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At least he is not entirely deaf to our frustration. Flyers asking questions now on newer assets.
Had not realized DBD is a Fortress subsidiary.
SLC, I am so enjoying your posts, both for the erudite explanation of the science and for setting the facts straight.
So far, I like the moves Jonathan Adams has been making.
This is part of Whisky Wisdom—a series of tips and interesting tidbits about the world of Johnnie Walker.
In its broadest definition, 'whisky' is a drink distilled from the fermentation of malt.
Whether it is spelled 'whisky' or 'whiskey' usually depends on where it was made. In Scotland, Canada, Japan and other parts of the world, it is spelled without the 'e', while American and Irish whiskeys are usually spelled with an 'e'.
The main differences between types of whisky come down to four things: the grain used, the production process, where the whisky was made and how long it matured.
Single Malt Whisky
Single Malt Whisky: This is a whisky from a single distillery made using only malted barley, water and yeast.
Grain Whisky: This is a type of whisky where the main ingredient is maize or wheat, or both.
Blended Whisky:
A Blended Scotch Whisky is made by mixing together Single Malt Whiskies and Single Grain Whiskies. The advantage of blending is that it ensures the flavor and quality of the whisky remains the same time after time.
Other types of whisky:
Irish: This is any whiskey made in Eire (Republic of Ireland) or in Northern Ireland. Like Scotch, it must be aged in wooden casks for a minimum of three years.
Japanese: Japanese whisky is usually made in the same way as Scotch whisky. It has been manufactured since the 1920s, but has only become widely available outside Japan in the last decade.
American-Style:
Bourbon: An American whiskey made from malted grains that are at minimum 51% corn. It must be made entirely within the United States to qualify.
Straight Bourbon: This is a bourbon from one American state, for example Kentucky, that has been aged for at least two years and doesn't have any additives.
Blended Bourbon: A blended bourbon can include other spirits and flavorings, but must be a minimum of at least 51% straight bourbon.
Tennessee Whiskey: This is essentially the same as bourbon. The only difference is the charcoal filtering in the post-distillation process.
Rye: This is primarily made in North America. In the United States, it must be fermented from a mixture of malted grains that is at least 51% rye. The rules around Canadian rye are much looser and they can contain far less than half rye.
(This is from an email I received from Johnny Walker.)
Thank you.
Agreement with Hercules terminated. Funds from Silicon Valley Bank (based on existing relationship with Savara), are used in part to pay off amounts the old Mast Therapeutics still owed Hercules.
Masala, Savara doing the reverse acquisition of Mast was certainly in their best interest but I think you have to evaluate any corporation's actions through the lens of whether they were fair to both parties and their shareholders.
Use of the label "white knight" is something the acquirer applies to themself to disguise their actual motives or a label we might assign to a person/company in retrospect. Before today, I do not think anyone has claimed white knight status for Savara. Tho, I have been hearing MSTX holders were relieved to be dealing with Rob Neville, rather than McCulley.
OTOH, Rob has been entirely forthright and fair in his dealings with other entities, both those he has acquired and those he has not. I've known him personally since 2012 and have had many conversations.
lux1, I may be mistaken, but didn't Rob say yesterday, in the conference call, that the Molgradex drug study would be done in this (2017) calendar year? Q12018 would still be fine with me.
Masala, Well, either a $30 or a $5 valuation is speculative.
While $5 is closer to the range of trading since SVRA started last friday and could be seen prior to a much-higher SP movement to $25-30, I do think enough people and institutions would snap the stock up at that bargain ($5) price.
Just last month, I snapped up the shares I could acquire at $3.13 when I exercised my Series B warrants (acquired when I bought Series B Pfd shares in 2012). That price was fixed in place years ago.
I will say that a price of $30 very quickly would have me evaluating whether to sell any of my existing shares. My former MSTX shares could be sold today. My old Savara shares are locked in for differing periods of time.
