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I believe Ronin doesn't manage OPM...
http://www.ronin-capital.com/index.php/noflash
As a proprietary trading firm, Ronin does not conduct a customer business nor does it maintain custody of any customer funds or securities.
Same w/ Dart.
Tappan has me feet tappin....
read item 8...
https://adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=364322
special situation...
Assets: (my WAG back of napkin)
PS IP including bavi ... oncology, viral.... possibly the value add for primary drivers in I-O icluding PD1 and Car-t with collective MKT value of I-O components of BP of over $140 bil in value (my wag).. and they are at war looking for an edge...
My est of value $250 mil (low ball) to $1.5 bil... or more
Current value $0
Exosome PS diagnostic... key player or one of many? ... early in the race (or better stated it's brand new to me so i am clueless) but story is very sellable... early "cheap" detection for OC and possibly more
don't know the value model but could be big even at $50 a pop ... worldwide? how big?
just 300,000 tests per year at $50 pop is $15 mil per year times 14 multiple is $200 mil val. Again, don't know the metrics, cost parameters, dist agreements etc nor the market potential which could be ten times or more... And the old Dupont formula from b-school of high turnover at low margin is also a winner
value est WAG $75 mil or more and could change dramatically...
current value $0
Avid..
3 to 5 times sales... depends on book etc
value est $200 mil plus... the sad part is this should be expanding and geographically diversifying yesterday..
Current value est of Avid $140 mil taking cash into account...
total PPHM $180 mil mkt cap plus preferred
Special situation is a mgmt team that doesn't know how to sell itself or doesn't want to sell itself which is problematic when it has been selling itself via ATM... They have made themselves institutionally unattractive be either design or being clueless... The BOD makeup in it of itself is lacking in basic common sense with respect to corporate governance.
The key to this puzzle is a change of control in mgmt in order to unlock value...
Hopefully Stafford and Tappan can make stuff happen...
One never should go to the principal's office if one could avoid it.
Nasdaq is well aware of the situation. The lights have been turned on.
last post for discussion...
https://www.weil.com/~/media/files/pdfs/chart_of_board_requirements_june_2011.pdf?la=en
nasdaq requires the BOD to affirm that the directors are independent... see page 6
CJ works for ES under two companies while director (Roswell and Swartz Investments)...
How does a BOD affirm no conflicts with conflicts like that? The very genesis of the proverbial "foxes in the hen house". At min they should recuse themselves.... so once they recuse themselves, who's there to vote with 4 member BOD?
Can you all see the problem and why there is virtually no "real" institutional investors other than "special situations"... We have a special situation... the BOD needs to be overhauled and replaced with competent experienced biotech members...
and director independence... Five prime takes it seriously..
from proxy
http://files.shareholder.com/downloads/AMDA-24F834/4480327258x0xS1564590-17-5709/1175505/filing.pdf
Board of Directors Independence
Rule 5605 of the NASDAQ Listing Rules requires that independent directors comprise a majority of a listed company’s board of directors. In addition, theNASDAQ Listing Rules require that, subject to specified exceptions, each member of a listed company’s audit, compensation and nominating and corporategovernance committees are independent and that audit committee members also satisfy independence criteria set forth in Rule 10A3 under the Exchange Act.Under NASDAQ Listing Rule 5605(a(2), a director will only qualify as an “independent director” if, in the opinion of a listed company’s board of directors, thatperson does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.
Our Board undertook a review of the composition of our Board and its committees and the independence of each director. In reviewing the independence of ourdirectors, our Board considered the relationships that each nonemployee director has with our company and all other facts and circumstances our Board deemedrelevant in determining independence, including the beneficial ownership of our capital stock by each non-employee director. Based upon information requested
from and provided by each director concerning his or her background, employment and affiliations, including family and other relationships, including thoserelationships described under “Transactions with Related Persons,” our Board affirmatively determined that all of its directors satisfy general independencerequirements under the NASDAQ Listing Rules, other than Dr. Williams and Mr. Knickerbocker.
wow ... a company with nine directors adds another bod member..
http://investor.fiveprime.com/releasedetail.cfm?ReleaseID=1026482
The nine directors get paid a total (yes all 9) of $490k in cash fees with resumes far stronger than PPHM BOD. In fact just one director has more experience than all of PPHM directors. And the other Five Prime directors have great resumes as well.
