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Doog- I just don't understand it either. You would think he would have a big wake up call looking at today's market cap and the last offering. And just realize he needs to make changes. I guess he has not hit bottom yet.
Doog- I think his intention in China is to set up contract manufacturing for generics. But the problem is everything he does takes way TOO LONG!
Doog- Here is my opinion on what Smart Pharma actually is... It really is nothing at this point. I think Odidi went to China a few times acting like a big shot CEO and talking, talking and more talking... He used IPCI name to show legitimacy. And basically worked out some type of contact manufacturing agreement for Smart Pharma of Nigeria with Shanghai Yunfeng. Smart Pharma in Shanghai is nothing more than a shell corporation. They don't have buildings, equipment, facilities... That is Shanghai Yunfeng.
Getting contract manufacturing agreements with China companies is sooo easy... They are begging for the business. Now why have we not seen anything about a contract manufacturing agreement for IPCI? Well my opinion on that is Shanghai Yunfeng is not an FDA approved manufacturer for any of IPCI's approvals... So that means Odidi needs to work with FDA and get them approved... But there lies the problem, he talks and talks and talks but when it comes to execution he just sits on his ass and does nothing. So here we sit and until Odidi gets off his ass and dots all the i's and crosses all the t's with the FDA nothing will happen...
Doog- So many good questions. I have touched on those time and time again through emails to both the Odidi's and Patient. But they just don't listen. I think they just blow me off as a disgruntled shareholder. But what they don't understand is lack of progress is the problem... Making excuses and not coming up with solutions is the problem... Dr. Odidi feeling he is entitled to be CEO is the problem... Plain and simple, Dr. Odidi has not got the job done. Plus he has not even tried to fix issues and has always just made excuses... He really needs to go.
doog- Agreed that selling some of the ANDAs was indeed an option. The emails I sent to management prior to the offering pleaded with them and outlined other options such as that. But as you can see, they know much better than us all...
Question- does anyone know how to plot market cap versus time over a 5 year period? I would like to create that plot and send it off to management for review. That should really be an eye opener. Not only have they diluted everyone's holdings dramatically. The market cap is far lower than when they had nothing on the market...
swe77 and everyone- I have a question for you. Do you know what kind of FDA approvals a Chinese contract manufacturer would need to be able to produce IPCI's FDA approved drugs? Or what IPCI would have to do to get the FDA to allow this?
swe- I wasn't notified either and am trying to find out how to vote my shares as well. I will vote against everyone as well. If anyone can provide info on how to vote for shares, it would be greatly appreciated.
Blue - why this stock... I have been here for years and my opinion is these maniputors are being spoon fed info from the company via the people doing offerings, analysts, etc. And with that it is so easy... And the company is too stupid to realize this... Or they don't care.
Blue - I suggest you create an ID and ask Pharmer for your self. I don't see anything on there saying he bought the offering. But I did see talk about a meeting in Toronto. I have specifically asked if I can attend. As I strongly feel ipci needs management and board changes.
doog- fighting back against MNK would mean actually doing something for once... I am convinced there is a lot of nothing going on at IPCI.
Doog- Well the company update said they were planning on completing first clinical trials on PODRAS in 1H2018. So in three months they should have an update, right?
They also said they would commence on the Rexista HAP studies immediately. And refile NDA before year end 2018.
Also, they said something about starting Regabatin clinical trials in 2H2018.
Lots of stuff to do. Lets hope they are not eating their words soon...
Doog- that is why I hate how in every interview it alludes Dr. Odidi built Biovail. He did nothing of the sort. Yes, he was part of the team that made Biovail. But he was just one of many. And his contributions were only on the science end. Possibly manufacturing too.
Doog agreed 100%. I don't think Odidi is listening to the criticism he is getting. Very unfortunate.
Tilator- They do not have $500K in revenue every month. It is closer to $400K. They need to double or triple that to get cash flow positive.
Tilator- IPCI won't talk to me anymore. So why don't you send Patient an email that Lupin found roads to the market while all IPCI found was excuses!
Link: https://globenewswire.com/news-release/2018/01/24/1304271/0/en/Intellipharmaceutics-Provides-Operational-Update.html
Here are the important ones:
Intellectual Property Portfolio
PODRAS™ Technology
Intellipharmaceutics continues to make progress regarding its PODRAS™ delivery technology, recently obtaining three additional patents from the U.S. Patent and Trademark Office (U.S. Patent Nos. 9700515 and 9700516 in July 2017 and No. 9,801,939 in October 2017) also entitled "Compositions and Methods for Reducing Overdose" and covering aspects of the Company's PODRAS™ delivery technology. The Company is optimistic about the prospects of this technology, which deliberately regulates the bioavailability of active ingredients in both generic and non-generic medications in a way that reduces the opportunity for overdose and/or abuse. The Company is finalizing plans to initiate proof of concept trials in humans. The Company believes that the preclinical work on the technology to date has shown encouraging results, but human trials are required to show that the technology works as expected. The human studies for PODRAS™ are expected to take place in the first half of 2018. Based on the results of these studies, the Company will evaluate commercial opportunities for the technology including potential out-licensing as well as incorporation into products within our pipeline.
