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doog- I want Odidi to make IPCI succeed too. But unfortunately I feel he is too lazy and incompetent to do it. Performance by him and IPCI have really sucked over the last couple years. And what is sad, they always come up with excuses. Never once have I seen them stand up and said we made a mistake but we are going to work to make it right. It is always excuses and that things are out of their control. I guess I am writing this one off as I don't think Odidi has what it takes to make a successful company. Plain and simple he has failed and I suspect he will continue to fail more and more.
And here is the kick in the teeth. IPCI struggles and struggles and struggles... We need all hands on deck to right this ship... But we find out that in 2017 our CEO spent a significant amount of time starting a new private company... As if he did not have enough to do at IPCI... That is just a kick in the teeth to long term shareholders. So all I can see happening here is Odidi ignores the writing on the wall and does not take the deals. He then does major dilution and reverse split to keep NASDAQ compliance. I hope I am wrong but it is becoming painfully clear to me that he never gets the job done. I am down a lot of $ and so are many others... But Odidi does not care. He will justify it in his mind that we invested in a speculative development company and that complete loss is a reasonable outcome. Here is one more kick to the teeth. How many times last year were we told IPCI would be cash flow positive by 3rd quarter , then 2nd half of year, etc... Odidi telegraphed that to us and then simply failed to deliver once again. That is the theme with Odidi- talk, talk talk about what could happen and then totally fail on delivering. I am guessing right now he is trying to sucker Chinese investors in to buying stock in Smart Pharma. I am guessing Smart Pharma will promise the world, sell shares, promise the world again, sell shares, promise the world a third time, sell shares and then flat out fail to deliver. Odidi is a talker and an absolute failure in business.
Fabius- Well said. Odidi is a very poor excuse for a CEO. The more I watch this trainwreck, the more I think he is totally incompetent. I am guessing that is why IPCI has had 3 CFOs in the past 4 years...
Blue - just my personal opinion.
Mopar that would indeed be good. Let us hope it is true. For what it is worth, the reason I am so down on the company is I actually think they feel dilution is an option at these levels. I feel it should not even be on the table sub $1 and it is their duty to to get us out of this mess without dilution sub $1. If they do that my attitude will change and I will be OK with them.
Tilator - ipci may survive but long term shareholders will be sacriced if odidi decides to choose dilution over deals right now. That is not looking out for shareholders. He will be sacrificing us to the benefit of the next round of shareholders...
Angelo- I really think Odidi needs to make some deals to keep NASDAQ compliance. I just have this feeling he is too stubborn to realize he does not have control of the negotiations that are on the table. Thus I sense he will blow them or pass on them. I hope I am wrong but us shareholders need these deals to happen over the other option... Which is very ugly dilution and reverse split. I think that ugly deal wipes the shareholders out that supported IPCI and him. And the longer we wait for a Chinese deal, the more I think it does not come. That really rubs me the wrong way as Odidi's top priority should be IPCI. But all these other deals that went through seemed to happen while IPCI waits. It makes me question if IPCI is now taking the backseat to Odidi's personal deals...
Yes, I have really turned and sound like I am bashing Odidi. But I just don't feel he is giving current shareholders his best effort. Sorry, but that is how I feel. But if he can make the right deals that avoid the ugly dilution and reverse split, then I will change my tune.
Us shareholders own the company. He should make the deal that keeps us afloat. Not hold out for deals that may pay more years down the road. If he chooses that, we are wiped out by dilution/reverse split and we will have very little to gain by those deals years down the road.... He really needs to make the deals that benefit the current shareholders. Not wipe out current shareholders and make deals down the road that benefit his new round of shareholders(suckers).
Tilator and Angelo- I am not a short. I am a frustrated long. I cannot believe either of you do not see that Odidi just does not deliver on his promises. And what did he do all last year? He failed miserably at everything related to IPCI. But he had plenty of time to go out and start another company in China. Now think about this... Maybe if Odidi tried as hard for IPCI as he did at setting up Smart Pharma, maybe the HAP studies would be done now? Maybe the first human clinical PODRAS studies would be done now? Maybe there would be a partner for Regabatin? Maybe there would be a partner for Ranexa? Maybe Pristiq and Lamictal would be approved? Maybe IPCI would have some brand new drugs in their pipeline? Plain and simple to my eyes... Odidi is not giving his best effort. It is very apparent to me that Odidi has not delivered for years. And for anyone to say he has, give me some concrete examples on what he has delivered on. I will listen.