Experience of just one Five Prime BOD member (sorry for formating cut and paste)
Kapil Dhingra, M.B.B.S
has served as a member of our Board since December 2015. Dr. Dhingra currently serves as the Managing Member of KAPital Consulting, LLC, a
healthcare consulting firm that he founded in 2008. Dr. Dhingra has over 25 years of experience in oncology clinical research and drug
development. From 1999 to 2008, Dr. Dhingra worked at Hoffmann-La Roche, where he served in roles of increasing responsibility, most recently as VicePresident, Head of the Oncology Disease Biology
Leadership Team and Head of Oncology Clinical Development. From 2000 to 2008, he held a Clinical Affiliateappointment at Memorial Sloan Kettering Cancer Center. From 1996 to 1999, Dr. Dhingra worked at Eli Lilly and Company where he served in roles of increasing
responsibility, most recently as Senior Clinical Research Physician. Dr.Dhingra also served as a Clinical Associate Professor of Medicine at the Indiana UniversitySchool of Medicine from 1997 to 1999. Prior to Eli Lilly, Dr. Dhingra was a member of the faculty of M.D. Anderson Cancer Center from 1989 to 1996. Dr.
Dhingra currently serves on the board of directors of Advanced Accelerator Applications S.A., a public pharmaceutical company. Dr. Dhingra previously served as a member of the board of directors of Micromet, Inc., until its acquisition by Amgen Inc., or Amgen, and YM Biosciences Inc., until its acquisition by Gilead
Sciences, Inc., each of which was a public company during Dr. Dhingra’s service as a director. Dr. Dhingra received his M.B.B.S. from the All India Institute of
Medical Sciences in New Delhi, India. He completed his residency in internal medicine at Lincoln Medical and Mental Health Center and New York Medical
College and completed his fellowship in hematology and oncology at Emory University School of Medicine. We believe that Dr. Dhingra’s extensive experience in
executive positions with several pharmaceutical companies and in the clinical development of pharmaceuticals in several therapeutic areas, including in oncology,
and his service as a director of other publicly traded life science companies give him the qualifications, skills and financial expertise to serve on our Board.
http://www.fiveprime.com/company/board-of-directors
http://files.shareholder.com/downloads/AMDA-24F834/4480327258x0xS1564590-17-5709/1175505/filing.pdf
waiting for the birds to take flight..
http://explore.org/live-cams/player/peregrine-falcon-chesapeake-conservancy
and be careful where you dive..
Tappan can be an activist... takes on BOD's
just what we need... eyes on the BOD...
https://seekingalpha.com/article/1124681-energysolutions-letter-to-the-board-of-directors
https://seekingalpha.com/article/1188361-energysolutions-follow-up-letter-to-the-board-of-directors
good art on tappan...
special situations... we have a very special situation... great potential in IP tethered to a red flag BOD... forced selling... getting booted from russell was forced selling...
and 10.5 % of fund ...
https://whalewisdom.com/filer/tappan-street-partners-llc#/tabholdings_tab_link
http://www.distressed-debt-investing.com/2013/04/emerging-manager-interview-series.html
"We run a concentrated portfolio with a goal of 10-20 long positions, so it is very important that we love everything in the portfolio. We are looking for “great” ideas and not just “good”. In the absence of great ideas, we’d rather hold cash and wait for the fat pitch."
A few of the things we emphasize: evaluate all spin-offs, all bankruptcies, all post-reorg equities, and all non-traditional securities issued in mergers. These are all categories that frequently experience forced selling and, wherever possible, we’d prefer to buy from a seller that is acting for non-economic reasons. In addition we like to look at asset sales, division shutdowns, and management changes. These sorts of actions are sometimes an indicator that the earnings power of a business is about to change, sometimes substantially. Overall, we think securities in these verticals are more likely to be mispriced due to some combination of non-economic selling and complexity, and thus our return on time / hit rate is likely to be higher as well.
and they know someone in common..
Prior to that she was with Bristol-Myers Squibb, NJ, where she was an integral member of the ipilimumab (Yervoy®) team and played a key role in the approval of Yervoy®.
http://www.nejm.org/doi/full/10.1056/NEJMoa1302369#t=article
wonder what role, if any, wolchok is playing w/ respect to communicating with folks working for various bp's...
and shan spoke at same conference (replacing hutchins)
http://www.immunotherapyforum.com/immunotherapy-world-2017-agenda
they've already met...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=118292560
Here's the PS exosome vs MRI diagnostic comparison...
