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You state in reference to Ronin. "And if they see value in the IP they will exploit it." Bingo...
And if two or three BP's are in the hunt, shareholders will get fair value for the IP.
And even if there was value with the IP (which I believe there is) the current team can't win by advancing the IP ( the 450 lb jockey analogy) because the stench coming from the BOD. I threw out the challenge a few times... find a worse BOD in biotech out there. And I underestimated how bad this BOD is. One of the DS attorneys said we are dealing with some bad actors.
I have always wondered why Garnick had very little "exposure" to pphm on his other website. Now I know why.
IMO we need to support Ronin and CONTINUE the pressure on PPHM to get rid of ALL members of the BOD. SK needs to step down and go back to the lab. He has been a part of this fiasco.
Stafford's involvement with xencor gives me confidence the ip will be put in good hands. they want value just like we do... only they will do more than "talk" to partners...
http://www.xencor.com/
"IMO If the Ronin group would gain control, the ultimate difference would be a sooner solution, and a lesser solution$$$"
disagree.... the problem with advancing the ball with the current clowns won't get you to $$$..
putting the ball in capable hands with credible operators could get you to $$ and much sooner and at least staring with a $...
the only folks that got the $$$ were the BOD...
13's filed state they are acting as a group.eom
so now mgmt has a time deadline to get the value for bavi... and if mgmt was planning on going "alone again", that is off the table. The IP is as ripe as it is going to be in terms of putting it in to capable hands. the "retain US rights" story is also off the table. anyone remember to "pole position" comment by sk regarding BP interest? i think SK and the BOD are ready to .... Assume the Position...
The proposal to add a board member after bavi approval is disingenuous at best and unfortunately follows a pattern of behavior, in my opinion, towards shareholders that have paid their excessive pay for years.
From Paragraph 1.d.(i) of the STIPULATION AND AGREEMENT Of COMPROMISE, SETTLEMENT AND RELEASE (page 8):
(i) Increase of the Board size. Contingent upon, and within three (3) months of, the Food and Drug Administration’s approval of Company’s product “bavituximab” for marketing in the United States, the Board shall increase the number of the Board members from four to five, and appoint an appropriate and suitable independent candidate to serve as that fifth member.
Here are questions to IR: (Cheynew can verify)
What is the estimated timeline for FDA approval?
Has PPHM submitted an application?
Will a new clinical trial be required before any approval?
If so, has the trial started and what is the estimated timeline?
and IR response:
Peregrine’s Phase III Sunrise trial was discontinued. We have no data package to submit to the FDA. In order to file an NDA with the FDA we’d have to conduct multiple successful trials.
And FYI... I also submitted a case to Nasdaq after discussions with Nasdaq... the BOD does not like me.. and I love it...
why would they ever want to do any deal and ruin the gravy train? that was the problem... no skin in the game, milk the shareholders and if bavi had value, it was a lottery ticket paid for by shareholders... make the company as institutionally ugly as possible to avoid oversight... the R/S gave them several more years of the gravy train..
the ronin letter spells out their MO pretty well...
baby seal? more like a lamprey..
agree... and deals that are in the best interests of shareholders...
hopefully they agree to depart asap and the threat of clawback helps their decisions..
preview of the ASM?
and the clawback is waiting in the wings. eom
I did the DIY version and it cost $70 plus 200 hrs of my time. eom
the ds is an absolute joke
imo the proposed settlement in essence states: There might be foxes in the henhouse but if there were foxes in the henhouse, the foxes won’t admit it and if the foxes did anything illegal, the foxes won’t admit to that as well and the foxes want indemnification for things they say they didn’t do and by the way, the foxes want to remain in the henhouse for the indefinite future with the company paying for a fox babysitter to train the foxes to be good foxes and still be paid 278%* of the average BOD pay for similar small cap companies. And the foxes have no experience in biotech.
yes thank you... and i have filed an objection in the DS case... maybe i get to gaze into their eyes on july 27...
my guess is soriot sees a safe place to land with big pay regardless of all the rumblings... he has a winning card so play it .....
is this in play?
http://www.investors.com/news/technology/novartis-grabs-key-fda-panel-approval-of-experimental-cancer-drug/?src=A00220&yptr=yahoo
http://www.peregrineinc.com/images/stories/pdfs/aacr2017hirschhorn.pdf
lots to speculate... why he left and what impact, if any, on pphm...
