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"Finally bankruptcy. BUT, I never sold my 6 million shares. Some entity since then paid off the bills and the judge ruled the company free and clear. It's a clean shell with a low share structure hanging there ripe for a merge."
So you still have your 6 million shares of a Company that filed bankruptcy?
What's the name of that example Company?
"The appeal of the judgment against IPIX is due to be filed on May 8 "
Is that what this means?
"Review Appeals Filed 03/11/2024 05/08/2024"
I read the article that you couldn't link but Pipi could.
It's just the same old rubbish.
Demand for shells and equities is going up at a blistering pace (zero support offered).
"Supply in global equities is shrinking" according to a link that didn't work.
Massive short covering of huge naked short position.
Fairy Tales.
But did you see how that precipitous drop came about?
There were only 2 trades reported.
At 11:30 167,235 exchanged hands at $.011.
At 12:12 1,400 went thru at $.0042.
microchips has it right when they write that that is "the way it works when there is no real market". Those two trades could just as easily have gone off in the opposite order and some would think that it was party time.
It's a meaningless change, except it stands as a good example of how different things are for investors wanting to buy or sell compared to 3 days ago.
Again? He couldn't reference it the first time.
Who's gonna do the piercing? I sense no outrage here.
You know things are bad for a company when the class action shysters let them slide.
edit: There's always the derivative suit.
"A shareholder derivative suit is a lawsuit brought by a shareholder on behalf of a corporation against a third party. Often, the third party is an insider of the corporation, such as an executive officer or director."
Don't hold your breath for that either.
Good question, because I think the disappearing act may turn your trigger event into a gray area...and that may have been one of the reasons for it. The details of a filing would confirm that a trigger event had occurred.
Here's the impact of a trigger event:
" 5.3 Termination by Penn.
Penn may terminate this Agreement on written notice to Licensee if any of the following events of default (“Default”) occur:"
"5.3.2 Licensee experiences a Trigger Event;"
But why would private party Leo pay a judgment against public Company IPIX?
"Through the date of this report, management has been unable to secure additional financing, and the ability of the Company to continue as a going concern is becoming increasingly unlikely."
That language should have been scary enough, especially since it was totally voluntary. This CEO doesn't have any history of willingly being the bearer of bad news except until AFTER things happen.
The going concern thing is somewhat of a technicality but once it appears that a company is no longer a going concern (and that loosely defined standard was met by the court decision, which required funds in excess IPIX's available cash) the financials are supposed to be reported at liquidation value, which would include investments (BeaMed) and unamortized Patent Costs. The BeaMed numbers have already been raised as questionable based on lack of accounting controls as acknowledged in the last set of filings.
It COULD be that the effect of the going concern issue on the financials is why LE decided not to file the most recent set. It's starting to look like we might not hear from him again. If he disappears without an exit filing (resignation from management and the BOD) that would represent a new low from a CEO who has already had a few ugly lows.
"Below is a study of a Kevetrin modification which reportedly increase its effectiveness 100X."
"In the present study, we designed and synthesized a novel analog (compound 900) of Kevetrin"
"Drug analogs, also known as structural analogs and chemical analogs, are compounds that have a structure similar to another compound but differ from it in certain components, such as functional groups or substructures."
https://www.bocsci.com/resources/what-are-drug-analogues.html
Is it proper to call the designed novel analog compound 900 "a Kevetrin modification" when it's actually a compound that has structure similar to Kevetrin but differs from it? If compound 900 was to be approved someday the approved compound would be described by its own structure and without language describing it as a Kevetrin modification, correct?
If this is true....
"The new analog 900 is >100 fold more potent than Kevetrin and holds great promise to be developed further for ovarian and other mechanistically relevant cancers"
.....then this may not be a reasonable belief:
"I do not believe the Kevetrin story is over"
IPIX has already raised the white flag over its kevetrin development. Obviously the drug itself hasn't disappeared but its benefit to IPIX investors, such as it was, seems to be history.