Masala, Why do you persist in calling this a "broke company?" Very few early to mid stage biotechs have huge amounts of funds on hand.
Savara has readily been able to raise whatever funds it needs when it needs those funds. Could they use more funds to advance their pipeline? Of course. But sometimes a bigger limitation has been competition at treatment facilities for recruiting the same patients other companies developing treatments are seeking.
They have an excellent relationship in the CF community, beginning with the CF Foundation, which has advanced them non-dilutive grant funds before.
Please look at their history before simply pasting these broad labels on them.
Masala, The 15 million shares attributable to holders of Savara before the merger are not simplistically held by "hedge funds."
I am one such holder - and I know many more - who are just individuals. I hold those shares just as I do most of my holdings... for long term investment. Not a hedger. Not a shorter. Just a long-term bio investor.
Conference call underway. Rob Neville speaking.
Savara will hold a conference call on Tuesday May 2nd, 2017, at 4:30 p.m. Eastern Time / 3:30 p.m. Central Time to provide an overview and business update. Interested parties may access the conference call by dialing (855) 239-3120 from the U.S., (855) 669-9657 from Canada, and (412) 542-4127 from outside the U.S. and should request the Savara Inc. Call. A live webcast of the conference call will be available online from the Investors section of Savara's website at http://www.savarapharma.com/investors/events/. Replays of the webcast will be available on Savara's website for 30 days and a telephone replay will be available through May 9th, 2017 by dialing (877) 344-7529 from the U.S., (855) 669-9658 from Canada, and (412) 317-0088 from elsewhere outside the U.S. and entering replay access code 10104600.
Lots of dollars required.
If you had a willing marker maker (who is not actually lending you shares but who is willing to take your IOUs) who is not going to report you for a Failure to Delliver (FTD) after the 3 days when you are supposed to cover your short position with at least borrowed shares... then you could.
Of course they would extract a hefty price for doing that and violating SEC regs.
Pray,
Yes, I'm sure entities/individuals who want to acquire shares cheaply will try to push the SP down, either through some small sales, trading among themselves at lower prices through MMs who are in on the deal or by talking down the stock and the prospects of the drugs.
That said, I certainly would not either borrow shares to short or naked short the shares. Far too volatile a stock for that until more shares can be traded. In full disclosure, once upon a time I used to short stocks but that was over 40 years ago.
Masala, I see only 33,000 shares traded today so far. Where are you getting 30 million having traded?
IMHO, the best entry would be with a GTC order at the price you'd be willing to spend. SVRA is so volatile - as Pray said - that you do not have time to react manually.
Agreed.
The higher the better. lol
Seriously, your very rational pricing may be it or it may be whatever price Dr. Frost feels like selling control. The only reason he might sell cheaply is to buy more shares in Opko or another of his many biotech enterprises.
at14, I did say I expected them to need more funds, so yes. We will see if they raise the funds in one fell swoop or if they trickle the shares into the market slowly. My guess is it will happen swiftly. Past efforts by Savara (the old Savara, mind you) to raise funds have been quickly subscribed or over-subscribed.
Lux1, Agree completely. The combined company has more assets and a bona fide pipeline of middle-stage assets which neither company had on it's own. Mast shareholders - who have continuously been complaining about Culley - now have a genuine manager who isn't just interested in ripping them off. Savara shareholders (old ones like me) now have publicly-listed shares.
It is only when one only focuses on the proportion of the company that one individual shareholder owns - being smaller now than before - that one could come up with a claim of dilution. That claim would hold only when the asset level is unchanged and management is selling more and more shares.
That said, I do expect the new SVRA will need to raise more funds. It's constantly needed for a pre-revenue biotech and the supposed stash of cash held by Mast was far less than promotional articles has alleged.
You're right. ROX insiders want to consider a sale but it will be at at least three times the present price, if not five or more X. IMHO.
