Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
IND has been submitted, as of today.
Aiming-the answers will also be contingent on the questions being asked, and as I recall, Stoll said their will be time for Q & A.
In response to Tom Cruise's "What the f--", I give you Clint Eastwood's "So do ya feel lucky, punk?" As you may recall, it wasn't a good outcome for the "punk" to whom the query was posed
Neuro-Funny.Now that I think about, quoting Hollywood is silly. Talk about fantasy. I guess we just have to realize happy endings are not pure, perfection is unattainable (and even undesirous), and life is not fair. I guess we all have to come to terms (terms-blah) with the choices we've made, and move forward from there. Once again, I hope to close the chapter on this financing, like you, Aiming, Gfp, and Davidal have.
Aiming-I hear you and I understand, maybe, some insurance against a possible issue with the FDA for ADHD. Perhaps it is just very unfortunate that the realization of the potential roadblock with the FDA coincided with an already diminishing share price and a lender induced credit crunch. When it rains it pours.
Obviously, the significance is that we shareholders have high hopes (thus, heavy investments) in Cortex. My concern grows as the doubt increases. My doubt increases as poor arrangements go unexplained.
I enjoy this board and truly believe in the potential for Ampakines and their cause. I feel I have mild neurological imbalances, which allows for some self destructive behaviors. When I was younger, I was held back in first grade. I would classify myself as ADHD, even though at the time (1975), these labels weren't floating around medical files. There is a name and drug for everything these days. BP has become the tobacco companies of old.
My point is, their is a substantial need for ampakines, not only for serious indications like Huntingtons, RD, and AD, but for mild neurological conditions as well. I think a mild, safe ampakine, perhaps CX 717, could benefit the masses. I think most people, like me, have some neurological imbalance which a subtle pill could correct. That, in addition to the severe conditions, could be huge.
What bothers me are the apparent red flags which keep popping up. If Stoll was overly conservative, and thus well planned out, how did they overlook the original monkey finding? Why did he wait till panic in the credit industry peaked, to finance? How did he let the stock dwindle to the mid 2's to do a financing? This management is inconsistent at best. Maybe a buy out is in order in the $8 to $10 dollar range.
I have no desire to throw in the towel, in spite of all this concern. But when we spike, as I think we will from time to time, it will be prudent to reduce my exposure. The fantasies of grandiosity are becoming more and more realistic with more and more dilution, needed as it is.
Well, my kids I'm neglecting with all of this venting, have a good day, and good luck to all of us, we need it!
Even if this additional delay might be only for several months, the prudent thing to do was clearly to raise some money right away.
Gfp-5 months of cash would have allowed time for a more reasonable deal. Right?
This financing, at this point with no clear evidence of urgency (this exact time and these poor terms), seems like a bad decision or bad luck, either way, it speaks about who is running the show.
If we were to sell our stocks at a market bottom, say, after 9/11 or any other negative event in history, what would that be considered? Panic. Smart money buys when nobody wants (at a bottom), and sells when everyone is beginning to sink their teeth in the market (the top). So why are we justifying this financing?
Let us stop the rationalizing based on the credit crunch, that is bogus. Things don't go straight down forever. They dip, they bounce, they dip, they bounce, and so on, and so forth.
At this point the strategy is unclear. His response to the million dollar question could vindicate him, but he has not explained to us why he is giving away the company for pennies on the dollar.
Neuro-didn't the dovp deal sink the company?
IF BP were really salivating over this estate (which, clearly, we think they should be) how pathetic of a lowball offer on a partnership would there be? It is a tough call, but I would trust the BP more than the Brokerage.
Just as we investors have made a leap of faith by remaining with this company, Stoll could have a little faith that CX 717 is free and clear (as the FDA indicated for AD, and as the EM also proved). The clear cut proof should mean something when it comes to negotiating financings.
There are a lot of "what ifs" in life, but sometimes, you just got to say, "what the f---!."
Tom Cruise, Risky business.
I guess quoting Tom Cruise isn't the best defense of my case.:=)
Thanks to all for reporting/commenting on the conference call. It significantly helps the other shareholders on this board, who for one reason or another, don't involve themselves with company events regularly.
The respiratory distress indication for ampakines could be our knight in shining armour. Aiming's reference to Viagra was a good example on what can happen, out of nowhere, to propel a company forward. I don't know how big Pfizer was at the time, but they certainly weren't the household name they are today.
As rare as those scenarios are, they obviously do happen, and it could be just around the corner for us. Or not.
