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yes even the best laid plans can fail... TRVN had 76% institutional interest so at least they did not fail on the capital raise side. And just think of where the share price would be if they only had 10% institutional interest.
as for little blubs about experience/success...
Mr. Johnson also serves on the board of Patriot Scientific Corporation, and formerly served on the boards of CryoPort, Inc. (ceased in May 2012), and Ecotality, Inc. (ceased in March 2012). The Board of Directors concluded that Mr. Johnson should serve as a director in light of the extensive public company finance experience that he has obtained through serving on our board and audit committee and the boards and audit committees of Patriot Scientific Corporation, CryoPort, Inc. and Ecotality, Inc., which represents over an aggregate of 36 years of combined public company board experience.
Ecotality:
Bankrupt firm w/ lots of litigation... not a good thing for the resume
http://www.ecotalitysecuritieslitigation.com/
Patriot Scientific:
http://finance.yahoo.com/quote/PTSC/?p=PTSC
trading at less than 2 cents a share and CJ pulls in $122k in board fees...
yes.. great value creation story... for CJ.... shareholders not so good...
been doing some research...
if you are bored read this proxy... and most of the 40 company list i provided are just like it..
http://investors.trevena.com/secfiling.cfm?filingID=1104659-17-20988&CIK=1429560
well done... describes process of bod and what each member brings to the party...
and the 7 BOD members avg $49k in fees with resumes ten times better than the 3 stooges... note yanni went to stanford law and gets $52.5k in fees...
our boy CJ went to samford law and gets $350k in fees
The Board of Directors unanimously recommends that stockholders vote FOR the nominees listed below.
Independent
Director Since: 2014
Age: 47
Board Committee(s):
· Audit
Adam M. Koppel, M.D., Ph.D.
Dr. Koppel has served as a managing director at Bain Capital, a leading multi-asset alternative investment firm, since June 2016. Previously, he was the Executive Vice President, Corporate Development & Strategy and Chief Strategy Officer at Biogen Inc., a global biotechnology company, from May 2014 to June 2016. From 2003 to 2014, he was a managing director at Brookside Capital, the public equity affiliate of Bain Capital. Prior to this, he was an associate principal in the healthcare practice of McKinsey & Company. He is currently on the board of directors of PTC Therapeutics, Inc. Dr. Koppel earned an M.B.A from the University of Pennsylvania’s Wharton School, an M.D. and a Ph.D. in Molecular Neurobiology from the University of Pennsylvania’s medical and graduate schools, and an M.A. and B.A. in history and science from Harvard College.
Skills and Qualifications
Our Board believes that Dr. Koppel’s strategic insight, extensive experience as an investor in public healthcare companies, and knowledge as a physician and scientist allow him to make valuable contributions to the Board.
Independent
Director Since: 2014
Age: 63
Board Committee(s):
· Nominating and Corporate Governance
· Compensation
Anne M. Phillips, M.D.
Dr. Phillips currently is Senior Vice President of Clinical, Medical and Regulatory Affairs at Novo Nordisk Inc., a pharmaceutical company, where she has served since 2011. Previously, she served as a Vice President in various positions at GlaxoSmithKline plc, which she joined in 1998, and prior to this Dr. Phillips was Head of the Infectious Diseases Program and Deputy Physician-in-Chief at Wellesley Central Hospital/St. Michael’s Hospital in Toronto, Canada. She is a Fellow of The Royal College of Physicians and Surgeons of Canada, earned an MD from the University of Toronto and received a BSc from the University of Western Ontario.
Skills and Qualifications
Our Board believes that Dr. Phillips’ extensive late-stage clinical development experience in well-established pharmaceutical companies, together with her significant experience and knowledge as a physician, positions her to make valuable contributions to the Board.
Independent
Director Since: 2014
Age: 62
Board Committee(s):
· Audit
· Compensation (Chair)
Barbara Yanni
Ms. Yanni was Vice President and Chief Licensing Officer at Merck & Co., a pharmaceutical company, from November 2001 until her retirement in March 2014. Prior to this, Ms. Yanni served in various roles at Merck including in corporate development, financial evaluation, and tax. Ms. Yanni currently serves on the Board of Directors of Symic Holdings, LLC and Vaccinex, Inc., both private biotechnology companies. Ms. Yanni earned a J.D. from Stanford Law School and an A.B. from Wellesley College. She also holds a Masters of Law in Taxation from New York University.