From the article:
If I recall, the author specifically said he has shares in Constellation and another stock, but did not mention ROX.
Nicko, You're asking for someone with a crystal ball and mine is all clouded up. In regard to price: Expect high volatility.
Lux1, As I recall Rob Neville telling me, only one-third of my Savara shares (I am an angel investor since 2012 in Savara) will be tradable in six months. Another one-third in eight months and the balance in ten months. Hopefully I recalled this correctly, even though I have no present plans to sell my shares.
Yes, moving along well. Management appears to be focused on the job.
JS, Absolutely agree with you.
Yes, the author should have at least substantiated how a ROX acquisition would support his thesis of a Constellation surge in growth of spirit sales. Nothing to back up his statement regarding ROX.
Yes, the author seems to have wanted to pop that little bit of speculation - I agree without any substantiation - into the article and then not develop it the way it might have supported his thesis,
Another acquisition rumor:
https://seekingalpha.com/article/4067101-constellation-brands-high-growth-high-margin-low-valuations?ifp=1&app=1
A great deal has changed for Constellation Brands (NYSE:STZ) since our last article in October 2016 or should we say, since the US elections of November. For a US company that is producing 25 million hectoliters of beer in Nava Brewery (Mexico) nearby the U.S. border and for which Hispanic consumers represent 40% of U.S. sales, it cannot cope well with President Trump policy on building a wall with Mexico and deporting Mexicans from the United States. Fortunately, it appears that it was more a political message than anything else as there isn't going to be a wall built alongside the U.S.-Mexican border but rather a couple of fences. Consequently, the Mexican peso and equities rallied since the beginning of the year as well as STZ which saw its Hispanic consumer confidence brighten.
...
Spirits, still a tiny part of STZ, is expected to develop thanks to external growth with High West Distillery, Bardstown Bourbon and eventually Castle Brands (NYSEMKT:ROX) after recent rumors of a buyout.
...
Savara Announces Closing Of Merger With Mast Therapeutics
Commences Trading on Nasdaq Capital Market on April 28, 2017 Under Ticker Symbol "SVRA"
Conference Call Scheduled for Tuesday May 2nd, 2017 at 4:30 p.m. ET / 3:30 p.m. CT
Savara Inc. (PRNewsfoto/Mast Therapeutics)
News provided by
Savara Inc.
16:15 ET
Share this article
AUSTIN, Texas, April 27, 2017 /PRNewswire/ -- Savara Inc. (NASDAQ: SVRA), a clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel therapies for the treatment of serious or life-threatening rare respiratory diseases, today announced the closing of its previously announced merger with Mast Therapeutics, Inc. (NYSE MKT: MSTX), under which the stockholders of Savara have become the majority owners of Mast, and the operations of Mast and Savara have combined. The post-merger company, named Savara Inc., is based in Austin, TX and features three inhaled product candidates, each in advanced stages of clinical development. The company will be led solely by Savara's current management team. Two independent members of the Mast board remain on the post-merger board together with all five members of the Savara board. Savara's common stock will commence trading on April 28th, 2017 on the Nasdaq Capital Market under the trading symbol "SVRA".
"Savara's transition to the public market marks a significant milestone for us, and serves as testament to the determination of our team as well as the support of our investors to date," stated Rob Neville, Chairman and CEO of Savara. "Savara's team is passionate about helping those who suffer from rare and debilitating lung diseases and will dynamically pursue opportunities to develop impactful products to treat such conditions. We believe Savara presents an attractive business opportunity with our pipeline of unique products with considerable market potential, as well as significant value-driving clinical milestones."
Savara began the development of AeroVanc in 2010 and is now in preparation for a pivotal Phase 3 study. In July 2016, Savara acquired Serendex Pharmaceuticals adding Molgradex to its pipeline. Molgradex is currently in Phase 2/3 development. With the closing of the Mast merger, Savara adds the Aironite program to its pipeline (also known as AIR001). Savara intends to continue its growth strategy focused on indication expansion, strategic development partnerships and product acquisitions.