"The last10q Leo filed warned we could lose our status so maybe was planned who knows. "
Here's the last 10-Q:
https://www.sec.gov/Archives/edgar/data/1355250/000147793223008688/ipix_10q.htm#a13
On what page does Leo issue that warning? I don't think it's in there.
I believe you are thinking of the 10-K filed prior to that 10-Q and that warning concerned something entirely different:
"We may elect to deregister our common stock under the Exchange Act and suspend our reporting obligations. Such deregistration and suspension would result in less disclosure about us and may negatively affect the liquidity and trading prices of our common stock."
https://www.sec.gov/ix?doc=/Archives/edgar/data/1355250/000147793223007158/ipix_10k.htm
Electing to deregister a Company's shares (which was not done here) in order to suspend reporting obligations is 180 degrees from knowingly and intentionally failing to meet a Company's filing obligations. The former requires a filing certifying that the Company meets the standards to deregister while the latter results from the willful failure to perform a legal obligation.
"Didn’t IpIx already sell/lose the rights to kevetrin?"
Neither, but with the same effect.....
From the last 10-K:
"At any time, we may decide to discontinue the development of, or to not commercialize, a drug candidate, such as our decision in December 2018 to discontinue the Prurisol psoriasis program, and our decision in September 2022 to discontinue the Kevetrin oncology program."
There's a risk-free way you can find out if people can buy it assuming you have an online brokerage account.
Enter an order to buy 100 shares. You SHOULD get a screen that asks you to click CONFIRM or CANCEL so you can avoid placing an order if that's your choice. But before you reach that point you might get a note advising that the shares are traded in the Expert Market and describing your options.
Not me. I listened to the words of wisdom of olden_grumpini:
"People should investigate how their trading platform will handle trading in IPIX shares if they are restricted to the Expert Market."
For less than 10 bucks I'm gonna find out just how Schwab does "Expert Market". I'll bet it turns out to be a helluva lot easier than asking them would have been. In terms of a use of my time and aggravation cost the investment is almost certain to have been cheaper.
Besides, the BeaMed ownership alone should guarantee me a double if Charlie S can find me a buyer :o)
And here it is. Now what?
https://www.otcmarkets.com/stock/IPIX/overview
"Warning! This security is eligible for Unsolicited Quotes Only
This stock is not eligible for proprietary broker-dealer quotations. All quotes in this stock reflect unsolicited customer orders. Unsolicited-Only stocks have a higher risk of wider spreads, increased volatility, and price dislocations. Investors may have difficulty selling this stock. An initial review by a broker-dealer under SEC Rule15c2-11 is required for brokers to publish competing quotes and provide continuous market making.
Warning! This security is traded on the Expert Market
The Expert Market® serves broker-dealer pricing and investor best execution needs. Quotations in Expert Market securities are restricted from public viewing. OTC Markets Group may designate securities for quoting on the Expert Market when it is not able to confirm that the company is making current information publicly available under SEC Rule 15c2-11, or when the security is otherwise restricted from public quoting."
FOMO is real!!!
Don't miss out! I made eighteen and a half cents on my holding in just 4 hours today. I should be able to book that if I can find an accredited investor to sell all 100 shares to tomorrow. Or if I was to see the same results every day for a month and a half I'd be able to cover today's commission. That would require better than a triple of today's share price, but you know what Judy Tenuta used to say about the most unlikely of possibilities....
I could resist no longer. Couldn't stand to see you guys having all the fun.
IPIX Filled Buy 100 Limit $0.02 Day $0.01585 11:55 AM 04/16/2024 11:55 AM 04/16/2024 0.0152 0.0162 0.0158
My only regret is the $6.95 that Schwab nicked me for an OTC company trade.
But will I be able to sell tomorrow?
"Although I wish it were true this report appears to be bogus."
Bogus is too kind:
"and Innovation Pharmaceuticals Inc. reporting revenue in the millions"
I wonder what Bill DeGrado thinks about IPIX screwing up his wonder drug? Maybe he could be your next CEO.
Are you saying that you need PJ's help to post a link? That's rich.
He still hasn't.