Meix-regarding your comment on Stoll's playing hardball with BP-as much as I wish that were the case (like MF4), it just doesn't add up. The terms of the financing were so incredibly lousy and desperate, it goes back to cutting off your nose to spite your face. Stoll/Cortex/shareholders seemed to really get burned. I guess that will happen when you have several irons in the fire, and without proper caution, try to take them out.
We still haven't gotten an answer from Stoll on why he couldn't:
1)hussle to find another deal, even if it took 4 to 6 weeks.
2)back away from the current deal, even if it was just a tactic (playing hardball) to get better terms.
If there was a sense that something wasn't right, like many of us feel about the deal terms, Stoll should have backed off this potentially desperate move. The decision does seem to correspond with the mood of the market these days, panicky. I would love to finally understand why this was done at this exact time with those nasty, offensive terms (makes me think of Senator Craig discussing Pres. Clinton's affair on Meet the Press, when he referred to him as nasty and naughty boy, LOL).
Neuro-forget just neurological companies or recent history-have their been any deals this bad with a company with this much (near term) potential? Could you generate a top five of historically bad deals (okay, how about with just your expertise, neuro companies). If you can find something to make us feel less victimized, that would be great.
I do understand needing the money, I am not arguing the principle of the pipe, but going back to this deal is really hard to swallow. I understand the current credit situation as a factor, but to be violated to this degree seems corrupt.
Is it possible that this deal was partially created/discussed at the time of the last one, when we were around $1 per share. That deal did not have a discount to current share price, I don't believe, and Cortex's future was far more uncertain. Maybe that deal was contingent on a follow up deal, more favorable to the financers.
My greatest fear is that this poor financing is an ominous sign of what is to come. I am probably split about 50/50 (50 good, 50 bad) on Cor's near term prospects (based on the deal terms).
I'm still hoping for the best, yet preparing for the worst.
Neuro's latest commentary. I don't believe it was posted here yet:
http://neuroinvestment.com/CORXcom.html
Gfp wrote:
I copy and store key posts like those on my computer
And we appreciate it very much! Now if the stock can show its appreciation, we'd have better/brighter things to talk about :=)
Ombow:
1)It would be a good problem
2)CX 717 safety profile is far advanced
3)The more in the pipeline the merrier. There is room for all! CX 717 for this, CX 1763 for that, and so on.
4)More potent doesn't necessarily mean better (maybe for some indications, maybe not for others.
OT-Thanks Finn-those (two) books should last me about a year, at my pace:=) I partially blame my astigmatism;={
More OT-I remember purchasing Sagan's book, Demon Haunted World..., about 10 years ago. As I research back, It was shortly after he died, and about the same time I moved to Florida (10 years ago this weekend, on a wing and a prayer :=)) I read some of it, and it was fascinating. But over the course of about 10 location/home changes, I lost track of it. If I go on a reading spree, I'll probably satiate my fascination by delving into his works more thoroughly.
Still more OT-Speaking of instincts, this poor girl's instincts certainly let her down in this sad and funny clip:
OT-Thanks for the recommendation, I just may do that. I read very little, but did just finish a book by Jonathon Tropper called "Everything Changes." His other book "Book of Joe" was even better (read that a couple of years ago). I wouldn't read probably at all, except my wife picks books up at the library for me and encourages me to read (75% of the time, she returns them to the library without my having endulged). She does a good job taking care of her three boys (me and my two little ones)
Have a nice holiday, and I'll let you know how the book comes along
What's wrong with eme...emen....enemem?
He seems like good people.
Patco-I didn't think about this until now. But there is another rodent in our cage that promised to leave. Nakedmouse. Can you make that happen? Cortex, up 20 cents today, got it?
Patco-so if Cortex closes up 20 cents today, Rodenta will disappear? Can you make that happen? You are italian, right? :=)
OT-Davidal-Funny story on Gern:
Back in the late 90's I had a client who had a strong distaste for Gern (or at least for the valuation). He was in his late 60's, early 70's, a retired salesman living outside Port St Lucie, Florida. He had some significant holdings: Chiron, Pharmacia-Upjohn, Monsanto. Mostly big pharma to the amount of 3 or $400,000.
He did not borrow (margin) usually, but had a nagging desire to short Gern ("Gern!," as he would call it). He shorted some, I believe, in the $30 range. It went up. He shorted more in the high 30's. It went up. He shorted in the 40's. It went up. Over a short period of time, the stuck made huge leaps, and he dug himself deeper, and deeper. I think it was well into the 50's before it reversed course, and he was shorting all the way up.
I warned him he was playing a dangerous game. He didn't care. He knew the lofty valuation was BS, and it made him angrier and angrier. It was like in Tin Cup(?), when Kevin Costner kept hitting his final drive in the water, and kept requesting another ball (interestingly, my client was an avid golfer). It made him furious.