And IP valued at zero?
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5362413/
In summary, this study provides proof-of-concept data that supports the high diagnostic power of PS-expressing tumor exosome detection in blood from women with suspect ovarian malignancies. Ultimately, these studies could lead to earlier stage diagnosis, substantial cost savings, reduced patient exposure to radiation and invasive procedures, and improved clinical outcomes. The assay might also find utility in patients with radiographic abnormalities, even before clinical detection. Indeed, an accurate biomarker predicting the likelihood of malignancy would be extremely beneficial to such a population since they often face long periods of anxiety and uncertainty inherent to a “wait and watch” approach. Finally, if PS-exosome diagnostics are confirmed in a large study to be an accurate and reproducible biomarker of ovarian malignancies, the assay could be applied to the early detection of other visceral malignancies.
versus...
https://www.hindawi.com/journals/jo/2012/481806/
Ovarian masses present a special diagnostic challenge when imaging findings cannot be categorized into benign or malignant pathology. Ultrasonography (US), Computed Tomography (CT), and Magnetic Resonance Imaging (MRI) are currently used to evaluate ovarian tumors. US is the first-line imaging investigation for suspected adnexal masses. Color Doppler US helps the diagnosis identifying vascularized components within the mass. CT is commonly performed in preoperative evaluation of a suspected ovarian malignancy, but it exposes patients to radiation. When US findings are nondiagnostic or equivocal, MRI can be a valuable problem solving tool, useful to give also surgical planning information. MRI is well known to provide accurate information about hemorrhage, fat, and collagen. It is able to identify different types of tissue contained in pelvic masses, distinguishing benign from malignant ovarian tumors. The knowledge of clinical syndromes and MRI features of these conditions is crucial in establishing an accurate diagnosis and determining appropriate treatment. The purpose of this paper is to illustrate MRI findings in neoplastic and non-neoplastic ovarian masses, which were assessed into three groups: cystic, solid, and solid/cystic lesions. MRI criteria for the correct diagnosis and characteristics for differentiating benign from malignant conditions are shown in this paper.
Here are three summaries of the AACR posters which represents outside party validation of the IP. Other outside party validation includes UTSW and Duke. Next post will highlight the potential of the ps exosome method of detecting ovarian cancer and the current mri methods.
And the IP is valued at zero? The collective market cap of the pdl portion of the five players has got to be over $100 bil and with IP smack dab in the middle of the I-O contest/war, there is zero value for the PPHM IP?
IMO once the clouds go away, the institutions will play. So what are the clouds?
http://peregrineinc.com/images/stories/pdfs/aacr2017kallinteris.pdf
Among patients who received subsequent immunotherapy, a significant improvement in OS was observed for patients in the D+B compared to D+P; HR=0.43, p=0.005. No difference in OS was observed between the two treatment groups for patients who did not receive subsequent immunotherapy. Analysis by both IFN-? and SACT-IO classifications confirmed a statistically significant difference in OS favoring the D+B group among patients with low pretreatment IFN-? who received subsequent IO (HR= 0.24, p<0.001). No OS difference was observed between D+B and D+P for patients with high pretreatment IFN-? regardless of subsequent IO. These data support the mechanistic hypothesis that bavituximab may modulate immune response to enhance the activity of immunotherapy agents. Clinical trials combining bavituximab and immunotherapy agents such as checkpoint inhibitors are planned.
http://peregrineinc.com/images/stories/pdfs/aacr2017hirschhorn.pdf
Anti-OX40 (OX86) activate transferred anti-melanoma CD4+ T cell systemically. The CD4+ T cells migrate to tumor and melanocyte-rich tissues such as ear pinnae. This causes tumor regression but also triggers inflammatory destruction of healthy tissues.
• PS targeting decreases tumor-induced immunosuppression. Transferred antimelanoma CD4+ T cells migrate to tumors and promote tumor regression without offtarget side effects.
• PS targeting is a desirable strategy that can improve the potency of anti-tumor strategies with known clinical off-target effects such as adoptive T cell transfer.
• PS targeting can be combined with CAR T cells to enhance anti-tumor potential.
http://peregrineinc.com/images/stories/pdfs/aacr2017budhu.pdf
• Irradiation of B16 melanoma tumors causes an increase in Phosphatidylserine expression on the surface of both tumor and immune cells.