Skills and Qualifications
Our Board believes that Ms. Yanni’s extensive experience in biotechnology and pharmaceutical business evaluation and transaction execution, as well as her financial and general business knowledge allow her to make significant contributions to the Board.
we would still have the same thing ip wise (or even better if bod w/ tied into biotech and resulted in advancing the science)... only we would have much less dilution if institutions supported sp....
the bod has only served themselves at the expense of shareholders...
the excess paid to the bod in just fees $320,000 per year for three vs say $40,000 per year is equivalent to the rent on a 30,000 sf facility at $25 net psf per year... almost the rent of an avid...
so the bod hurts us in both cost and lack of any outreach in the biotech world... and that is why one has experienced bod's ...
"Anyone here would do the same thing."
I think most people with any hint of a conscience would know how far over the line these guys are. Thus the minimal institutional investment. And it would not surprise me one bit if the entire sunrise take down was part of a plan w/ pphm's hand on it.... think about it... they knew a lot more of what we just learned about sunrise... the smackdown to where the IP value is below zero... and the persistent foot on the price all the while mgmt goes out of their way to "Not" spread the word.... while the ATM was on full speed.... i hope the efforts improve... and please mgmt get your options out of the way.. we know... ever watch someone that picks their nose in front of you and they think you don't know that they're picking their nose....
If the option price was set at paid in capital per share, the game would stop...
this dude's on the sunrise poster..
wonder if he's involved w/ exosomes
https://www.precisionmedicinegrp.com/pfm/expertise/
Tobias Guennel, PhD
Senior Director
Translational Informatics and Biometrics, Lead PATH Developer
Extensive industry expertise across the pharmaceutical and biotech space—regulatory submissions, translational informatics, biomarker R&D—with a focus in precision medicine-guided efforts as well as strategy development and medical device/diagnostic development. Led numerous analytical R&D efforts and developed novel methodologies to harmonize and analyze data from high-throughput assays, translating it to value at the patient level.
https://www.precisionmedicinegrp.com/
looks like Precision is in the middle of where the field is headed...
FYI NK is not a Doctor.... My take on the overall poster is that bavi is real and needs big time resources asap to stay in the fray that is constantly changing as we speak... disappointed in market reaction but things won't change until big money steps up... hopefully ronin has his samurai sharp and ready for action...
compare and contrast sunrise with reported trials to date 2nd line nsclc
http://www.onclive.com/web-exclusives/atezolizumab-improves-survival-in-phase-iii-lung-cancer-study
http://thelancet.com/journals/lancet/article/PIIS0140-6736(16)00587-0/abstract
https://jitc.biomedcentral.com/articles/10.1186/s40425-016-0153-x
https://www.fda.gov/drugs/informationondrugs/approveddrugs/ucm525780.htm
my guess is there's a place at the table once they find out where it works best and where others don't work so well..
reminds me of junior high waiting for the report cards to come in the mail knowing you got a D.... should i interept? what excuses can i make? the teacher is such a ....
regarding exosome tests...
precision for medicine was on sunrise poster..
precision also working on developing lab tests..
https://www.precisionmedicinegrp.com/pfm/article/perspective-convergence-clia-fda-requirements-rationale-shift-regulatory-paradigm/
https://www.precisionmedicinegrp.com/pfm/wp-content/uploads/sites/3/2017/03/PFMBIO17001-002a1-Dx_White-Paper.pdf
yes... but with a partner that can get access to patients (the good ones... not the leftovers... wonder why BP trials have a better chance of success?)
http://www.peregrineinc.com/images/stories/pdfs/aacr2017kallinteris.pdf
look at fig 1.... see how the green line (doc + p plus IO) is above the doc + bavi plus IO for the first six months then the bavi survival kicks in... this is why the interim look crushed bavi...
so we know IO plus bavi is safe... this is why the NCCN nead and neck cancer trial was able to start phase 2 vs phase 1 imo
so the posters scream big investment...
sny... don't have much of oncology pipeline...
my guess is merck, azn or novartis
a major exchange like nasdaq is much better than penny land... unfortunately the bod prefers penny land... all the talk about wanting something without doing the things required to make the company institutionally friendly like fixing the bod is just talk...
figure 1 says it all... MH please chime in....
http://www.peregrineinc.com/images/stories/pdfs/aacr2017kallinteris.pdf
46 patients in each arm... was the switch to the bigger better deal (at least what the tv commercials say) planned on the fly with eyes wide open?