There is not a problem with Odidi starting a new company. The problem is he has neglected his duties at IPCI and traveled on IPCI's dime to conduct substantially personal business. If it is not substantially personal business, shows us the Chinese deals that benefit IPCI... So far all we have seen is the bills paying for this endeavor, nothing in regards to things that benefit IPCI.
wimike- Odidi has great perks as CEO of IPCI. Paid a serious six figure salary for putting company as a second priority. Also company pays his travel expenses to China while he conducts substantially personal business. The only mention of IPCI in China is him tooting his own horn saying how he started this great company in IPCI. He leaves out the details that they continually lose money, cannot make commercial deals and are about to be delisted from NASDAQ. I sense that he is over in China trying to sucker some Chinese investors into his latest scam- Smart Pharma. You know the saying... When the going gets tough, start a new company(scam)!
I really have to think Odidi was too busy with his personal interests last year to bother himself with pushing IPCI forward. No deals, no PODRAS human studies, an offering late last year that was basically gone by February without making any progress... Now how did they piss that money away so fast? I guess lots of expenses in China on all the IPCI deals THAT HAVE NOT HAPPENED!
blue- exit strategy?? With the way its going, we probably lose it all. I agree Odidi is full of shit and probably feels its OK to dilute and reverse split. Its either that or sign some deals. Which Odidi has a track record OF NOT DOING!
Doog- The success story about IPCI- that makes me laugh... Then he boasts about being Nasdaq... Well he can't even maintain the paltry requirements of that... He is an absolute failure as CEO of IPCI. Also a failure as a scientist at IPCI as his products never make it to make it to market and when they do the market has changed and it does not need them anymore. Look at Regabatin... If he don't partner that in 2018, it will never be anything. Dr. Odidi- how about throwing round 1 shareholders a bone and partnering Regabitin? Save us from R/S please...
Doog- Odidi is all talk. I am sure he will screw up Smart Pharma as well. He likes to talk, talk talk.... But when it comes tome to deliver all he has is excuses. It will be interesting to see what happens with China. He better announce a deal soon or I sense another lawsuit.
Everybody read this Odidi interview from late 2016... I think Odidi should read it as well. The irony of the things he says make me cringe:
How to make Nigeria’s pharma industry globally competitive – Prof. Odidi
By
OLa Aboderin
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19/08/2016
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[Sir-and-Lady-Atueyi-at-Beads-coating-suites-at-Intellipharmaceutics]
Transforming the Nigerian pharmaceutical industry into a foremost player in the global market requires some strategic changes that will involve all stakeholders and affect all sectors of the industry, renowned pharmaceutical scientist and entrepreneur, Prof. Isa Odidi, has said.
Speaking in a recent interview with Pharmanews, Prof. Odidi, who is the chief executive officer and co-founder of Intellipharmaceutics International, a Canada-based revolutionary pharmaceutical company, specialising in the research, development, manufacture and marketing of generic controlled-release and targeted-release oral solid dosage drugs, said that, given the right conditions, the Nigerian pharmaceutical industry should be a major source of foreign exchange earnings, aside from helping to sustain the economy and promoting quality of life of the nation.
The Kano State-born innovator, who is regarded as one of the most cited African pharmaceutical scientists in patent and intellectual property history, noted that a major shift in current business strategy and practices will go a long way in repositioning the country’s pharmaceutical sector, adding that the first place to start the required transformation is the National Agency for Food and Drug Administration and Control (NAFDAC).
NAFDAC, according to Prof. Odidi, must be overhauled, reorganised and empowered to function more effectively and efficiently as other similar regulatory agencies in the world, especially the FDA in the United States.
The celebrated technocrat, who was recently appointed a member of the Strategy and Development Committee of the Global Leadership Foundation, urged pharmaceutical companies in the country to willingly embrace new business models based upon external networks and third party partnerships.
He further tasked the companies to reconfigure their manufacturing facilities to meet FDA and European regulations, reinvent their production models to focus on high-end manufacturing, as well as foraying into other areas, such as medical devices, high value OTC and consumer health care products.
Citing the success story of Intellipharmaceutics, which is publicly traded on the New York Stock Exchange (NASDAQ) in the United States and the Toronto Stock Exchange (TSX) in Canada, Prof. Odidi stated that in order to survive the seemingly harsh business environment and take their businesses to the next level, pharmaceutical entrepreneurs must think radically and be ready to identify and leverage opportunities for expansion.