• mch1N11 in combination with RT or triple combination with mch1N11, RT, and anti-PD-1 led to a significant reduction in tumor burden and greater overall survival benefit.
• Analysis of systemic immune responses in the spleen and draining lymph nodes revealed an increase in CD8 T cell activation, effector cytokine production and differentiation into effector memory cells in the triple combination of RT, mch1N11, and anti-PD-1.
• Analysis of local immune responses in the tumors of treated animals revealed an increase in tumor
associated macrophages and a shift in macrophage polarization towards an M1 pro-inflammatory phenotype after treatment with RT and mch1N11.
• Gene expression analysis of myeloid cells isolated from tumors and draining lymph nodes 2 and 5 days after treatment with RT and mch1N11 show a decrease in expression of anti-inflammatory genes and and increase in expression of pro-inflammatory genes.
• Our data will potentially inform the design of clinical studies combining PS targeting with radiation therapy and/or checkpoint blockade
Yes.... right now the BOD is a major red flag for institutional investors.
And Stafford knows how deals are done. Look at Xencor's partnerships.
http://www.xencor.com/
http://xencor.com/about-us/#partnering
All it takes is a few institutions putting in $10 mil and it's a whole new ballgame. I think we have a mgmt team more interested in getting cheap options versus fair price for ATM shares.
Good art on AZN...
http://www.fiercepharma.com/pharma/az-gains-major-i-o-ground-imfinzi-lung-cancer-maintenance-stunner
Note the maintenance aspect and per article, AZN could jump in the standings for NSCLC. AZN's market cap jumped about $8 bil based on news. Remember the opdivo stumble and keytruda win last august resulted in $40 Bil plus swing in market caps between BMY and MRK.
Wonder what the mkt cap contributions relative to total mkt caps are for the four pd-1/pdl-1 drugs are for keytruda, opdivo, tecentriq and imfinzi? $20 bil to maybe $40 bil or more?
And bavi has a mkt cap value contribution of $0* and could possibly help one or all of the above drugs. Since 2006 thru the jan 31 2017 10-Q, PPHM has spent $300 mil on R&D.
Current MC $180 mil
Cash est $50 mil
Avid 3 time sales conservative ballpark $200 mil?
Bavi/PS IP ? and $300 mil r&d spend
Exosome IP ?
What will it take to unlock the value? A change of control (at least with the BOD) would be a start. Institutions (that manage other peoples money vs a Dart or Ronin) need all the boxes checked in due diligence and underwriting. The current BOD is a no go decision at the front gate.
Unfortunately the BOD has no incentive to unseat themselves and the BOD has had 7 plus years since Dr. Walsh passing to add a qualified BOD member with biotech experience. Right now the current BOD with 4 BOD members total is over 2 standard deviations from the norm or 98% of US biotech companies have more board members (average is closer to 8 members). Add the amount of biotech experience into the mix and my guess is we are at the 99% percentile in bad BOD's. This is where the defenders come in, the gazee's... they looked into my eyes. The BOD is an easy problem to fix and with all the exposure to institutions like UTSW, Duke MSK and others and they cannot find qualified members?
Seems to me someone wants the turds in the punch bowl. Remove the turds and let freedom ring.
light reading...
just think what a change of control would do... ie new members on the board....
how much "red" we got?.. and delaware's not the audience... what will the principal say?
https://www.mofo.com/resources/publications/independence-requirements-for-board-members.pdf
Expansion of Factors
Recent court cases seem to have expanded the factors that must be considered in determining whether a director is
sufficiently disinterested to serve on a special committee. In one case, [fn3] the Delaware Chancery court applied a
"contextual approach" that took into account, among other things, various social connections of two directors (one of whom
was a former SEC commissioner) appointed to a special litigation committee to investigate claims of insider trading. The
court stated that the test for independence focuses on whether a director "for any substantial reason, cannot act with only
the best interests of the corporation in mind." The court emphasized that the board must consider factors beyond the
economic impact on individual directors, such as personal and other relationships.
Here, the court noted the multiple connections between the defendants, the committee members and Stanford University.