For patients receiving subsequent immunotherapy (SACT-IO), median OS (mOS) was not reached for the D+B group and 13.0 months for the D+P
group; HR=0.43 and p=0.005.
how could a bp in the pd1 arena not want to explore this further?
and the second poster reviewed...
do you want to keep your ears or not?
http://www.peregrineinc.com/images/stories/pdfs/aacr2017hirschhorn.pdf
what's the landscape looking like?
stafford camps outside the gates... maybe another warrior at his side given the cob of xencor steps down in june...
nasdaq bad boy letter and weak pphm response as usual... we will explore all paths except the ones that might jeopardize the $320k a year bod payments because you can't find that kind of gig anywhere response...
asco coming up w/ sunrise puzzles assembled as best as humpty dumpty can get.... maybe a pony in there...
and the tech is ready and vetted for the next part of the common sense journey which is to get heavy duty resources involved which means partner....
so a partner should be ready, institutional investors should be ready once the bod problem is resolved
maybe nasdaq will require an improvement to the bod given pphm's third time to the principals office... perhaps ask nasdaq to intervene? public company in public market place? they know what a healthy company looks like with BOD and institutional ownership..
turbulent times ahead...possible inflection points if capital jumps in...
and deals do get done... just need the know how...
http://www.fiercebiotech.com/biotech/embargoed-until-1-15am-et-novartis-goes-bispecific-xencor-150m-immuno-oncology-deal
so i guess we're just waiting on that option thingy again...
and hopefully new leadership
question... on june 2, 2016 the crew granted themselves options ... sk got 500,000 options at 50 cents.... the rest of the crew got a bunch as well...
what motivations do they have to increase share price when any sp increase hurts their option prices? and when has mgmt done anything whatsoever for shareholders except take the money shareholder have given them?
if anything they milk the negative vibe they created with the reverse split situation....
Both John Stafford Jr and John Stafford II are on the BOD of Aware..
link below is good proxy doc in that they take the board of directors seriously and have a plan to improve it and take suggestions from shareholders...
wonder how much of a fight the PPHM bod will put up to proctect the $320,000 fees
http://files.shareholder.com/downloads/AWRE/4252900729x0xS1571049-16-13938/1015739/filing.pdf
Both Stafford's are on the compensation committee comprised of 3 out of 7 member bod... director pay for all directors... $44,000
and my guess is they can see value creation by just improving the bod ... the have institutional backgrounds and understand how the institutional game is played
John S. Stafford, Jr. has served as a director of Aware since January 2011 and as chairman since October 2011. Mr. Stafford had previously been a director of Aware from 1988 through 1998. Mr. Stafford co-founded Ronin Capital, LLC in 2001 and since 2001 has been a Board Member of Ronin Capital, which is a registered broker dealer with proprietary trading operations encompassing equity, fixed income and derivative securities. Mr. Stafford has invested in numerous early-stage technology and biotechnology companies. Our board benefits from Mr. Stafford’s significant experience as an investor in numerous technology companies and the fact that, as one of our significant stockholders, his and our stockholders’ interests in the success of Aware are aligned.
John S. Stafford, III has served as a director of Aware since January 2011. Mr. Stafford, III is the son of Mr. Stafford, Jr. Since 2001, Mr. Stafford has served as Chief Executive Officer of Ronin Capital, LLC, a registered broker dealer with proprietary trading operations encompassing equity, fixed income and derivative securities. Since 2012, Mr. Stafford has served as Chief Executive Officer of Ronin Trading LLC, a non-registered entity with proprietary trading operations in various financial instruments. Mr. Stafford has also previously served as a board member of Xencor, Inc. Mr. Stafford has also made investments in over 40 private companies, and has served as a board member on several of these companies. Our board benefits from Mr. Stafford’s investing experience, his experience as a member of other boards of directors, and the fact that, as one of our significant stockholders, his and our stockholders’ interests in the success of Aware are aligned.