He added that the government, on its part, must be committed to the growth of the pharmaceutical industry by investing massively in research and development, and creating conducive economic environment for the sustainability and viability of the industry.
Below are excerpts from the interview:
It is not easy to qualify for quotation and listing on the stock exchange as a public company. But Intellipharmaceutics International is already quoted both on the New York Stock Exchange and the Toronto Stock Exchange. How did you achieve this?
Taking Intellipharmaceutics public and listing it on two of the best international stock exchanges in USA and Canada is not an easy thing. It happened in a reverse takeover – when Intellipharmaceutics bought the public company, Vasogen, and merged it with Intellipharmaceutics.
We had always wanted to make Intellipharmaceutics public and even had applications made for the listing. But then the opportunity to reverse takeover a public company came up and we took it. Of course, that meant dilution of our holdings and going into partnership/ownership with others; but it was for the better. It is better to own a chunk of a big company rather than whole of a small company. One per cent share in a billion dollar company is better than 100 per cent of a million dollar company. This is one thing entrepreneurs should understand!
However, bringing in outside investors comes with some risk. The biggest hurdle we faced in going public was investors asking us to consider stepping down from management position and focusing on the laboratory research. One of the things they were putting in front of us was, ‘We will give you somebody to manage the company. This is an issue many entrepreneurs, particularly immigrants here in Canada and the USA, face because people believe we don’t have the management skills and they want to replace the entrepreneur with someone who has an MBA.
The irony is that I had an MBA from the reputable Rotman School of Business Management at the University of Toronto. There was a lot of negotiation and pressure when going public, but it is important to note that Intellipharmaceutics is a technology company and needs technology management expertise with an entrepreneur’s flair.
We have since proved many of those investors wrong over the years through dedication to the company’s growth. We have invested a lot in the company — money, time, everything. Our life is in this company and we have the passion to drive it, therefore our interests are aligned with the company succeeding. Frankly speaking, we are smart people to have come this far so we think we should continue to run the company and we’ll get to a point where we might decide someone else should run this but not now!
How can the Nigerian pharmaceutical industry benefit from your success story?
Generally speaking, the pharmaceutical industry is very important because of its role in growing and sustaining the economy, as well as promoting social wellbeing and quality of life of a nation. In developed nations such as Canada and the USA, it is a major source of medical innovation and foreign exchange earnings.
Take the example of the USA. The pharmaceutical industry is a major contributor to the US economy. The sector generates high-quality jobs and powers economic output for the US economy. These economic impacts are as a result of the fact that the industry is well regulated and the industry’s research and development (R&D) enterprise.
The US pharmaceutical sector invests more in R&D relative to sales than any other manufacturing industry, investing more than six times the average for all manufacturing industries. The US pharmaceutical sector’s economic output, which represents the value of the goods and services produced by the sector, totalled more than $558 billion in 2014. The sector also supported another $659 billion through its vendors and suppliers and through the economic activity of its workforce, for a total of $1.2 trillion. This is an eye-opener and underlines what can be done in Nigeria.
Unfortunately, in Nigeria, this is not the case. Nigeria has neither a comparative nor a competitive advantage in pharmaceutical research, development, manufacturing and sales. Nigeria’s pharmaceutical sales is forecast at 0.89 billion dollars or 0.19% of GDP for 2015 and basically the size of a medium-sized pharmaceutical company abroad. These estimates are projected to get worse with every passing year. Thus, the share of Nigeria’s pharmaceutical industry in the global industry is basically zero, especially exports which are virtually non-existent.
It is about time that the pharmaceutical industry in Nigeria help support a vibrant scientific and economic ecosystem that is vital to the Nigerian economy and our country’s competitiveness in the global market. Given the current state of our pharmaceutical industry, it will require a tectonic shift in current business strategy and practices if we are to succeed in repositioning Nigeria’s pharmaceutical industry. However, the first place to start these seismic changes is with our regulatory agency, NAFDAC.
NAFDAC needs a complete overhaul and retooling. The key focus here is bringing its regulatory role to the fore. Currently it is not playing the part of a true regulatory agency, such as say, the FDA in the US. It needs very competent leadership that can “hit the ground running” from day one of being appointed. It needs leaders with relevant pharmaceutical/food industry regulatory experience, be it from being embedded in or having interacted (successfully and repeatedly put products through the application and approval process) with a first class regulatory agency such as the FDA in the US.