Both members of the committee were tenured professors at Stanford University, while the defendants were major
contributors to Stanford. In addition, one of the defendants was a professor at Stanford and had taught one of the
committee members, and was on the steering committee of a Stanford research institute at which the committee
member was a senior fellow and steering committee member. Overall, the court found the situation "painted in too much
vivid Stanford Cardinal red for the [committee] members to have reasonably ignored it." The court recognized that the
requirement to take into account all circumstances would result in some uncertainty. However, the uncertainty would be
compensated by having independence determinations "tailored to the precise situation at issue."
good read...
the stakes are high... how can they not make a deal with what they have now data wise?
https://www.forbes.com/sites/matthewherper/2017/05/11/has-merck-lucked-into-a-10-billion-drug/#1aa7f004288c
https://www.bloomberg.com/gadfly/articles/2017-05-11/merck-keytruda-combination-approval-good-news-but-how-good
note the mkt cap changes on bloomberg art... $35bil dif to $85bil
http://www.biopharmadive.com/news/merck-bolsters-io-edge-with-keytruda-combo-approval/442513/
from dive art.. note small trial and no survival info yet approved..
"Approval was supported by data from a 123-patient cohort of Merck's Keynote-021 study, which compared use of the combination to treatment with just Alimta and carboplatin. Keytruda in combination with the other two drugs demonstrated a 55% objective response rate, compared to 29% in those treated with the chemo regimen alone.
Median progression-free survival for the Keytruda/chemo combo was 13 months, versus 8.9 months for Alimta/carboplatin. At this point, there is no overall survival data comparing the two groups."
hope .... activist investor kicks some butt
what we need.... ronin the barbarian... the key's under the mat
http://www.fiercebiotech.com/cro/parexel-undervalued-starboard-s-newly-disclosed-5-7-stake-says
https://www.thestreet.com/story/14063440/1/depomed-switches-out-ceo-and-board-in-making-peace-with-activist-starboard.html
sw...pls shoot me pm w/ email add.... i'm in the cheap seats
from Merck cc:
excerpts from q&a... good overview of I-O landscape... lots more info in call... note chemo is still in the picture and the level of activity w/ Pdl and other combos... would love to get MassH's take on all this...
this is not the time to do IST's imo w/ the battle raging... also note drugs are being approved w/ relatively small trials with follow up confirmation ....
https://finance.yahoo.com/news/edited-transcript-mrk-earnings-conference-175612276.html
One for Adam, one for Roger. So for Adam, can you talk a little bit about what you anticipate with respect to pent-up demand or expected use going forward for chemo combos with KEYTRUDA just ahead of the PDUFA date? And then for Roger, I realize that we'll see data at ASCO, but what was the tipping point in moving forward with the 6 additional trials of epacadostat? Was it more data-driven? Or was it reflecting the competition?
Adam H. Schechter, Merck & Co., Inc. - EVP and President of Global Human Health [3]
Geoff, this is Adam. So let me start by saying that we're pleased with the progress that we have with KEYTRUDA across indications, including lung. And if you look at what we've done with our approved indication, the vast majority of patients within our indication are already being prescribed KEYTRUDA for first-line lung. And KEYTRUDA is now the most prescribed drug for first-line lung in the marketplace. As we start to think about KEYNOTE-021G, first of all, it obviously expands the market opportunity in non-squamous patients, and it also includes patients with low or no PD-L1 expression. So basically, it opens up the rest of the market. But with that said, there's a couple of other things to consider. First of all, we believe that physicians will look at individual patients and decide whether or not combination therapy is right to start those patients. So if you have a younger patient that's relatively healthy, you might think about treating that patient with combo differently than if you have an older patient that is more complicated. In addition to that, we believe that since we studied the drug with ALIMTA, that early adoption will probably use -- where physicians would use ALIMTA. Over time, that will expand, we believe, to other chemotherapies as the physicians start to see the results with the combination that we studied. So in summary, we believe it's a very significant opportunity. It's not a pent-up demand. I would look at it as a build as new patients come into the market, and I think that it really is exciting opportunity for lung cancer patients but also to establish KEYTRUDA further as a real preferred treatment therapy.