there is a window to impact change... pphm is going to the principal's office soon at a public school... hmmmm...
perception of management affects value...
http://www.fiercebiotech.com/biotech/axovant-stock-jumps-as-medivation-founder-takes-ceo-post
the bod's expertise is in securities laws and how to keep themselves entrenched while standing smack dab in the gray zone while flipping a giant bird to shareholders... they have been experts in how to make the company as institutionally unattractive as possible... and they have succeeded at that...
no expertise in biotech finance/venture cap
no expertise on the science side...
no expertise in creating successful companies..
no expertise in deal making...
correct me if i'm wrong but i thought the info presented last week from aacr deserved followup in terms of getting access to the posters... if there were institutions brave enough to get past the pirates standing at the entrance, they probably would want the science guys to review the information presented... i don't see any follow up on pphm website...
so do we want to remain under the radar still? just hope they are not selling atm with the stealth plan...
agree... and it would behoove the current BOD to add a member just to cover their own butts for any major decisions which are forthcoming IMO... right now any decisions would be second guessed as to motivations and experience imo...
the likes of ronin or dart are really not institutional investors in terms of managing other peoples money. both stafford and dart are using their money and don't have to answer to anyone but themselves if things go south.. (imagine the grief dart would get if he was using OPM for his investment in pphm to date)...
institutions avoid stupid mistakes... a major red flag at the front door is a stupid mistake... and it begs the question as to why it's not fixed by the folks that should be fixing it.... an easy fix... and that makes the red flag redder...
again until the root problem is fixed, the problem doesn't go away... at this stage w/o a partner with the ability to have control/oversight, a better bod is needed for institutions to take that leap... the company will be back to the principal's office without better institutional sponsorship...
if you ever worked for an institution and had to present to a investment committee, you would understand... not every body gets it... i understand that...
we'll see if they are serious of avoiding the R/S.... and the R/S is just an arithmetic calculation... the underlying problem is low interest from institutions.... the most achievable and important path to improved institutional interest is fixing the bod by adding a qualified BOD member outside the ES puppet strings.... when it's safe to jump in the pool, the big boys and girls will jump... the tech side has been validated..
folks can ask diaz if adding a bod member is one of the paths... it should be...
I was hoping for a better week but in reality the thing driving sp was demand from a big player prior to AACR. The tech had a solid showing and one would think institutions would want to jump in.... but they're not... so until we can figure out why institutions think we have cooties, the same ole will continue...
let's look at other boards... when one shops for companies to buy (and buy a lot if you're an institution), a good board is a good start.... a bad board and no need to look further for many seekers of gold.... experience, diversity, size and independence are good things...
see any patterns here? and do we have the worst BOD out of this batch of 40 (based on MC w/ pphm on lower end)
Ticker BOD
CDXS 9 http://www.codexis.com/board-of-directors
CASC 7 http://www.cascadianrx.com/about_us/board.html
PPHM 4 http://ir.peregrineinc.com/directors.cfm
CEMP 8 http://www.cempra.com/about/directors/
TRVN 8 http://www.trevena.com/about-bod.php
PTGX 6 http://www.protagonist-inc.com/about-board.php
MNOV 4 http://medicinova.com/company/board-directors/
ABEO 4 http://abeonatherapeutics.com/about-us/#directors
STML 5 http://www.stemline.com/board-of-directors.asp
VTVT 7 http://vtvtherapeutics.com/board-of-directors
VBIV 7 https://www.vbivaccines.com/about/board-of-directors/
SNDX 9 http://www.syndax.com/about/board-of-directors/
AVXL 5 http://www.anavex.com/about-us/management_directors/
SIGA 10 https://www.siga.com/about-siga/officers-and-board-of-directors/
EDGE 9 http://www.edgetherapeutics.com/about/#board-of-directors
SELB 9 http://selectabio.com/about/board-of-directors/
