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abc news on lethal opioid addiction..
http://abcnews.go.com/Health/wireStory/addiction-counselors-halfway-house-die-drug-overdose-47611685
re-testing the 2.05 (hit 2.06).. cleaning up the books for end of month.. what money manager or individual family investor would want to explain why they are holding this stock on their books at month end.. if things meaningfully change, like a change in management, or successful clinical trial (oh yes no NDA filing yet), or a buyout, or selling in Europe, Australia, etc or... well everyone gets the idea.. then the price may pop... otherwise, poop... I certainly hope the price does not break below 2 .. so far so good as it bounced off the bottom..if it rises above 2.4 then above 2.5, the danger is over for today
actually the board is responsible for the loss of capital in NOT firing management... and if I had a larger stake in this company I would sue them myself for breach of fiduciary responsibility.. sue them individually .. their errors and omissions insurance does not cover wanton deliberate abrogation of responsibility in not conserving shareholder cash.. oh only the lawyers would win any $? that would be fine w/me because to do nothing to punish these people monetarily for their dereliction of duty is wrong on many levels... you quoted Napodano's vision last August that there would be little headway on monetizing probuphine in the US given the regulatory constraints (spot on).. so a year later AFTER approval, just exactly WHAT has management accomplished in advancing the proneura platform or nailing sales of probuphine in other countries that do not constrain the sale of this procedure?... thankfully the price has stabilized somewhat today because if it broke 2.. then only the current cash on their books would stop the downward momentum.. given their float and the cash on hand .. easy to do the grim math... the selling indicates no one has any faith that current management is capable of anything other than burning cash to enrich themselves, & it's got to be a resume buster for board members tarnished by their association w/this company.. sheesh somebody needs to wake up
I work in prison mental health and I would NOT support continued use of probuphine for longer than 6-12 months.. my focus is on recovery from drug dependence, not maintenance.. to me MAT is vital to the recovery process in that it decreases cravings allowing the individual the opportunity to engage in the work of recovery... something not possible when he's craving or using to stave off withdrawal...
smart change in tack for Braeburn.. as I've noted before in the now- defunct Yahoo forum long ago.. large institutions like the VA, prison, county mental health was the way to market initial intro to this procedure until the kinks were worked out for longer term adoption.. these institutions self-fund, get block grants, do not rely on insurance reimbursal and if they do bill medicaid, they have a formidable clerical department that takes care of that ... furthermore, they can afford to wait for payment.. they don't have to pay the rent and utilities out of that reimbursal every month as the sole proprietor MD needs to do..these docs just can't afford it until all the kinks are worked out... Braeburn lost precious time in training them thinking they would embrace this, even though it would cost them money to do it... good that Braeburn is changing it's direction to these larger institutions which will yield sustainable sales and future adoption of the procedure, even by small docs when the kinks are worked out ... now if the management of TTNP were to be booted out, I'd buy more stock immediately... that's part of the drag here
deeply appreciate all your finds.. very informative.. thank you
Apple Tree stumbled strategically by selling an unconventional procedure to MD's who prescribe MAT.. this product does not fit that distribution model as the Braeburn S-1 delineates BC it's not a pill or a depot & is hampered by the REMS .. many sole proprietor MD's who run MAT clinics (even ones who own 4 to 5 clinics in a geographic area).. could not profitably embrace this procedure due to all the hoops they had to jump through...Management wasted precious time training them.. instead, I believe they should have targeted training to large institutional distributors of MAT, like the VA, hospitals, county Mental Health & substance abuse programs, prisons... that model would have cost them less, produced more initial sales & helped them work out the kinks in the system to eventually bring it to MD's in Mat clinics... Braeburn, is still sticking to their original distribution model & it's yielding dismal results (the warning from accountants in the S-1 about "going concern" also spooked investors.. what if Braeburn closes shop?) .. all that being said, I'm encouraged by Apple Tree's investment in cleanslate Tx centers that can be a focal point for launching probuphine.. I agree that the pulling of the IPO accelerated the slide in TTNP.. the S-1 opened the lid on the challenging distribution issues, etc... & what did TTNP management do in the meantime? ROW (Europe, Australia (remember them?), NDA, pain management?... nada.. Bebe's breathless announcement on CC of new indications... if I hadn't lost so much $ still holding a small amount of TTNP, I would still be laughing