Roger M. Perlmutter, Merck Research Laboratories - President [4]
Geoff, it's Roger. With regard to epacadostat, the Incyte IDO1 inhibitor, it's really a data-driven decision process. We've been looking at a lot of different combinations, and as you know, there's a lot of interesting data, some of which was presented at AACR, showing activity of KEYTRUDA in combination with a variety of inter-tumoral injections, including IL-12 and electroporation, toll-like receptor agonists of different kinds. We've previously reported data with TVEC oncolytic virus. There's other virologic data. One of the nice things about IDO1 is the systemic therapy is extremely well tolerated, and from the studies that we've been doing, some data that was reported at AACR and more data that will be at ASCO, there's evidence for improvement in response. The ability to provide an additional systemic therapy with improved response and really very little penalty that we can see in terms of toxicity is extremely attractive.
Roger M. Perlmutter, Merck Research Laboratories - President [38]
And Chris, with -- this is Roger. With respect to the impact of IDO and other agents, I mean, it's worth stepping back and remembering what the goal has been from the beginning, which is -- we see KEYTRUDA, which is the first really broad-spectrum antineoplastic agent introduced into clinical practice, we see it as foundational and transformational for oncologists. And while we recognize that chemotherapy has evolved over a period of decades, it's effective in a lot of different tumor types, provides meaningful responses, the goal has been to actually change the shape of the survival curve for patients with malignant disease. And it's both the high response rates and the durability of those response rates that we see with KEYTRUDA that's so impressive. And the thought is that in combination with other immuno-active agents, particularly those that have relatively little toxicity, we'll be able to change those curves still further. In the best circumstance, ultimately, the role would be to have KEYTRUDA in combination with these other agents end up being first line across a broad spectrum of malignant disease, anticipating that chemotherapy would be used in a relapse setting as a second- or third-line therapy. We'd like to get rid of the toxicity of chemotherapy, but we also recognize that chemotherapy has been used for a long time. Oncologists have become very comfortable in using chemotherapy. They know how to administer it, and they get results that are meaningful with it. So I don't see chemotherapy being displaced completely or going away. My hope is that we're going to find the combinations of agents that work better.
from washington post...
"Part of the problem, he said, is that clinical trials often cherry-pick patients likely to produce the best results. “We don't get a real-world representation,” he said."
All the more reason to sell or partner because big boys control the trial space... and the FDA..
https://www.washingtonpost.com/news/to-your-health/wp/2017/05/09/new-safety-risks-detected-in-one-third-of-fda-approved-drugs/?hpid=hp_hp-cards_hp-card-national%3Ahomepage%2Fcard&utm_term=.1361d2266143
yes and how can one reduce toxicity?
http://www.peregrineinc.com/images/stories/pdfs/aacr2017hirschhorn.pdf
the good news is the R/S doesn't solve the BOD problem so they still get to go to the principals office... all self inflicted caused by greed... perfect time for stafford to become COB and release the inner ronin on the situation...
https://www.amazon.com/Ronin-Tuttle-Classics-William-Jennings/dp/4805308834
hmmm... relationships between directors might be a cause of concern regarding director independence.. and so the pphm BOD looks at themselves and says no problem here...
Latest Xencor proxy
http://investors.xencor.com/secfiling.cfm?filingID=1558370-17-3113&CIK=1326732
Also note from the proxy:
Independence of The Board of Directors
As required under the NASDAQ Stock Market (“ NASDAQ ”) listing standards, a majority of the members of a listed company’s Board of Directors must qualify as “independent,” as affirmatively determined by the Board of Directors. The Board consults with the Company’s counsel to ensure that the Board’s determinations are consistent with relevant securities and other laws and regulations regarding the definition of “independent,” including those set forth in pertinent listing standards of NASDAQ , as in effect from time to time.
Consistent with these considerations, after review of all relevant identified transactions or relationships between each director, or any of his or her family members, and the Company, its senior management and its independent auditors, the Board has affirmatively determined that the following directors are independent directors within the meaning of the applicable NASDAQ listing standards: Dr. Gorman, Mr. Gustafson, Mr. Hata, Dr. Montgomery, Dr. Carter and Mr. Baltera. In making this determination, the Board found that none of these directors or nominees for director had a material or other disqualifying relationship with the Company.
define "good"...
for me a private flogging that says this crap will not happen in our house so fix it asap... and nasdaq has that power... they do not hide behind delaware's do whatever the F%$@ you want laws....
here's what nasdaq thinks about BOD transparency..
https://listingcenter.nasdaq.com/Material_Search.aspx?cid=125&mcd=CH
https://www.sec.gov/Archives/edgar/data/1120193/000119312516516901/d133907ddef14a.htm
Building Investors' Trust through Transparency
Publication Date: March 29, 2016
Transparency around the composition and qualifications of a board builds trust, as it helps investors evaluate the board’s independence and potential effectiveness. With this in mind, Nasdaq took a close look at the board composition disclosure in our recently filed 2016 Proxy Statement to ensure that our presentation reflected important emerging trends in disclosure and could serve as a roadmap for our listed companies as they drafted their proxies. It is in this spirit that we expanded our board disclosure to include:
• A board skills matrix, identifying the skills, knowledge, experience and capabilities of each director most relevant to help the board meet both current and future challenges.