more pay at teva with big bonus
in hot seat at azn... for azn performance and pay he was getting...
right before mystic???
is it m&a and on his way out or was mystic trial not as expected????
just another twist in our own imaginary plot... no no no not him
if so, deliberate... same with no no no not him on last cc... same with no update on azn partnership when azn updates partner brochure... same with delay getting ds docs out to shareholders... these guys are doing all they can to tank the share price for options and "friend in low places" imo... but the ds suit will be ds 2.0 and these clowns will be chased for the next five years...
follow the devil? they are the devil eom
Thought so. Thanks...eom
Is this correct? If so, massive theft is about to take place. I don't think it is. In Dec the awarded 10 mil options to be distributed. That should be reduced 7 fold to 1,428,571.
"They want the RS because while previously awarded options are affected by the RS, the number of options awarded post RS (since they will keep the number of options the same as before) will be a much greater percent of the company after the RS."
If they replace the BOD or put a COB with actual biotech exp and proven track record of success (vs track record of losers) and get rid of the penny stock persona the current BOD has IMO, institutions should want to play...
yes and the question is when is the last time pphm provided any substantive discussion on AZN status? i think most thought the relationship was kaput or put on fourth cousin on another continent status... do you think that info might have helped share price... like wise the russell event.... 20 mil share buying power which went wasted against how many shares of ATM during period?
these guys are not on your side... and ten mil options out there waiting to be granted for such stewardship...
when was the last time AZN was mentioned by mgmt?
check the publication dates...
https://www.astrazeneca.com/content/dam/az/PDF/AstraZeneca_MedImmune_2016_17_BD_Partnering_Brochure.pdf
https://www.astrazeneca.com/content/dam/az/PDF/2017/2017_18_AZ_BD%20&%20Partnering%20Brochure_FINAL.pdf
agree... they are doing everything they can to shake retail out. they still have options to set. the cc is the july 14 and the last date to submit objections to ds settlement is july 12... coincidence? i think not.
send in the objections to the july 12 date. the attorneys want 14 days before the hearing... shareholders should 14 days to respond.... not 5 days over a weekend...
they just might change their behavior if they are held accountable... the best chance of success for regular shareholders is a board change... that is possible...
Not sure... mid june is my guess...
http://www.ftserussell.com/files/press-releases/ftse-russell-announces-schedule-annual-russell-us-index-reconstitution
deliberate actions to miss russell and keep 20 mil plus shares out of institutional investors..
the mgmt team is not acting in best interests of shareholders (again) imo
11. Any Peregrine Stockholder or Class member who objects to the Settlement, the Order and Final Judgment to be entered in the Action, and/or Plaintiffs’ counsel’s application for attorneys’ fees, or who otherwise wishes to be heard, may appear in person or by such member’s attorney at the Settlement Hearing and present evidence or argument that may be proper and relevant; provided, however, that, except for good cause shown, no person shall be heard and no papers, briefs, pleadings or other documents submitted by any person shall be considered by the Court unless not later than fourteen (14) calendar days prior to the Settlement Hearing such person files with the Court and serves upon counsel listed below: (a) a written notice of intention to appear; (b) a statement of such person’s objections to any matters before the Court; and (c) the grounds for such objections and the reasons that such person desires to appear and be heard, documentation evidencing ownership of Peregrine stock and any other documents or writings such person desires the Court to consider. Such filings shall be served upon the following counsel:
see addresses from docs...
and filed with court...
cost is $2 per page for scanning (can include check) made out to Register of Chancery
include Re: Michaeli v. Steven W. King, et al. , C.A. No. 8994-VCL
on submittals
Register of Chancery
Suite 11600
500 North King Street
Wilmington, DE 19801
IMO they have deliberately delayed getting docs to folks with deadline of July 12. Please note they want shareholders to submit 14 days before hearing on July 27 but have not given shareholders sufficient time. Send PPHM email stating time issue and ask for extension to file.
enough of the games
est cost to submit is maybe $50 or so....
So they miss the russell which would have resulted in probably 20 mil shares being bought by institutions and then announce R/S? Some very serious financial breach of fudiciary duty imo.
interesting.. deals are being done...
http://www.fiercebiotech.com/node/485896
The later the delivery, the less time to respond. All part of the plan. Note that they want responses 14 days before hearing but do not provide shareholders with 14 days to respond. The DS settlement is a joke. The BOD is the problem with the company and the settlement does not solve the problem.