What about the pharmaceutical companies?
On their part, Nigeria’s pharmaceutical companies need to have a sharp focus on research and development (R&D) enterprise, which is currently non-existent. This should be with the objective of targeting lucrative international export markets, such as the USA and the rest of North America, Canada, Europe and Japan. They also need to adopt new business models built upon external networks and third party partnerships in order to avail themselves to new growth opportunities.
They need to position themselves to take advantage of current trend towards a business model that relies on outsourcing of many business functions, including manufacturing, and thus be in a position to provide contract manufacturing and other services to international clients.
Nigeria’s pharmaceutical companies need to reconfigure their manufacturing facilities to meet FDA and European regulations; reinvent their production models to focus on high-end manufacturing; and foraying into other areas, such as medical devices, high value OTC and consumer healthcare products.
It goes without saying that these reforms will enhance the ability of Nigeria’s pharmaceutical industry to successfully compete with other countries on many keys factors including cost, talent and market attractiveness – as defined by regulatory requirements, market access, IP legislation and pricing controls.
One other area of weakness is the non-existent of Phase 1-4 clinical research facilities and activities in Nigeria. Nigeria needs state-of-the-art clinical research organisations (CROs), primarily devoted to clinical research management, instead of pure research through conducting trials for drugs under development by the pharmaceutical industry etc. A vibrant clinical research environment is not only a necessary adjunct to a thriving pharmaceutical industry, it is a money spinner and potential source of foreign exchange earnings as clinical research spending tend to be a significant portion of R&D costs.
What role should the government be playing in all these?
On the part of the government, there is need for massive investment in R&D and granting of generous research tax credits and tax incentives to pharmaceutical manufacturers and R&D focused companies. An offer of highly productive manufacturing facilities with flexible production capacity by Nigeria’s pharmaceutical industry, combined with investment and tax incentives from the government can position a jurisdiction with a small domestic market purchasing power to attract generic investment, mainly to produce for export markets.
Doog- Yes Thanks Dr. Odidi for spending all that time in China and advancing personally... Congrats on your new professorship and new company... And Dr. Odidi, please don't forget to give all your loyal shreholders a reach around while you are giving it to them up the a$$... Remember their money was used for all your travel expenses while you conducted substantially personal business and neglected advancing IPCI's pipeline....
Tilator- Here is what Schwab says:
https://www.schwab.com/active-trader/insights/content/9-frequently-asked-questions-about-short-selling
tilator- I am certainly no expert on how borrowing out shares for shorting works. But maybe someone else on here can comment. I have a good amount of my shares in two differnt Roth IRA accounts. Once I heard those cannot be borrowed out. But I am willing to do what I can to put place my shares so they cannot be borrowed. I know a few others that I probably can convince to do this as well that have pretty sizable positions.
I really think the shorts know when the offering is being shopped. Wainwright is likely shopping one right now. But does IPCI plan to go through with it? I know the day before last offering there was some crazy short covering after hours... Seems like people thought it should have came and maybe was cancelled and then covered quickly after hours????
Blue - regabatin. If no partner in 2018 forget about it. Probably becomes an Anda.
Podras- they are doing a very early clinical trial. I would expect they can at least manipulate the data and make it look great. As all small bios do this. Should at least be good for a pump and dump. That being said if anyone could screw it up it would be ipci management. Ipci management could screw anything up...
Blue - how much later did pharmadex receive approval?
Blue - make sure you point out to patient that pharmadex has higher sales than Mnk.
blue- I urge you send Patient an email asking him that question. If you don't get a response email him again the next day and ask when he has time for a phone conversation. I am sure he will talk to you if you identify yourself with your real name and as a shareholder.
You would think the CEO of a company struggling would be very short on time. But it appears to be just the opposite. He has plenty of personal time to start a new company in China. he also has plenty of personal time to become a University professor in China. I guess those things are more important than IPCI FDA approvals, IPCI partnerships, IPCI Seroquel sales. IPCI is in dire straits but Odidi does not seem to try to do anything to right the ship.
wimike- what scares me the most is I think the people at IPCI are stupid enough to sell half the company for $20M and do a reverse split to solve their problems. I just don't see why they don't partner some of the drugs first and get the PPS up before diluting.
