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Doog- Because Odidi knows best and he cannot or will not listen to anyone else. I think that is the biggest problem IPCI faces. Odidi does not know how to delegate and feels the need to micro manage every company decision. It really is killing us.
wimike- You are making a case that Odidi and his buddies with Smart Pharma are behind the shorting...
Fabius- Actually you raise a good point... What do the 50 IPCI employees do every day? There is no manufacturing to speak of... They are a development company but the only thing new in the last couple of years is an ANDA for Ranexa... I mean what is going on in the facility on a daily basis besides Odidi pissing away about $750K in cash per month??? He talked big in the interview last February about how he would apply PODRAS to a whole bunch of new drugs... We have not heard a peep about any new PODRAS developments... In fact, he hasn't even finished the first human trials on PODRAS yet... So what do all the 50 employees do at IPCI day in day out? Sure looks to me like they collect a check for pretty much no corporate progress....
Mopar- I think in April or May.
I wonder what Boyd thinks of all this...
wimike- That's what I have said to management many times recently. You cannot sell 20% of the company to net maybe $5M... You need to come up with other ways by partnering, selling ANDAs, etc. But dilution at these levels will wipe out long term shareholders who have supported the company for so long.
Fabius- I also think what may happen is IPCI acquires the Chinese company. The purchase would be made in IPCI shares. The other company would bring money, manufacturing, etc.
wimike- If they do offering, how many shares do you think they sell? Also the day of the heavy volume was the day of Wainwright upgrade... Maybe just maybe Wainwright is handling the offering?
E Star- I think you need to get enough shareholder votes in favor of a vote to remove Odidi and then request the board to call for a shareholder vote on that at the company meeting- which is coming soon.
Fabius- There is absolutely no question that IP/patents developed on IPCI's money/resources are wholly owned by IPCI.
trend and door- Terminating the agreement would mean someone at IPCI had to get off their ass and do something... The more I watch these guys, the more I think they sit back and wait for someone to knock on their door... I mean really... What kind of R&D have they been doing for the last couple years. The pipeline hasn't changed! No deals, no R&D, no approvals, no manufacturing.... What the heck do 50 employees do every day?
Trend- email Patient. Then email him again. I have gave them a piece of my mind a few times. I do not think they will be answering any of my questions any time soon.
wimike- the market cap is so low I would guess it is on the order of what you could sell all the ANDAs for cash right now. I would say each ANDA has a value between $1-5M in cash right now. So my guess is market cap is at below cash value of ANDAs...
wimike- I have been very vocal about how dilution now is not an option. They have not replied to me on this. That is my message at this point.
wimike- APatient@intellipharmaceutics.com . Please contact him. Others as well. Let them know that their progress is unacceptable.
Fabius- They tried this morning. They are working at it. I don't know how IPCI does not feel this is a problem. They have lived off of raising money in the past and by crashing the shareprice it only makes that harder and harder...
Tilator- No lets send Odidi to Siberia... People on here talk about how he is irreplaceable... Maybe in his own mind but everyone is replaceable.
Angelo- Yes sh!t happens, but what separates the men from the boys is how they react, adapt and overcome. How would Steve Jobs and Elon Musk handle the way MNK has followed through on the deal? I don't know for certain but I know for sure they would have done something and not just made an excuse and pushed the blame on MNK. This is a prime example of what is wrong with Odidi... He cannot adapt to or overcome issues... He just makes excuses and places blame... He sits in his little dream world flailing about aimlessly... That is HIS problem.
Angelo- Yes, but if Odidi will not listen to Patient and just keeps going down the same road... If you keep doing the exact same thing, you keep getting the exact same results... And I hope all of you have taken the time to write Patient and Odidi to tell them they need to step up their game.
So Doog... That is why it is time for Dr. Odidi to put up or shut up... Either he can get the job done or he can't... So far he hasn't... And thus he is running to another continent proclaiming the legend of Dr. Odidi- innovator, entrepreneur, etc... The charade goes on...
Angelo is right. Most lending happens with margin accounts but that being said... I have heard this topic discussed on boards before... And there is never a clear answer. The law states to go short you have to borrow the shares. So for some brokers, they utilize the gray area of the law to accommodate whatever they want.
Angelo- You must really believe in Dr. Odidi to say that. But I can't believe you mean it. With how he has performed over the last several years there are many other CEOs getting the job done... While he is not... What about him do you believe in? Why would you continue to throw more money at him? He has had every opportunity to perform but he has not. The PPS speaks for itself. It is not all manipulation. It is reflecting what IPCI has done. A year is a long time. But for IPCI progress it never, ever seems to amount to much. Here is to hoping he can right the ship... But I have pretty much lowered my expectations because on so many levels IPCI has disappointed time and time again...