there is a role for implants in addiction treatment.... if nothing else it obviates some of the need for inpatient care... there is not a magic bullet for all in treatment, no one size fits all ... for example a professional w/an addiction of 20- 40 hydrocodone/a day who has an income, a support network, etc, can utilize implants to reduce cravings and continue to function in order to kick the habit.. a poorly educated person w/the same level of addiction who has no $, no support & unable to secure shelter, clothing & food, is more prone to relapse & requires intensive monitoring in an inpatient facility and substantial social support prior to even considering an implant to reduce cravings (never mind adding a layer of co-occurring illnesses like schizophrenia to the mix).. the good thing about AppleTree is their investment in treatment centers in 2014... they should have IPO'd that instead of Braeburn .. probuphine has a place in a structured treatment program .. problem is the management of TTNP is incompetent & have no clue how to monetize this product, as evidence thus far painfully demonstrates .. this company should have been transferred to stronger hands long ago
I doubt anyone of consequence from the anlytical community will bother to tune in.. analysts abandoned this long ago.. too painful when they wait for a question at the end of their conference call and only some retail investor asks something of little relevance
as many have stressed time and again... the report card on the management of this company is F for fail since its inception.. and yet they continue to draw salary and spend the investor's $ without any fear of being terminated for incompetence.. who is holding the board accountable for allowing this continued pillage .. wasn't there a class action lawsuit some time ago about diluting shareholder interest by gifting the company to inept management? whatever happened to that?.. Buffett invests not only in the product of a company but also in the quality of its management ... someone will take over this product and incorporate it into their armamentum on an efficient drug delivery system... the board needs to conserve cash and fire all the management period and turn over the assets to stronger management... before the shop closes for good
yes but as the psychiatrist interviewed noted, they needed collaboration of Phd in pharmacy to get this "complicated" procedure in place...... Braeburn has done an amazing job even getting probuphine this far... the quick ramp up will require the VA docs to start using the rods, institutional substance abuse facilities like county mental health that have nurses on staff while their formidable clerical staff deals w/billing, procuring, etc... one MD in private practice who passes pills out, is going to be challenged navigating the hoops he needs to jump through w/this procedure, no matter how many sales reps call on him... that being said, I noted Braeburn had trained nurse practitioners to insert the rods.. no gynecologist needed... it will take time & the limits on who is eligible for the rods is depressing quick uptake of the procedure ... the problem with TTNP is the do-nothing management that has produced 0 since Braeburn got the drug approved a year ago (we're working on Parkinson, but haven't submitted an NDA yet, were meeting w/EU but we have nothing to report, lots of companies are doing due diligence but nobody's ever made an offer, so we have no news)... Braeburn on the other hand & it's partner Camarus just announced positive results in the depot formulation for weekly and monthly shots.. they are moving along while TTNP has announced 0 since the last conference call in March that tanked the stock price ... maybe they should skip the call this time around because their consistent lack of tangible progress at any level is embarrassing.. how many years have they been providing 0 value to stockholders while continuing to drain the company cash?
about time... I cannot fathom why this was not done long ago.. you do not need prior authorization to be treated for Diabetes... that's the point of the parity act.. the fact that no administration has enforced this law is beyond the pale.. that being said... the silence from the TTNP "management" and Board is deafening as investors vote w/their feet ...
