they would accomplish by mid 2018. I really hope they deliver. That being said, I have been telling management for a while that they never deliver. So as soon as mid 2018 gets here, I will evaluate progress and send them an email based on what they did or did not accomplish.
Doog- Let's just put it this way... They deliver or management will find the door... Let's see how dedicated management is. And see if they can humble themselves and actually put their nose to the grindstone and make some progress. Because if they don't, they sealed their own fate with that last financing.
Doog- Pretty crazy... Looks to me they got 60 days to get a lot of stuff done.
So lets hope some news this week! Guidance said a lot things would be done 1st half of 2018. 2018Q1 is history and we are 1 month into Q2. So we should be hearing about all sorts of things within 2 months:
1. HAP studies commencing
2. First human PODRAS studies commencing.
3. Multiple ANDA approvals.
4. Possible Regabatin partner.
Lots of things should be in the works and we should hear soon.
Happy Easter everyone! Hopefully we come back to good news on IPCI and a new uptrend!
Mike - have good Easter.
Q: how many ipci employees does it take to screw in a light bulb?
A:4. One to file for the patent on how they screwed in the light bulb. One to sell shares for the new company. One to actually screw in the light bulb. One to take calls from angry shareholders
wimike- I did get an email from the Intelli service. I have gotten them for all recent filings lately.
Fabius- Very good point on the size of position and exit strategy. It is very hard to unload several million shares of IPCI on the open market. So you are right, they must have some type of exit plan ideas in place.
wimike- Yes, please let them know... And let me know when they start giving you the attitude that you the one being negative.
So has anyone got an update on what the expectations are for Seroquel XR? Last I heard they said that contracts come up for re-bid either at 6 or 12 months. Is there any expectation that market share can grow on this product?
Doog- You summed it up well. Yes some of my comments have been a little tasteless. I guess it is just my frustration that is showing. The reason I am long is I am trapped like many others. Plain and simple... I just don't believe Dr. Odidi is giving his best effort. I can accept failures and defeat. But lack of effort and continual excuses by management is unacceptable.
Samsa - cleared check... Now that made me laugh. I guess this is how he got the nickname Dr print more stock...
Moez Kassam founder of Anson and resides in Toronto:
https://en.wikipedia.org/wiki/Moez_Kassam
One more article about Anson:
https://finance.yahoo.com/news/nobilis-sues-anson-funds-anson-162403898.html
A little info on our latest institutional investor:
http://business.financialpost.com/news/fp-street/catalyst-capital-files-450-million-lawsuit-accusing-anson-funds-west-face-of-short-selling-conspiracy
Doog- The crazy thing is this downtrend has placed IPCI's market cap lower than the cash value of an outright sale of the ANDA pipeline...
Angelo- Lets hope they have some way to get access to market share on Seroquel. Just blaming MNK does nothing but say I accept that Seroquel revenues will never amount to anything. What would a real CEO like Jobs or Musk do if an extremely important part of their companies revenue stream was at risk? I don't know... But I know for sure they would just not put the blame on their partner and do nothing... And why do I feel this is what IPCI is doing? Because they have a history of not adapting to change and challenges... The first time I saw this was when the FDA did not approve the additional Focalin doses. They sure did nothing to address that issue. The management of IPCI is like a clown show, one embarrassment after another...
So Angelo on earnings I guess we hear that revenue for the quarter was $1-1.5M. Where Focalin was about $1-1.25M and Seroquel revenues continue to struggle. Would be nice to hear an update on what they expect for Seroquel revenues for the rest of 2018. Last year they were telling everyone it was going to take them to cash flow positive status. Thus far, we have not seen hardly ANY revenue on that product.
Doog- IPCI is so small that they don't need a seasoned CEO. The task of running IPCI could be done by a motivated person with adequate business experience and knowledge of the Pharma market/business. Odidi has just done a terrible job over the years. That makes it look like it is a tough task to manage IPCI... Which it is not...
Fabius- You are 100% right. It all comes down to poor and incompetent management. When you write your letter to Boyd give all the concrete examples on how they failed over the past 5 years. I will come up with a list of what I see as failures and will send it to you. I really like the idea of writing a letter to Boyd. It is a good way to put some pressure on these guys to get moving.
Tilator- Is there an issue with people overdosing on Focalin and Seroquel XR? Certainly there is with Oxy but I am not sure it exists with these other two drugs.
Doog- The 1 year contracts that were supposedly locked in on Seroquel should be over soon. I wonder if IPCI has followed up on this to ensure MNK is doing everything in their power to start actually selling Seroquel XR. My gut tells me there will be another excuse coming soon and no increase in Seroquel numbers... But I hope I am very wrong.
Tilator- Salaries need to be evaluated. Bonuses' need to be restructured and only paid as such:
1. They will be awarded on commercialization of product after product has generated enough revenue to cover bonuses.
2. They will be paid out of annual profits. In the event profits are not generated that year, no bonuses will be paid until a year is profitable.
3. No more bonuses based solely on approvals.
Fabius and Doog- First I like the sarcasm... Second, I really hope management understands that this latest deal gives them a limited timeframe to produce results. I actually think Odidi feels the technology is still his in some way shape or form... But he could not be more wrong. All the technology developed by IPCI is property of the shareholders. And as of right now, Boyd and others own a very high percentage of that.
Btj- lol... It is clear to me where this goes now. The question is will odidi play nice or fight it?
Fabius - I thoroughly enjoyed reading that and I see many parallels to the ipci situation. My guess is later this year he will start beating up odidi. Ipci gave serious guidance on what they planned to do in 2018. Some thing Boyd use to corner him.
Joby - well contact them and get them in the spotlight!
Angelo- About time they partner Regabatin... Don't you think?
blue- I am not qualified to answer that. But if it doe snot work for a specific application, then it won't be used. seems to me Tylenol does liver damage from too much use anyway.
Blue- but first steps are does it actually do what it says it does? Control the release of the drug and prevent accidental overdoses. If not, no need to evaluate long term use. Just proof of concept at this point.
And that being said, if in normal use, it does not have any negative effects, then it will be fine. Under overdose conditions- if it prevents overdose and does not have any negative effects with say one or two overdose instances, that is probably OK as well. It probably does not need to show no long term effects from repeated use under overdose conditions.
Case in point- if you overdose on Oxycontin you can die... Even with one overdose. Many drugs have that effect and they still are on the market.
Doog- I was verbally told they had some successful results in animal trials . That is all I know.
The other thing is these first human tests will not cost that much. I believe they will test around 20-30 subjects but am not 100% sure on that. Later tests will be extensive and costly. I am not sure what PH you would classify these test as but I would like to hear opinions.
Fabius- Latest Prospectus said cash until September:
Risks Relating to our Company
Our business is capital intensive and requires significant investment to conduct R&D, clinical and regulatory activities necessary to
bring our products to market, which capital may not be available in amounts or on terms acceptable to us, if at all.
Our business requires substantial capital investment in order to conduct the R&D, clinical and regulatory activities necessary and
to defend against patent litigation claims in order to bring our products to market and to establish commercial manufacturing, marketing and
sales capabilities. As of November 30, 2017, we had a cash balance of $1.9 million. As of March 19, 2018, our cash balance was $3.2
million, which does not include the net proceeds of this offering. We currently expect to satisfy our operating cash requirements until
September 2018 from cash on hand and quarterly profit share payments from Par Pharmaceutical, Inc., or Par, and Mallinckrodt LLC, or
Mallinckrodt. We may need to obtain additional funding prior to that time as we further the development of our product candidates and if
we accelerate our product commercialization activities.[color=red][/color]