Boy the only solution for Odidi may be to reverse split and sell half the company equity for $20M...
wimike- boy that would get many people at IPCI sued personally... Nobody is stupid enough to try that but... It has to be crossing some peoples minds... Like the guy that stands to loose all his IP after he dilutes at all time lows...
fmgrana- I am sure the litigation will be going over IPCI's financial records with a fine tooth comb. I for one would like to know how Chinese expenses were broken down. I hope our CEO did not do anything dumb like bill all the expenses to IPCI while at least 50% of his trip was used to start a business unrelated to IPCI. If he indeed did do that, then the litigation may push that IPCI shareholders hold an interest in Smart Pharma as our money went to starting the company.
Blue- I agree he would not do it and he can't legally do it. But when people start to realize that the dilution is soon to make him loose control of their baby... I am sure some crazy ideas cross their mind...
wimike- Please write an email to both Odidi and Patient. They do read them. You need to let them know that dilution at this level is unacceptable. You do have the opportunity to be heard.
Tilator- I agree, any market would be fine. But... But... It takes effort... I sometimes question if IPCI even makes legitimate efforts at opening doors. My impression is they wait around for someone to knock on their door.
Tilator- My guess is US sales of Gluco first. I cannot believe they were ahead of the eight ball and got the relevant China approvals early. If IPCI had good management, they would have been working on the Asian approvals for relevant products in the last year. But you know as well as I that they never have the foresight to do these things in the right manner. They will ink the partnership and then thump their chest and say lets go get these approvals... The market will then say- what have you been doing for the last year Odidi?
Tilator- I will agree with you as soon as they announce a deal with Shanghai Yunfeng for contract manufacture of Gluco and Keppra- for sale in US. The second part of this is they need a sales/distribution partner in the US. The third part of this is they partner production of Seroquel XR with Shanghai Yunfeng as well as all other generics that receive approval.
Angelo- What you say is so wrong on so many levels. China and India is where everyone is manufacturing low cost generics. There is a reason for that. I don't have time to argue the whys and hows. But if everyone is doing it in China and India, there is a reason for it.
Doog- They pissed away all the money from the offering and now how do they fund the HAP studies... Real nice. I hope they paid in advance for those damn studies but my guess is they did not, so now they need to come up with $1-2M for that. Complete mismanagement of company funds. I really wonder what these idiots do all day. I mean pipeline is exactly the same as 4 years ago with exception of PODRAS in proof of concept and Ranozoline ANDA... Pretty sad.
Doog and Mopar- I agree that Dr. Odidi could have promoted a very good storyline here. But instead all we got was uncertainty and more ways for games to be played with shareprice.
I will post this once more. But what I am saying is the truth. Check it out for yourself:
1. Dr. Odidi is involved in Smart Pharma. Smart Pharma is not a competitor to IPCI and is in the field of making drugs for Africa specific ailments. IPCI will have no involvement with Smart Pharma. Smart Pharma will have involvement with Shanghai Yunfeng.
2. IPCI is investigating contract manufacturing in China. This is where I see IPCI working with Shanghai Yunfeng. I feel this will be for manufacture of products sold in US and other areas.
3. IPCI is investigating lower cost sources for raw materials in China. This is for compounds to be shipped to Toronto for development and manufacturing.
Please everyone, do yourself a favor and just listen to what I am saying. This is exactly what is going on. Nothing more, nothing malicious. Just business that makes sense...
Doog- Because IPCI is working with Shanghai Yunfeng. Smart Pharma is also working with Shanghai Yunfeng. Yes I agree, Dr. Odidi missed a great opportunity to promote IPCI and himself.
Doog- Smart Pharma will have nothing to do with IPCI. They are only involved in products specific to Africa. Like things for malaria, etc. They are not in the controlled release playing field. Shanghai Yunfeng is a low cost manufacturer that IPCI will likely partner with. I suspect the first thing we see in regards to this is them manufacturing Gluco for US and hopefully Asia markets as well. It will be interesting to see who the US gluco marketing/sales partner is.
Doog- Shanghai Yunfeng will likely be the manufacturing partner for IPCI. Smart Pharma will have nothing to do with IPCI as they are in different markets. Smart Pharma is focused on Africa specific ailments. I believe Shanghai Yunfeng will manufacture Gluco first and I suspect they will do all IPCI generic manufacturing eventually.
Angelo- I agree 100% Shkreli should do some serious time. He should be sentenced for 10 additional years just for being the arrogant, pr*ck con man he is.