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CFO pay is public. They are looking for lighter candidate, which is about fitting for this role. They are not looking for a superstar based on their requirements.
“with plans for a NASDAQ uplisting in the short to medium term”.
With inability to do so organically, this means R/S is forthcoming...
Clearly a solid plan to replace CFO:
https://www.indeed.com/m/viewjob?jk=4ca57debd34deed0&from=appshareios
Profitability prevents further dilution. Been there, done that so let’s keep the company moving forward to self fund bigger initiates than Loxapine and hopefully better than Adderall is faring.
It’s a sad day when there is celebration for entering a $5M market with multiple competitors. Can’t get any more vanilla than this.
Well said. Not sure next CNS drug will gauge any interest even if they do move forward with it. Penetration of Adderall is poor at best. Not sure another similar drug will add much strength. I’d like to say Elite is on the slow train to success, but I think it’s more like a blow up canoe in rough waters - will be challenged to stay afloat. Not sure if Nasrat will be willing to stay another 8 years with Elite to restart at square one once again.
But we do have 3 business days until a form 4 is filed. I think it’s just retail bailing on CFO departure.
There is no form 4 filed. No one has sold recently.
Pain should have been expected to continue as news continues to be disseminated and picked up. No email from Elite on 8-K update.
Sounds very similar to Elite 8 years ago with virtually no revenue or debt.
I have also seen CFOs leave before the crap hits the fan as they don’t want their name associated with it. Not saying it’s the case here, but I don’t think he was forced out. Nasrat has spoken highly of him on calls in the past. This resignation caught the CEO by surprise.
I disagree - replacement would have been named with start date. CFO position is not one you want open, especially closing the books during year end.
I don’t know any CFOs with a PhD. If they did, I wouldn’t trust them either.
Where CFO is going - Cannabis company to help cancer patients.
https://www.biospace.com/article/releases/enveric-biosciences-appoints-carter-ward-as-chief-financial-officer/
300K is not heavy volume. One thing shareholders do need to be aware of is risk to 10K filing in a timely fashion with the timing of the CFO’s departure. ELTP reassuring investors filing will take place on time per SEC requirements would have been a good move with today’s 8-K filing.
I’m certain you knew the CFO was resigning. All signs pointed to it over the last 8 years. ??
This was a voluntary leave by CFO otherwise replacement would be named at same time. There is more to this story.
It quite. Carter notified Elite on Wed 4/7. Elite doesn’t need to make that public until 3 business days later, meaning today. This is the first time that this news is public. I would expect a downwards push on the stock until more clarification is given in a couple months time.
In most cases a CFO leaving is not a good sign. Interesting timing as the year end is wrapping up, annual results are rolling in, he probably all locked in his annual bonus if he stayed through the end of the fiscal year, etc. Is this a sign of the previous year or future performance, internal conflict, etc? Who knows. What we do know is that Carter won’t be on anymore earnings calls.
None. No options. Done deal.
This is not a new role. Elite has had Qual & Reg leaders previously. This team has been in place for years.
There is zero interest or we would have heard about it as shareholders. No bona fide offer has been given since he has been CEO. Based on current factors, no one can justify a price anywhere near that. It will take several quarters for LePree to roll the dice and build out a pipeline to eventual approvals. Where the focus will be is anyone’s guess.
Also, Adderall ER is barely even scratching the surface of market share and has been decreasing. Not sure I’d be excited about another CNS product when expectations were at least 10% of the market, which is in a completely different ballpark.
LePree’s job is to determine whether or not they can even move forward with the CNS drug and to build out a pipeline. “Weeks” away from clinical trials as of last cc. Ground Zero once again, but at least we have a little cash this time. Elite may go 2 years straight without submitting anything to FDA.
What reputable companies comment on their stock price fluctuations?
Answer: none
A company may release a statement saying they don’t comment on the daily stock price fluctuations, but that alone is pretty rare. In this case, ELTP’s share price has been hammered from dilution for several years so there is nothing new here.
“Proceeds along with other borrowings and cash on hand to be used for repaying its existing term loan indebtedness.”
Simply refinancing debt from one tranche to the next, nothing more.
Nasrat has stated opioid program has stopped. In addition, SequestOx IP is running out of time nearing the end of its life.
On the flip side, due to the less than stellar results of Adderall IR & ER, the company is CFP. This is a tiny company and doesn’t take much to cover expenses, but they have reached it. It takes time to use that excess cash and invest for a return. Each year seems to be a another year to “set up” the company. 2021 will be likely the same except we can start self-funding and re-starting the virtually non-existent pipeline. Adderall sales are bleak at best, but may be a good enough baseline for what Elite needs to start diversifying and creating value, something the company has so far failed to achieve, but I believe we’re on that track, albeit a snail race track.
He is doing something. He is doing a great job collecting shares.
That was before the opioid strategy failed both from an NDA and ANDA standpoint...but he did sell the approved ANDAs for nickels on the dollar! Woohoo!
Price is one factor, efficacy is another. We know ADHD drugs, generic or brand, can have far different impacts from one person to another. Elite’s may work for some, but not for others. At the end of the day, this brings more competition to split the same pie, except Elite is on the side that can still be abused (ironic for a company that has spent millions upon millions on anti-abuse tech).
More Adderall competition, new FDA approval:
https://apnews.com/article/attention-deficit-hyperactivity-disorder-cafc56c871b014b60521737a0f246276
Happens every time Elite files an ANDA or NDA...or maybe the FDA is always making adjustments to their requirements.
If Elite didn’t sell off the opioid line,
I’m sure that would help relieve pain and suffering to shareholders. One stock = 1 dose of Perc.
Waiting for Sungen partnership antibacterial approval or movement on Loxapine?
It depends. BOD’s represent shareholders, not senior executives. Their fiscal responsibility is to shareholders and this is not a duty that can be shirked.
90 days from end of quarter is when K is due. No cc before then.
Expect another 90 days of it until 10K is filed. This is the long stretch of silence each year.
Would definitely be nice to see another CFP quarter. Even better if revenue trends start increasing Q/Q.
One share traded in first hour of trading. Hilariously disconcerting.