Tilator- Sounds about right... No straight answers means they do whatever they want, whenever they want. Personally I feel a lot of the shorting on a daily basis is one of the MMs. I am guessing this guy does this without shares to back it up. Which is illegal but everyone knows it happens.
Doog- I nominate Odidi for worst CEO of the year.... Heck I take that back.... Worst CEO ever!
Impact- I hope your right.
I really have to wonder what IPCI employees do all day... There really is nothing going on? The pipeline has been stagnant for years... No new developments, etc. So what are they doing?
Doog- I am already working with some people I know in Shanghai... If he puts the screws to us over here, I know ways to make sure it is difficult for him to sell his snake oil in China...
Fabius- Odidi is well aware of where COLL is right now. But the problem is he will not take an objective look at what is wrong with IPCI. Because every single thing wrong with the company points to him- decisions he's made, things he has not done, deals he's passed up... They all point to him.
Fabius- Agreed... $1M for what exactly? I just still can't believe they even filed the NDA without completing the HAP studies. That is just plain poor work all across the board. Make all the excuses you want... But COLL did those studies prior to ADCOM, so that sets the precedent to which all future companies will be held too. Wake up IPCI!
Doog- Well said on all points!
No doubt Doog. Odidi better announce something soon in regards to how the China deal benefits IPCI.
And Angelo- I know I have been real critical of Odidi and IPCI. My only reason for this is I don't think Odidi is giving his best effort. I also think Odidi has done a very poor job at securing deals that generate revenue. That leaves us in a very bad situation where the market cap is $20M right now.... Odidi is responsible for this mess. He is CEO and needs to put on his big boy pants and do the job he is paid for and get us out of this mess... Without diluting out all long term shareholder equity. he needs to start signing the deals now. And he should of been doing it in 2017... But we know he was too busy working on his own personal projects rather than doing the job he is paid so highly for!
Angelo- I never have had a problem with the loan. I always thought the rates were more than reasonable. And yes, I would welcome loan over dilution right now.
OK chain, sorry and no offense intended.
Tilator- Odidi can use the interest money he receives for whatever he wants. I don't even know why that person said that. But Odidi did sell a bunch of shares at one time. He may or may not have used that money for Smart Pharma. The problem I see with Smart Pharma is Odidi is not performing adequately as IPCI CEO. So I greatly suspect he spent too much time on this personal endeavors in 2017 to the detriment of IPCI.
Tilator- Odidi loaned the company money several years ago. Loan is still on the books. I believe he collects something like 10-12% interest annually.
Concrete examples of IPCI failures in 2017:
1. Rexista Adcom- They went without doing 2 of 3 HAP studies. Precedent showed that COLL had these done prior to Adcom... But they blamed this on the FDA for inviting them...
2. Commercialization of Seroquel- After touting in 1st hafk of 2017 they would be cash flow positive the second half. Sales of Seroquel never amounted to anything. But they blamed this on MNK for launching too late and contracts getting locked up...
IPCI never takes responsibility for its failures and never adjusts strategically to over come these. When will Odidi finally wake up and realize we are where we at because of his poor management!
blue- At this point, I should just sell and move on. You are right. I have no faith in management. It is ridiculous the lack of effort on their part... They are good at one thing. Making investors believe their excuses. The problem is Odidi won't partner anything. He is an arrogant know it all that has no idea on how to conduct business.
OK, this is just my opinion. But here is what I think Odidi's goal is with Smart Pharma:
1. Go around China and tell everyone he is this very successful Pharma executive that was at Biovail, and started the great Intellipharmaceutics in Canada.
2. Claim that Smart Pharma is a state of the art R&D pharmaceutical business led by the great Dr. Odidi.
3. Create an illusion that Smart Pharma is something much more than it is.
4. Grant him and the other founders half the companies equity.
5. Sell shares to Chinese investors for the other half of the company.
6. Appoint himself CEO, Chief Scientist, Head of Board, etc. Collect huge salary paid by money raised by selling shares.
7. Promise the world to investors but deliver nothing but excuses...
Sound familiar?
Doog- And I love how he thinks Regabatin is an actual NDA candidate. My guess is that drug is never, ever partnered. I mean if it really was worth partnering, would it not be partnered already? Or is Odidi just too plain stupid to understand that market value of a drug like that is what potential partners are offering... Odidi is also a very poor market vision... His ideas that he develops have no foresight into changing markets and at the rate he moves, by the time the products are approved, the market has changed and there is no commercial viability to the products. Just a complete failure on so many levels it is ridiculous...
Doog- Send Patient an email with your questions and ask him a convenient time he can talk. If you don't hear from him, resend it the following day.