In connection with the closing of the merger, Mast effected a 1 for 70 reverse split of its common stock. Post-merger and post-reverse split, Savara has approximately 15 million shares of common stock issued and outstanding with prior Savara stockholders collectively owning approximately 77% of the combined company, and prior Mast stockholders collectively owning approximately 23% of the combined company. Prior to the merger closing, Savara stockholders exercised certain previously issued warrants to purchase Savara shares and invested additional capital into the company, resulting in aggregate net proceeds of approximately $4 million.
Savara's pipeline now includes:
Molgradex, an inhaled nebulized GM-CSF to treat pulmonary alveolar proteinosis (PAP) currently in Phase 2/3 development;
AeroVanc, an inhaled dry-powder vancomycin to treat chronic methicillin-resistant Staphylococcus aureus (MRSA) pulmonary infection in cystic fibrosis (CF) in preparation for a pivotal Phase 3 study; and
Aironite, an inhaled nebulized sodium nitrite solution to treat heart failure with preserved ejection fraction (HFpEF) currently in Phase 2 development.
Select Development Milestones
Completing negotiations with the U.S. Food and Drug Administration (FDA) on the requirements for a pivotal clinical study of Molgradex in the U.S. in Q2/2017;
Initiating a pivotal Phase 3 study of AeroVanc in Q3/2017;
Announcing an indication expansion strategy of Molgradex for the treatment of a rare lung infection in Q3/2017;
Announcing top-line results from a Phase 2/3 study of Molgradex, expected to be registration-enabling in Europe and Japan, in Q1/2018; and
Announcing results from an ongoing Phase 2 study of Aironite being conducted by the Heart Failure Clinical Research Network in H1/2018.
Conference Call and Webcast
Savara will hold a conference call on Tuesday May 2nd, 2017, at 4:30 p.m. Eastern Time / 3:30 p.m. Central Time to provide an overview and business update. Interested parties may access the conference call by dialing (855) 239-3120 from the U.S., (855) 669-9657 from Canada, and (412) 542-4127 from outside the U.S. and should request the Savara Inc. Call. A live webcast of the conference call will be available online from the Investors section of Savara's website at http://www.savarapharma.com/investors/events/. Replays of the webcast will be available on Savara's website for 30 days and a telephone replay will be available through May 9th, 2017 by dialing (877) 344-7529 from the U.S., (855) 669-9658 from Canada, and (412) 317-0088 from elsewhere outside the U.S. and entering replay access code 10104600.
Oh well.
I believe our price was whipsawed the last time we were added to an index. I prefer a longer term solution, like ROX selling at a multiple of it's present price to a larger player.
Maybe this would be a nice entry for Cocacola into alcoholic beverages. Perhaps Buffett would be interested.
Of some relevance as to why we do NOT want ROX listed in an index:
Cytokinetics: Comments on the Upside Move Today (CYTK, Buy, $12.90)
Posted by Larry Smith on Apr 18, 2017 • (3)
Cytokinetics is up $1.15 or 10% to $12.90 in a poor market environment. The only news is that the Company will be added to the S&P 600 small cap index. There is no fundamental news. I have seen before that when a stock is added to an index that the price jumps up meaningfully as the stock is added to the index. Paradoxically, it often then quickly goes down to the price where it started or below.
I don’t understand this but I have been told by knowledgeable people that the people managing the indices run the stock up and then set up a hedge such as an offsetting naked short so that they are not net exposed. Hedge funds jump on for the ride making a quick trading profit on the upside. They then short the stock to benefit on the predictable downward move. If I am correct, the stock could quickly return to $11.75 where it closed last night.
I may be too cynical, but over and over I see trading like this that creates volatility that benefits a select few who are in on the game. This is all done at lightning speed using high frequency trading and naked shorting. Short term market manipulation is one of major profit centers for hedge funds and market makers. In the long run, fundamentals determine price and I think that CYTK has explosive potential. In the short term computer algorithms set the price for the benefit of an inside group.