DVAX 9 http://www.dynavax.com/about-us/board-directors/
OCUL 8 http://www.ocutx.com/company/board-of-directors
NK 7 http://nantkwest.com/about/#block-views-leaders-block
CMRX 10 http://www.chimerix.com/about-us/leadership/
NERV 8 http://www.minervaneurosciences.com/focus-strategy/board-of-directors/
CALA 7 http://www.calithera.com/about-us/board-of-directors/
VCYT 8 https://www.veracyte.com/who-we-are/leadership/board-of-directors
AGEN 7 http://agenusbio.com/about/board-of-directors/
PTCT 10 http://www.ptcbio.com/en/about-ptc/leadership/board-directors/
ADXS 9 http://www.advaxis.com/about-advaxis/board-of-directors/
NVAX 8 http://novavax.com/page/4/board-of-directors
ARNA 11 http://www.arenapharm.com/about/board-of-directors/
RXDX 6 https://ignyta.com/about/board-of-directors/
OMED 10 http://www.oncomed.com/invest/directors.cfm
AKBA 8 http://akebia.com/about/board-of-directors/
IMGN 9 http://www.immunogen.com/about-us/board-of-directors
VYGR 8 http://www.voyagertherapeutics.com/about-us/board-of-directors/
CCXI 8 http://www.chemocentryx.com/company/board-of-directors/
SGMO 7 http://www.sangamo.com/about/leadership-team
GERN 8 http://www.geron.com/about/board-of-directors/
IDRA 9 http://www.iderapharma.com/our-company/our-team/
OTIC 7 http://www.otonomy.com/about-us/board-of-directors/
SYRS 10 http://syros.com/board-of-directors/
BOLD 9 http://audentestx.com/company/board-of-directors/
ludwig ...
Ludwig MSK's Sadna Budhu: Targeting phoshphatidylserine syngerizes w/ radiation and checkpoint blockade #AACR17 pic.twitter.com/3X0D03N8gD
— Ludwig Cancer (@Ludwig_Cancer) April 2, 2017
not quite sure on that... imo the biggest fear for the bod is getting the gravy train derailed... if they can take the pay they take now with atm shares paying for it (no shame), imagine what they will pay themselves when the Avid cash cow starts producing... and they need the cabal to remain intact...no oversight or pesky bod member with a conscience... they have a good thing going..
http://ir.peregrineinc.com/committees.cfm
so they can slow play, get more lottery tickets handed to them and play the IST multi year trial plan and they win even if bavi loses... what's the hurry? they seem to be winning w/ this strategy... shareholders not so much..
good articles.... 1,000 trials underway in immuno
http://www.investors.com/news/technology/step-aside-merck-and-bristol-these-are-your-future-rivals-in-cancer/?src=A00220A
http://www.investors.com/news/technology/merck-bristol-myers-incyte-race-toward-a-cure-in-25-billion-i-o-market/
fighting market share... looking for advantages
http://www.investors.com/news/technology/roche-gouges-bristol-myers-q4-lung-cancer-share-amid-merck-rivalry/
good timeline of approved drugs...
http://www.investors.com/news/technology/immune-system-cancer-drugs-okd-by-fda/
question to MH .... could a sunrise patient leave the sunrise trial and go to another trial on a not yet approved pd1 drug like opdivo? this would impact timelines for sunrise...
bottom line for all the articles is time is clicking... and i certainly hope pphm aborts the "go it alone" strategy...
big favor? he bought 1.5 mil shares on my advice.... my forte if i have one is finding undervalued assets, then trying to find out what makes them undervalued and what it would take to have the values correct to my worldview (a true narcissist) ...
given the MC and pipeline, IP, AVID etc there is tremendous value relative to the MC....
with the "story" one could tell with three seedlings planted in the fastest growing areas like immunotherapy, liquid biopsy and biomanufacturing and they can't big players on board?
why is it undervalued?
so part of the story isn't working... the tech part? no, not with UTSW, MSK, Duke.. the tech story is solid and center stage... fighting way over its weight class...
execution part.... so so.... the navigation thru the tech battlefield is first rate... sk is excellent at this... but imo the overall strategy of slow play/dilute at death spiral sp is not very smart when there are much better alternatives... they need help in the finance and business side (deal making)..
motivation part? mgmt imo is still not on shareholder's side... their net take on the "sell low price ATM shares while granting option same time" plan is still accretive to them relative to dilution... translated ... the game is still in their favor... they have done zilch to support share price while selling a big chunk of the company.... why?