Drug Development and Commercialization Progress
Generic Seroquel XR® and Generic Focalin XR®
Intellipharmaceutics’ marketing and distribution partner, Mallinckrodt launched all strengths of generic Seroquel XR® (quetiapine fumarate extended-release tablets) in the U.S. in June 2017. With the launch of two additional strengths of generic Focalin XR® (dexmethylphenidate hydrochloride extended-release capsules) in November 2017, the Company’s marketing and distribution partner, Par has now launched all strengths of generic Focalin XR in the U.S. Intellipharmaceutics continues to work with Mallinckrodt and Par to gain traction in the competitive U.S. market, and is actively pursuing opportunities it has identified outside of the U.S. to expand global market reach.
Regabatin™ XR
The Company has had in development a once-a-day non-generic controlled release version of pregabalin (marketed in the U.S. by Pfizer under the Lyrica® brand) under the NDA 505(b)(2) regulatory pathway, with a view to possible commercialization in the U.S. at some time following the December 30, 2018 expiry of the patent covering the pregabalin molecule. Regabatin™ XR is based on our controlled release drug delivery technology platform which utilizes the symptomatology and chronobiology of fibromyalgia in a formulation intended to provide a higher exposure of pregabalin during the first 12 hours of dosing. The FDA has recently approved Lyrica® CR, a branded controlled release formulation of pregabalin. The Company believes its product has significant additional benefits to anything currently on the market and is very excited to continue development of its formulation. We are currently evaluating partners for required Phase III studies and expect to begin these studies in the second half of 2018.
Doog- No doubt... Nice upgrade and then give a price target of $3... What low life scum... And shortly after the upgrade I did send an email to IPCI saying that the people that were manipulating price were the people they trusted like Wainwright, Roth and Proactive Capital. Ahhh what, what....
Fabius- Agreed... Odidi needs to look back at Biovail and the facts surrounding its success:
1. They had executive management other than Odidi. I believe Odidi's highest position was VP of R&D. His wife was R&D consultant.
2. They had someone who knew how to submit ANDAs to FDA. This was not Odidi.
3. They had market people that had strategic vision relevant to the timeframe the developments were happening. This was not Odidi.
4. The Odidi's developed the drug formulations. Dr. Odidi with Biovail and his wife as a consultant. This is the arena they helped.
Dr. Odidi needs to stop bragging about how Biovail was a success because of him. The truth is it was partly a success because of him doing some drug development. There were many other players around him that aided in the other departments. These are the departments Dr. Odidi needs to relinquish control of.
Fabius- So there is some truth to the excuse IPCI gave about MNK entering market late. But as you pointed out Lupin overcame a later launch has obtained a substantial market share. That is one of the problems with IPCI management. They don't know how to properly react to challenges and tough situations. Frankly all I have seen over the years is they come up with and excuse and do nothing! Now ask yourself how Steve Jobs, Elan Musk and other top caliber CEOs react to challenges. They make no excuses and face them head on and make the necessary adjustments.
Doog- It is really sad to watch the slide from ADCOM. I don't know how IPCI can ignore the calls to make the necessary changes but it sure appears that they are. I hope I am wrong. And what makes me sick is the market cap between offerings dropped nearly 30%. This is after the BEATDOWN this stock took from ADCOM. And look at the numbers. They sold 15% of the company to net a measly $3M. That means the latest offering puts a $20M valuation on IPCI... I don't have an MBA like Dr. Odidi but for certain his MBA is nothing more than one of those MBA's they give away for attending a couple classes and paying the tuition. He has no concept of business in any remote sense...
Fabius- Is it true that Seroquel XR competitors that entered market after IPCI/MNK now have more market share than IPCI/MNK? I know you have access to this data.
IPCI's Magically Disappearing Market Cap
Here are the facts:
1. At last offering (OCT17) based on offering price and number of outstanding shares IPCI market cap was over $35M.
2. At current offering (MAR18) based on offering price and number of outstanding shares IPCI market cap is under $25M.
3. So in just 5 months, over $10M or about 30% of the IPCI's market cap magically disappeared...
4. With the latest offering, IPCI will net about $3M for 15% of the companies equity. Using those numbers that offering puts a valuation on the company at $20M.