You do have to reserve space in advance to snag one of the Gosling's Sunset Rum Cruises. Mmm MMM good.
Phase 2a study starts, per Yahoo Finance.
BioVie Signs Cooperative Research and Development Agreement (CRADA) to Conduct a Phase 2a Clinical Trial of BIV201 in Refractory Ascites Patients
[Marketwired]
MarketwiredApril 25, 2017
BEVERLY, MA--(Marketwired - April 25, 2017) - BioVie Inc. (BIVI), a clinical-stage company focused on the discovery, development, and commercialization of innovative drug therapies for liver disease, today announced the signing of a Cooperative Research and Development Agreement (CRADA) to conduct a Phase 2a clinical trial of BIV201 in patients with refractory or intractable ascites due to advanced liver cirrhosis. The study is titled: Safety and pharmacodynamic activity of low-dose terlipressin delivered by continuous intravenous infusion in patients with cirrhosis and refractory ascites requiring recurrent large volume paracentesis."
BIV201 is a continuous infusion of the peptide terlipressin, initially being developed for the treatment of refractory ascites. Terlipressin, dosed differently, is approved in about 40 countries for other complications of liver cirrhosis arising from a similar disease pathway. Terlipressin is not available in the US and currently there are no FDA-approved drugs specifically for treating ascites. The Orphan drug candidate BIV201 represents a potential new treatment option for Americans suffering from refractory ascites, a life-threatening condition.
The study site Principal Investigator (PI) for the Phase 2a clinical trial is Jasmohan Bajaj, MD. Dr. Bajaj commented: "We are excited to participate in this initial clinical study of continuous low-dose infusion terlipressin in refractory ascites without major renal impairment. The results from our 6-patient trial will help to inform the remainder of the BIV201 clinical development program. It's an important study for patients with advanced ascites who could benefit from this drug therapy if it is eventually approved."
BioVie's medical advisor, Guadalupe Garcia-Tsao, MD, one of the world's leading experts in this field, will work closely with the clinical trial team as a consultant for the BIV201 clinical development program. Dr. Garcia-Tsao said: "Many US liver disease specialists are aware of terlipressin, which has a long track record of use in Europe and Asia for the treatment of two severe complications of cirrhosis, bleeding esophageal varices (BEV) and hepatorenal syndrome (HRS). This trial represents a key step on the path to potentially making this agent available to US clinicians for a challenging new indication, the management of patients with ascites that fails to respond to diuretics."
The Phase 2a trial is an open-label prospective study in a cohort of 6 patients with liver cirrhosis and ascites refractory to, or intolerant of, diuretic therapy requiring large-volume paracentesis. In addition to examining the safety of BIV201 therapy, the trial will evaluate the steady-state pharmacokinetics (PK) of terlipressin's active metabolites and explore reduction in paracentesis procedures and ascites fluid generation as secondary outcome measures. More information about the trial may be found at clinicaltrials.gov, identifier: NCT03107091.
About BioVie Inc.
BioVie Inc. is a clinical-stage company pursuing the discovery, development, and commercialization of innovative drug therapies. The Company is currently focused on developing and commercializing BIV201, a novel approach to the treatment of ascites due to chronic liver cirrhosis. In March 2017, BioVie received notification from the FDA that it could initiate a Phase 2a US clinical trial. BIV201 has the potential to improve the health of thousands of patients suffering from life-threatening complications of liver cirrhosis due to hepatitis, NASH, and alcoholism. It has Orphan Drug designation for the most common of these complications, ascites, which represents a significant unmet medical need. The FDA has never approved any drug specifically for treating ascites. For more information about BioVie and BIV201, please visit our website: www.biovieinc.com.
FUN, Bermuda was very nice when I was there last year.