• A director qualifications analysis, detailing the tenure, age and skills of board members and illustrating the cognitive diversity of the board, with a range of experience, knowledge and perspectives.
Nasdaq also provided enhanced discussion of board, committee and individual performance assessments throughout the proxy, explaining the mechanics of how the board evaluation process is conducted and utilized.
i think the jockey is going to be weighed very soon... benched or forced to lose weight.... what are the odds?
"PL looked directly at me in answering my questions."
So PL's a gazer too. You guys might consider wearing some protection at the next ASM.
https://www.shopzerouv.com/collections/mirrored-revo-lenses
Doubt a typo.... novartis is good fit...stafford's xencor has partnerships with novartis...
"My main point is that we are not selling for peanuts now when the big money is very likely in a few more years.
And the large number of ATM sales over the last year? pistachios?
grant themselves fees and options.. bada bing..eom
grave mistake? if one sits on a BOD where one pays oneself over three times peer group, it would be a grave mistake to disrupt that gravy train....
http://www.fwcook.com/content/documents/publications/11-30-16_FWC_2016_Director_Comp_Report.pdf
The focus seems to be on $1.00 per share when it really should be why it is below a $1.00 per share. Institutional investment is the key. Solve the problems relating to lack of institutional investment and the other problems are solved.
good recon..
http://www.fiercebiotech.com/biotech/novartis-drug-development-chief-outlines-car-t-research-commitment
“To give this technology the best chance of succeeding, and in the most cost-effective way, we decided we should integrate [the unit] into our normal operations, and so CAR-T agents were then no different to an I-O agent, or anything else that we developed at Novartis, other than the fact that the process here is very important for the product," he said. “We have the scale to work on these sorts of things quickly. So, the integration has allowed us to work on multiple programs in parallel, where I think the unit was focusing on just one or two programs at a time.”
does working with IST's give the tech the best chance of succeeding?
and one question regarding BOD. in your opinion, did ES have influence over CJ as directors during their tenure?
FYI... this is what BOD's are supposed to do...
http://finance.yahoo.com/news/juno-therapeutics-appoints-rupert-vessey-130000142.html
Juno Therapeutics, Inc. (JUNO), a biopharmaceutical company developing innovative cellular immunotherapies for the treatment of cancer, today announced it has appointed to its Board of Directors Dr. Rupert Vessey, President of Research and Early Development of Celgene Corporation.
Dr. Vessey brings significant drug development capabilities to the Juno Board. Before joining Celgene in January 2015, Dr. Vessey was Senior Vice President of Early Development and Discovery Sciences at Merck and had numerous roles of increasing responsibility at GlaxoSmithKline in drug discovery, experimental medicine, and early clinical development of therapeutics for respiratory and immune diseases.
“Rupert has tremendous knowledge in immunology and experience in both drug development and building an efficient, world class research organization that will be invaluable during this phase of growth at Juno,” said Hans Bishop, Juno’s President and CEO. “Our collaboration with Celgene is an important component of our business, and we are pleased to have Rupert’s extensive skills added to our Board.”
meanwhile back at the ranch...
http://www.fiercebiotech.com/biotech/novartis-gets-second-car-t-candidate-fda-breakthrough-tag
yes... and for pphm, it is a two fold problem.... in a sense they are caught in no mans land and a R/S may be necessary to get out of the penny stock gravity pull.... and the R/S is just an arithmetical calculation and if the underlying issues as to why institutions are not buying, it will be deja vu all over again. The BOD needs to be fixed.... until the three person cabal is broken up or neutered by an outside influence, i'm afraid institutions will continue to avoid PPHM.... now mgmt has stated they have many paths to regain compliance, the question is whether they really want institutional support.