I think it had been in the single digits or teens before it spiked, and spiked and spiked. Well to make a long story short, he wound up covering around breakeven, give or take. It was a wild ride for us, but those were the times we were living in.
Moral to the story: Trust you instincts-take calculated risks.
Disclaimer: They don't always work out
"several irons in the fire" (cont.)
From thefreedictionary.com:
several irons in the fire
a number of jobs or possibilities available at the same time
Etymology: possibly from the fact that people who take care of cattle keep several branding irons (= devices used to burn a mark on the skin of a cow) in a fire and ready for use when they are marking cows
BaalZebub wrote(#8795):
FWIW, I got this e-mail from him on 08-23 right before I noticed the drop in stock and felt like I got punched in the gut. I don't know at this point what to make of "several Irons in the fire" as anyone's speculation here could be true.
"We have several irons in the fire at this time and until we know the outcome, I can't set up a conference call. I hope that I can provide a clearer answer within the next week. Roger"
The only upside I am seeing right now is that there seems to be more buyers on Level II then sellers.
Aiming responded (#8796):
Purely from a semantic point of view, I wouldn't word something as "having irons in the fire" if the situations being dealt with were problems, that wording suggests progressive developments.
Although the figure of speech may be subject to interpretation, I accepted Aiming's explanation and did not look into it further. His view made sense to me.
Thank you. I hope the next round of announcements are positive and involve mostly developments with near term implications. (Ind., Partnership, and poss. getting the rights back from SP)
Neuro-What do you feel the likelihood is of buying back rights/Org 24448 from Sch Pl, either with some pipe money or some future cash?
Gentleman and Judy.
You left out our other woman, Finn.
Iggs-was just thinking you are Gfp's good twin after reading your posts:=)
Look at the bright side, at least you don't sound like his evil twin (Crease on YMB):=(
I'd like to see them buy back schizophrenia/depression from SP--that would be well worth the PIPE
Neuro what are the probabilities of this surprise? It sounds like a good idea. Certainly, having all IP back would be interesting. Stoll could redeem himself yet.
Now that we know Ombow has alerted Stoll to this board (as if he hasn't lurked previously), we should chill on the Stoll bashing (of course, myself included)and offer our support for his most important maneuver to date.
Several irons in the fire? Sounds like the bases are loaded in the ninth and Cortex is down by two runs. Could his announcement be a triple (or hatrick or trifecta if you prefer). A single won't be enough. A grand slam would be the most emphatic. A strike out? Not again!
Sorry to those of you that have a much better grip on your emotions and/or trust management
Ditto.
if dr stoll's response was not true he would either be a crook or an idiot; i think most of us believe he is neither.
Moneyfor-There is always a possibility he is a poor negotiator too. He is, after all, only human.
I have been buying at these giveaway prices and would like him to continue running my company, not playing psychologist.
Yes, but who are you, and what makes you so sure these are giveaway prices, other than you having a vested interest? Your confidence is obvious, but your intent is not.
He is rational, while the market is not.
Just curious. How do you know? Do you know him personally?
I like the idea of a quick note on the website just confirming all is well and no bad news events have transpired.
It would be nice to here some reassurance, considering the market reaction to the news. At this point, it's a matter of principle. Or is it a matter of patience for investors? Both arguements have validity.
With that being said, I think we will start moving up again. Iggs knows the story. From here on out, I'm listening to him. The problem is I don't have any loose funds to force a greater investment with. But, if Iggs tells us it's a "slam dunk," I may scrape up some family money.
"Mr Stoll?"
"What!"
"Do you, um, feel like talking to your shareholders today?"
"Rosebud"
laddadg
It's understandable that people on the board get sick of the negativity. It becomes overkill. For me, this is like a navigational exercise to sort through the various mixed signals that were sent last Friday. In other words, I'm trying to make sense of the events, and come to a reasonable decision on what to do with some or all of my shares. Everyone's input is appreciated and filtered.
I disagree, at this point, that "Stoll should explain his actions.....when he feels it would be appropriate." Under normal circumstances, such as regular flunctuations in stock price/volatility, I agree. But with this much outcry, he should realize a sense of urgency.
Regarding selling-not a chance. Not yet anyway. It would be premature. I still have high hopes for ampakines. That dream is still alive, although it has been tainted, cleared, and tainted again.
Thanks for the apology, and sorry for lashing back at you.
Haysaw
OT-wasn't your screen name Rebecca before Finn? If not, then I apologize
In this environment, the most healthy gets the money
As always, in life, there is a catch-22
Have a good day Rebecca
I am not doubting the credit crunch. I am just suggesting that there is some attempt to conveniently use or justify what just happened with Cortex as being a direct result of the issues.