Unless management changes, even blowout sales may only spike the price briefly.. because past performance.. validated yet again and again as recently as last quarter indicates this management may fritter any $ they receive because of incompetence and lack of accountability.. the board is predisposed to keep rewarding the management instead of firing them... still, I bet board members will also be tarred by association .. what other serious company would consider them as wise stewards of other people's money .. quite a dent to the board member's resume to be associated w/TTNP I would think... we'll see
fantastic summary on the procedural hurdles w/buy & bill system ... limiting availability to large institutions like the VA or prisons or county substance abuse Tx... probuphine restriction to those who are stable does limit market penetration but even those who are currently stable can benefit from the implant BC timing of oral administration can still influence cravings, withdrawal, etc which often lead to relapse.. re: Nurse practitioners... yes SAMHSA, as of Feb 2017, is recruiting NP & PA to obtain waivers to prescribe bupe, a boost to increased availability of providers.. the issue w/TTNP poor management is that they have not utilized the time efficiently to get the platform adopted for other uses, like chronic conditions that do not require DEA clearance (still in pre-clinical trials?).. furthermore, for a broader distribution of probuphine, where is the indication for prescribing for chronic pain, in US & ROW... just an aside, I have an aging cat who is limping ... Vet 2 days ago gave me syringes (for oral administration) pre-filled w/buprenophine for the kitty's pain (status on probuphine for pain?)... as far as the new Govt panel tackling opiates.. I was heartened by what Christie has already done in NJ.. limiting opiate pain pill prescriptions to 5 days, mandating insurance in his State cover Tx without delay... his message that addiction is a chronic disease and not a moral failure resonated w/me
agreed... implantables r valuable assets for management of chronic disease... as you pointed out w/ILO, time is of the essence, & this team has thus far not demonstrated the capacity or the deep pockets required to outrun the competition.. appreciate the re-cap of the Hx of TTNP drugs ...concise & well-rendered.. thanks
agreed... I've been around through all the graveyard of product failures w/this company .. I remember dipta vaguely.. the others are seared in my memory... great discussion by everyone... no one should move on from this message board BC every single viewpoint is relevant, even though sentiment can get heated @ times... there is no denying that the management team is poor, that they have not notched 1 win, except to manage their individual survival at all costs... iloperidone, gone.. probuphine, transferred to stronger hands in order to bring it to market (after TTNP management managed a CRL failure on their own that almost sank the company)... so I'm hoping the board, in it's fiduciary capacity and personal liability for same, sees the wisdom of selling the platform to stronger hands as quickly as possible BC delay will continue to erode the value of this platform as more and more implantable competitors are, and will continue to come to market..search for news on the most recent implantable for naltrexone... Maria Bartiromo segment on Fox this morning... the world is not standing still for TTNP management to maybe sign ROW, (they were talking to Australia when?.. have heard nothing further) or to maybe start clin trials for other uses.. 14 employees... what have they done specifically since last May to enhance shareholder value? Braeburn has learned much and has overcome some significant obstacles to market probuphine ... what exactly has the TTNP team done since Dipta days, other than give away products?
house measure postponed as expected ... even if it passes house, problem passing senate if they strip away treatment options...(it costs 50,000/yr to incarcerate someone: custody, plant operations, food, etc; adding constitutionally mandated medical, dental, mental health care (because prisoners are wards of the State) doubles the cost; much cheaper to treat in the community than in prison)....lawmakers are not stupid... I'm more concerned about competition and lack of board oversight of management at TTNP... strategically they need to sell the product to a larger company that can advance the platform, every day counts...
really appreciate all your analytical posts, very much; re: implants... news for upcoming submission on implant for naltrexone for opiate addiction ....AND NKTR popped 40% as it will submit NDA for chronic pain ... NKTR-181 reportedly "addiction resistant" and has FDA fast track.. both news stories popped in the last few days & probably contributed to TTNP dump... point is there is a lot of competition out there and this management team can't just mosey along as they have been allowed to do so by the Board ... in shareholder's best interest if company is sold... they have too many shares outstanding and very little cash relative to that share count... did Sunil say a burn rate of 6 mil/yr... they don't have much time to be conducting pre-clinical trials w/slow ramp up in probuphine while balooning share count by printing more shares for stock options ...probuphine and it's promise needs to be transferred to stronger hands... possibly Idivior's
at what point are Board members personally liable for breaching their fiduciary responsibility to shareholders by compensating these folks with additional shares of the company at the expense of shareholders, and paying them a salary ......I'd like to know what goals the board established for these folks for the past year in order to award compensation.. Braeburn ran the show... and frankly, I think they've worked diligently around some thorny challenges... though I see they are competing with probuphine now in their support of injectables for pain as well as for opiate dependence... what has the management of TTNP measurably done since 2012 to put money in shareholder's pockets...ultimately that's the bottom line...I didn't hear one mention in the conference call about relief of chronic pain ...Braeburn initiated phase 3 of CAM2038 for chronic low back pain in Sept -2016 using subcutaneous injection of buprenorphine for "opiate addiction AND pain" ...
Shareholder concern is TTNP management ineptitude....(where on earth is the Board that protects shareholder interests)...what has TTNP management done since last May to advance shareholder value... all that ROW, EMA, partnering, parkinsons, T3... hearing about it forever.. but nothing to show for it... clinical trials still not started... kate didn't even articulate design endpoints on the conference call for upcoming study... really? .... only hope is someone takes them out, otherwise, these placeholders will eat up all the $ and leave an empty shell for shareholders... my only hope is someone takes this implant away from this management team ... and soon