Anyone get the ds suit papers from broker yet? They want shareholders to submit 14 days prior to hearing but they are not giving shareholders time to respond.
from company... june 2017
Peregrine’s Phase III Sunrise trial was discontinued. We have no data package to submit to the FDA. In order to file an NDA with the FDA we’d have to conduct multiple successful trials.
Stephanie
Yes... something perhaps a couple of years away... if ever...
In my opinion and in layman’s terms, the proposed settlement in essence states: There might be foxes in the henhouse but if there were foxes in the henhouse, the foxes won’t admit it and if the foxes did anything illegal, the foxes won’t admit to that as well and the foxes want indemnification for things they say they didn’t do and by the way, the foxes want to remain in the henhouse for the indefinite future and still be paid 278%* of the average BOD pay for similar small cap companies.
* Source FW Cook 2016 Director Compensation Report
one can object and the objections must be in by july 12... copies sent per stipulation... cost to submit to court is $2 per page for scanning fee...
now is the time to change the BOD... why are they so resistant to oversight?
and the way you make more money is having a scarcer amount of what "everyone" wants. Taking 20 mil shares out of circulation helps shareholders if a R/S were to happen. We shall see if a rusell mistake happens twice. If so, it's not a mistake but some serious fiduciary problems.
if they end of doing a R/S and not take advantage of the Russell with probably 20 mil shares of buying power, then mgmt is part of the game being played.
In my opinion and in layman’s terms, the proposed settlement in essence states: There might be foxes in the henhouse but if there were foxes in the henhouse, the foxes won’t admit it and if the foxes did anything illegal, the foxes won’t admit to that as well and the foxes want indemnification for things they say they didn’t do and by the way, the foxes want to remain in the henhouse for the indefinite future and still be paid 278%* of the average BOD pay for similar small cap companies.
* Source FW Cook 2016 Director Compensation Report
interesting...
http://www.fiercebiotech.com/biotech/gottlieb-s-fda-to-rethink-targeted-therapy-regulation-to-speed-development-drive-down
a sea change in the making...
july 27 is your best chance to do anything..
The biggest problem with the settlement is the BOD stays as is until 90 days after bavi approval. So maybe one or two years of the same foxes in the hen house club. These guys are very afraid at oversight and that is troubling.
page 16
http://ir.peregrineinc.com/secfiling.cfm?filingID=1683168-17-550&CIK=704562
On October 10, 2013, a derivative and class action complaint, captioned Michaeli v. Steven W. King, et al. , C.A. No. 8994-VCL, was filed in the Court of Chancery of the State of Delaware (the “Court”) against certain of our executive officers and directors (collectively, the “Defendants”). On December 1, 2015, the plaintiffs filed an amended and supplemental derivative and class action complaint (the “Amended Complaint”). The Amended Complaint alleges that the Defendants breached their respective fiduciary duties in connection with certain purportedly improper compensation decisions made by our Board of Directors during the past four fiscal years ended April 30, 2015, including: (i) the grant of a stock option to Mr. King on May 4, 2012; (ii) the non-routine broad-based stock option grant to our directors, executives, all other employees and certain consultants on December 27, 2012; and (iii) the payment, during the past four fiscal years ended April 30, 2015, of compensation to our non-employee directors. In addition, the complaint alleges that our directors breached their fiduciary duty of candor by filing and seeking stockholder action on the basis of an allegedly materially false and misleading proxy statement for our 2013 annual meeting of stockholders. The plaintiffs are seeking, among other things, rescission of a portion of the stock option grant to Mr. King on May 4, 2012 and the stock options granted to the Defendants on December 27, 2012, as well as disgorgement of any excessive compensation paid to our non-employee directors during the four fiscal years ended April 30, 2015 and other monetary relief for our benefit. The parties, having recently agreed in principle to settle the Amended Complaint, are currently negotiating a stipulation of settlement, which will then be subject to the final approval by the Court. We do not expect to incur a loss associated with this matter should the Court approve the terms of the proposed settlement.
The DS settlement proposal should be coming out any day. Read it carefully when it come out.
Your voices can be heard July 27. Stay tuned.