And why are we having a credit crunch? That is an entirely different issue but probably involves the same root character flaw dynamics as what is going on with Cortex.
Much of what goes wrong with things are preventable. The credit crunch and the mood swing here are examples.
Perhaps we should just all sit quietly and passively, sip our morning coffee to oblivion, and forget any of this is going on.
I agree that some on this board are predominantly negative, I try not to be. I also realize some people naturally avoid conflict and confrontation, and at times, that is also the right thing to do. But this approach to running a public company is turning very cowardly.
BTW, some of your recent posts mentioned trust concerns and betrayel. If you are going to attack, please attack more specifically
mail to:info@cortexpharm.com
It's insult to injury. I guess it wasn't significant enough to mention in the news release. Chicken feed to them, right?
Aiming, others-What is Stoll's e-mail address?
In addition, the Company has agreed to issue to the Placement Agents at the closing of the offering warrants to purchase up to an aggregate number of shares of common stock equal to two and one-half percent (2.5%) of the aggregate number of shares of common stock sold in the offering at an exercise price of $3.96 per share.
Gfp-is this another approx. 175,000 share giveaway that was not mentioned in the PR?
Form 8-K for CORTEX PHARMACEUTICALS INC/DE/
--------------------------------------------------------------------------------
27-Aug-2007
Entry into a Material Definitive Agreement, Financial Statements a
Item 1.01 Entry into a Material Definitive Agreement.
On August 24, 2007, Cortex Pharmaceuticals, Inc. (the "Company") entered into a placement agency agreement with JMP Securities LLC and Rodman & Renshaw, LLC (collectively, the "Placement Agents"), pursuant to which the Placement Agents agreed to use their best efforts to arrange for the sale of 7,075,000 shares of the Company's common stock and warrants to purchase an additional 2,830,000 shares of the Company's common stock in a registered direct public offering. Assuming the sale of all of the shares of common stock and warrants in the offering, at the closing of the offering the Company will pay the Placement Agents a fee equal to approximately $849,000 (6.0% of the gross proceeds from the sale of the securities) and reimburse the Placement Agents' expenses up to an aggregate of $35,000. In addition, the Company has agreed to issue to the Placement Agents at the closing of the offering warrants to purchase up to an aggregate number of shares of common stock equal to two and one-half percent (2.5%) of the aggregate number of shares of common stock sold in the offering at an exercise price of $3.96 per share.
First part of 8K. Does anybody know what this arrangement is in bold print?
Do I think it will make a lasting difference whether he does a CC this week on just the financing news or waits a week to do one on the financing and IND?
No, in the long run, not really.
In the long run, we will be dead. Sorry Neuro, had to take that opening:=)
Aiming-Good questions for Neuro and good focus getting things back on track. You and Neuro are both the most diplomatic, and I enjoy your commentaries.
I think Neuro is more rational than what is coming out/not coming out of Cortex. We should request/demand Cortex hire him as a consultant. (Like that will do any good. Maybe we need to talk to Rodman and Renshaw instead:=)
Anyway, nice questions, and let's hope Cortex has some good answers soon. I'm holding out hope that this financing was something strategic and visionary.
Even if the that is the case, like it was a matter of survival, or a hedge, or the last chance to load up while you still can, I don't think the terms agreed to can be vindicated.
Credit crunch. Please. It is not like they are trying to buy a mortgage. There will always be money thrown at companies to develop new and novel drugs. Cortex has survived for over a decade (unfortunately, many of you know this). Their house is in the best shape ever (I believe that was said a couple times). They are closer to having a drug ready for marketing then at any other point in time.
We are here for the billion dollar potential (easily). Are we truly the only ones that see that? Are we really blind? Foolish?
I hope there is not a trust issue at stake. Trust has been compromised or neglected too often lately, be it brokerage, bio, business in general, or beauracracy. Of course there are exceptions, and I'm hoping Cortex is one of them.
I'm certainly beginning to feel a dichotomy between the product and the company (a kind of bipolar disorder, which is ironic).
It would be interesting to know how Lynch feels about the action going on since his well publicized story. Hope it didn't steal his thunder. He's probably rolling over in his grave. :=)
No hard feelings, just a joke. But he should really take better care of himself.
And Stoll should take better care of his more anonymous shareholders.
Now I remember the last time I felt this way. It was the Philadelphia Eagles final playoff game last season, where, IMO, very poor decision making late in the game,on the part of Andy Reid (head coach), cost the Eagles the game, season, and perhaps the Superbowl.
Well, there is always next season.