Perception part? the bod is not known for big winners or w/ the magic touch of making investors money (like a bob duggan) .... more like stay away from this crowd... combine that with the very optics of the pay, committee structure, size, lack of really independence and oversight, i would say the perception part is a pretty clear problem... and the sad part, very fixable.. just waiting to hear all the defenders with the eye gaze memories...
so the issue in terms of unlocking the value is fixing the motivation and perception part...
and the BOD's not going to get rid of (or neuter) themselves... an outside power needs to make it happen...
when it's safe to jump in, the big boys and girls will jump and the water level will keep going up when they do.... but someone needs to remove a turd from the pool...
It's a fund that handles institutional money... teachers, firemen, etc.... they do the DD on companies they invest in....
on target... the response to the president of the company from the health care PM was don't touch this thing with a ten foot pole... even with a built in bias to look at the company as a favor for someone with a position in it that is very close to the president of the firm...
too many red flags at the front door... a stafford addition would remove some of the flags...
ecg... i'm in the cheap seats... pls send email add in pm and i can provide more details...
this is from an email forwarded to me...
it is a response to the head of the investment firm from the healthcare portfolio manager after a request to look at pphm as possible investment...
CEO pays himself $1.5M, CFO gets 900K and 3 VPs take home $600-750k each. BOD members receive $700K in cash and stock each year! Together insiders own only 5% of Company. Where do you think their incentive lies - raise stock price or just keep raising equity to pay themselves? That would be a tough question for them to answer.
moral of the story is share price won't escape the penny stock gravity field until institutions start playing. the tech is more than ripe for players but the red flags have to come down... that could be done in a day with a new board member like stafford.... but does mgmt want the share price above $1? options to be granted, pockets to fill....
the solutions are available... and very, very easy... the cost is giving up the excessive pay.... but just tell us you're not selling shares at these prices when a major problem that impacts share price is easily fixable.
so what does this tell us... sp still 64 cents...
aside from that it says bavi (plus D) followed by pd1 appears safe... just need to get D out of the picture... so proceed to P2 vs P1?...
what other factors such as pdl status are involved?
and it screams i need money to get this into as many trials asap... this slow play ist will not get it done...
and it screams fix the BOD so institutions will jump in and support share price...
the market does not have the imagination to put all the pieces together on what could work...
BP should have a fairly good idea of value... what is the hold up?
the market will understand BP putting money up..
fyi per page 14 of the 2016 ASM presentation, the number of subsequent immunotherapy patients was 96 (16% of total 597) and per the OS Forest plot, bavi plus D was better than control. Overall hazard ratio for both groups was .844. They didn't break out the groups for HR.
So assuming basically even split, approx 48 patients each arm. Enough to get some stat significance. And given the immunotherapy option was prob US based, better chance of follow up IMO.
it will take institutions to move the needle... in spite of the great promise of the pr, the beach still looks like this...
http://sharkattacksurvivors.com/2013/shark-warning-signs-posted-at-nanakuli-beach-park.html
and institutions that manage other peoples money pay attention to signs..
my thoughts as well... as i mentioned earlier i met a nurse at a christmas party that works in mgmt for a major BP with a pd1 drug (not BMS)... she manages trials (for over thirty years) ... i asked her about immunotherapy.... she was very familiar with what was going on... i asked her about bavi... her comment was that it's important to get the immune system working... she also said the landscape was changing where combos are being used and BP's are cooperating with each other whereas in the past it was very territorial and no cooperation...
so in essence one BP could control, and also market to other BP's and make money ... granted the sales might hurt their own efforts but overall it would be better to control the drug than not...
MH...thanks ... one question... will it take one shepherd (BP) to lead us out of the wilderness (resources) or can the IP be split up with several shepherds? and will a shepherd spend the resources if he can't control the flock going to competing shepherds on his resource dime?
as bad as it is, i would rather have great tech w/ terrible bod vs terrible tech w/ great bod with the assumption that eventually the tech prevails and the bod gets removed...
that is our task... remove/neuter BOD and unlock the value...
Zombies? Zombavis? maybe a new movie? our BOD would have a starring role...