5. $20M is easily what the ANDA pipeline could fetch in a pure cash transaction.
6. For Odidi's next trick...
Mopar - exactly. It is time for management to deliver the things they said they would in 2018. If they do that I would go back to supporting them. Yes a paycut and restructuring of bonuses would show they are being supportive of situation. Troubled times call for drastic measures... And shareholders should not be only one carrying the burden.
Anybody notice that the solution to IPCI's cash problem was just sell 15% of the company equity to net $3M? I guess shareholders are the ones taking it up the A$$... So how about IPCI reduce management salaries and bonuses right now? How about cutting staff some to reduce costs? Or how about selling some of the ANDAs that IPCI can't make dime one on? I mean by October 2018, Odidi will have his hat out again looking for donations...
Doog- But Odidi just don't get it that he is not getting the job done. Look at the last couple years and IPCI was like a clown show. What really pisses me off is the constant excuses on the failures. They never man up and say we screwed up but we are taking the right actions to correct. Like the Seroquel debacle- they have time and time again pushed the blame on MNK... That is not competent management- that sounds like 10 year old kids arguing on a playground...
Doog- enough is enough. They just have not delivered. And all they offer is excuses. They need to go. Patient is nothing more than Odidi's lap dog now...
I can only hope Boyd bought offering and will pressure them. But my guess is Odidi hand picked buyer and these guys are Odidi's puppets for now. They got almost 6M shares for peanuts and will vote whatever Odidi wants. I am guessing offering was done in advance of meeting just for that purpose. So Odidi could control the vote.
blue- I agree there is no issue as to who owns the IP. IPCI shareholders do. Odidi will get laughed out of a court room if he tries to claim ownership. This is really standard. Company pays you salaries, bonuses, etc. While everything you develop with their tools, resources, money, etc. is entirely the companies.
You also agree not to engage in any type of business that is in competition with the company. Some people will say Odidi starting a pharmaceutical company in China is indeed a violation of that agreement. However, Odidi will say this company does not deal with development/manufacture/sale of controlled release drugs... I guess that will be up to the courts to decide. I would say both arguments have some merit.
So did IPCI cancel ATM with filing today?
https://fintel.io/doc/www.sec.gov/Archives/edgar/data/1474835/000117184318001928/f424b3_031418.htm
Fabius,
This is what IPCI's website says in regards to IP. It is clear they say this list belongs to us(IPCI). There is no question that IP developed with IPCI's money/tools/resources are the sole property of IPCI. Odidi will be laughed out of the courtroom if he tries to say he has some ownership. He was paid very well by IPCI in terms of salaries/bonuses to develop IPCI's IP/patents/products/etc. He has no grounds to claim ownership:
Intellectual Property
Proprietary rights are an important aspect of our business. These include know-how, trade secrets and patents.
Patents which relate to and protect various aspects of our Hypermatrix™ family of drug delivery technologies include the following United States, Japanese, Chinese, Indian, Canadian and European patents which have been issued to us:
Country
Issue Date
Issue No.
Title
U.S.A. Oct 31, 2017 9,801,939 Compositions and Methods for Reducing Overdose
U.S.A. July 11, 2017 9,700,516 Compositions and Methods for Reducing Overdose
U.S.A. July 11, 2017 9,700,515 Compositions and Methods for Reducing Overdose
U.S.A. Dec 20, 2016 9,522,119 Compositions and Methods For Reducing Overdose
U.S.A. July 14, 2015 9,078,827 Pharmaceutical Composition Having Reduced Abuse Potential
U.S.A. Aug 12, 2014 8,802,139 Proton Pump-Inhibitor-Containing Capsules Which Comprise Subunits Differently Structured For A Delayed Release Of The Active Ingredient
U.S.A. Dec 10, 2013 8,603,520 Oral Multi-functional Pharmaceutical Capsule Preparations of Proton Pump Inhibitors
U.S.A. Mar 12, 2013 8,394,409 Controlled Extended Drug Release Technology
U.S.A. Mar 15, 2011 7,906,143 Controlled Release Pharmaceutical Delivery Device and Process for Preparation Thereof
U.S.A. Dec 28, 2010 7,858,119 Extended Release Pharmaceuticals
U.S.A. Aug 15, 2006 7,090,867 Novel Controlled Release Delivery Device for Pharmaceutical Agents Incorporating Microbial Gum
U.S.A. Oct 5, 2004 6,800,668 Syntactic Deformable Foam Compositions and Methods for Making
U.S.A. Nov 25, 2003 6,652,882 Controlled Release Formulation Containing Bupropion
U.S.A. Aug 19, 2003 6,607,751 Novel Controlled Release Delivery Device for Pharmaceutical Agents Incorporating Microbial Gum
U.S.A. Nov 12, 2002 6,479,075 Pharmaceutical Formulations for Acid Labile Substances
U.S.A. Oct 2, 2001 6,296,876 Pharmaceutical Formulations for Acid Labile Substances
Japan Aug 28, 2015 5,798,293 Pharmaceutical Composition Having Reduced Abuse Potential
Japan Jan 17, 2014 5,457,830 Controlled Release Delivery Device Comprising An Organosol Coat
Japan Aug 8, 2014 5,592,547 Drug Delivery Composition
Japan Aug 30, 2013 5,349,290 Drug Delivery Composition
India Feb 10, 2015 265,141 Pharmaceutical Composition Having Reduced Abuse Potential
Europe Nov 26, 2014 2,007,360 Controlled Release Delivery Device Comprising an Organosol Coat
Canada May 26, 2015 2,579,382 Controlled Release Composition Using Transition Coating, And Method Of Preparing Same
Canada Jan 28, 2014 2,571,897 Controlled Extended Drug Release Technology
Canada Apr 8, 2014 2,576,556 Disintegrant Assisted Controlled Release Technology
Canada Mar 11, 2014 2,648,280 Controlled Release Delivery Device Comprising an Organosol Coat
Canada Jun 19, 2012 2,626,558 Pharmaceutical Composition having Reduced Abuse Potential
Canada Sep 25, 2012 2,529,984 Oral Multi-Functional Pharmaceutical Capsule Preparations of Proton Pump Inhibitors
Canada Feb 22, 2011 2,459,857 Combinatorial Type Controlled Release Drug Delivery Device
Canada Mar 15, 2005 2,435,276 Syntactic Deformable Foam Compositions and Methods for Making
Canada Nov 29, 2016 2,910,865 Compositions and Methods For Reducing Overdose
China May 11, 2016 ZL200780019665.5 Drug Delivery Composition
China Nov 25, 2015 ZL200780025611.X Pharmaceutical Composition Having Reduced Abuse Potential
In addition to these issued patents, we have several U.S. patent applications, and corresponding foreign applications pending, including Patent Cooperation Treaty - national stage processing and entry applications, relating to various aspects of our HyperMatrix™ drug delivery technologies, including methods and compositions for coating of tablets and beads, compositions incorporating disintegrants to assist in controlled release, compositions incorporating multiple drug actives, and compositions directed to classes of drug actives designed as therapies for specific indications and compositions intended to enhance deterrence of willful abuse of narcotic compositions.
© 2018 Intellipharmaceutics International Inc. All Rights Reserved.
wimike- I checked, it is enabled. You need to be logged in to send me a private message.
Doog- Yes the ANDA pipeline is a failure at this point. Whose market vision was that- the Odidi's... So who is the future market vision for IPCI... Is it not the Odidi's? They have failed, why should they be entrusted with the future? It is time they are forced out...
wimike- Contact me through ipci.ca. They allow private messages.
Doog- I just don't get the feeling Odidi and crew actually take what they are working on seriously. I am with the others that there needs to be a change in the board and management. The question is if we all work together, do we have enough votes to vote them out?
Doog- The reason Odidi does not do that is because all that would make sense. Everything he does makes no sense. I am seeing more and more that IPCI really is doing nothing to advance their pipeline. These last two offerings were desperate attempts to just keep the doors open. And this latest one only kicks the can down the road say 6 months... And then they need to do another offering or come up with money by some other means. At this point, all Odidi knows is dilution and I don't see him changing. I am accepting this investment as a complete loss more and more every day!
Doog- I am thinking Wainwrights $3 target price factors in 5-1 reverse split!
wimike- You were 100% right that the pop in price was Wainwright, etc. front running the offering by popping and shorting. This happened the day of Wainwright upgrade nonetheless. Knowing full well they would be getting cheaper shares to cover. Odidi just sold some shares to pay salaries and keep the doors open. It will be interesting to review the company update at end of 2018. I am guessing they will accomplish little on that big to do list as usual. And I am sure Odidi will have a bunch of excuses. Odidi is the king of talk, empty promises, excuses and dilution!
Fabius- I agree. I send an email to Odidi and Patient a few weeks pleading with them not to do an offering at these levels. I also said the people behind the shorting/ manipulating were being fed info by Wainwright, Roth, Proactive. Such that these guys always know the offering and news is coming thus they short and cover accordingly. I guess they don't care as long as they can get their $2-3M after commissions to keep the charade of a company going...
blue- I live in Madison area.
Mike - don't know the why just that it is in the litigation. I know that for sure.
Blue - penna is named and being sued as part of litigation.