I have no interest in your OTC chatter. At this point IPIX is barely on the OTC anyway.
Can you tell us what will happen after tomorrow? Will any new investors be able to buy shares or will existing holders be forced to swap shares amongst themselves at unquoted prices? That's the way it looks to me. Have you asked your broker?
"Yes, Last Day of Grace Period: 04/16/2024"
https://www.otcmarkets.com/stock/IPIX/quote
I goigled "Twitter #OTCSET" and I got nothing that made sense:
https://www.google.com/search?q=%22Twitter+%23OTCSET%22&sca_esv=e61ceee022fb5976&sxsrf=ACQVn0_pxNRFYokrwGDSestcZESgpyAVXw%3A1713144994822&source=hp&ei=ooQcZpz0L_WoptQPm8Cp6As&iflsig=ANes7DEAAAAAZhySsiog1tlmKbX_Lsg3yczAzm0xZfHd&ved=0ahUKEwiczfO2isOFAxV1lIkEHRtgCr0Q4dUDCBc&uact=5&oq=%22Twitter+%23OTCSET%22&gs_lp=Egdnd3Mtd2l6IhEiVHdpdHRlciAjT1RDU0VUIjIFECEYoAEyBRAhGKABSKUNUABYAHAAeACQAQCYAU-gAU-qAQExuAEDyAEA-AEC-AEBmAIBoAJgmAMAkgcBMaAHxgE&sclient=gws-wiz
I wasn't surprised.
Please talk about the Company a little bit. Is it thriving? Will there be revenues in the next filing? Will there be another filing?
Or I suppose you can continue to avail yourself of the rules that now support your ability to address your analyses of other posters, some of whom focus on the Company itself.
Just a little bit of on topic discussion. Please.
What are you saying?
"I think they will let me sell, but not online."
I've heard of brokers having that policy. I believe they have an obligation to verify that the shares being sold are not restricted and that the seller isn't an affiliate.
"Still time before April 15 to bite the moldy IRS bullet, I guess."
Before THIS April 15?
I saw your post (of course) and could use some help understanding the closing transaction part of the e-Trade policy.
The "opening transactions in “Expert Market” securities are not permitted" part is easy enough. E-Trade doesn't want to open any new positions in any troublesome shares that are likely to provide them negligible profits. Current holders should understand that no new buyers equals no reasonable expectation of price appreciation. I expect that this aspect of ET's policy is widely shared in the brokerage community.
This is less clear:
"closing transactions in “Expert Market” securities will only be permitted under limited circumstances, subject to certain qualifications and restrictions."
What limited circumstances and restrictions do you think they're contemplating? Does that mean that they'll take a Sell order as usual unless it closes the customers position? It sounds like an IPIX holder who wants out has until Tuesday to understand what they mean.
That's what it usually takes to start a class action in nano-cap land. Investors in such companies don't have the wherewithal to initiate an action and see no benefit in suing the Company that they once and in some cases still do love. The law firms in the class action business don't have such compunctions and will plunge ahead based on Company assets and insurance policy status....and as we've seen they rarely have a problem finding a shareholder(s) to serve as lead plaintiff.
"After the grace period, IPIX gets demoted to the expert market.
This means, us regular retail investors can no longer trade IPIX!"
Are you sure of that second sentence?
The Rule 15c2-11 stuff is over my head (and the things I own don't require an understanding of it) but the link that you provided says this:
"Quotations in Expert Market securities are restricted from public viewing. Only broker-dealers and professional or sophisticated investors are permitted to view quotations in Expert Market securities.
Despite the restrictions on who can view quotations, the Expert Market does not impose restrictions on who can trade securities. Rule 15c2-11 governs a broker’s ability to submit, publish or distribute quotations (i.e. bids and offers) in OTC securities. The Rule does not apply to the underlying transactions or the ability of an investor to buy or sell a security."
I know that there was a delay in the implementation of the Rule changes and that the linked article is from March 25, 2021, so I don't know if the comments therein are still relevant, but it clearly says that the Expert Market does not impose restrictions on who can trade securities and that the rule does not apply to the ability of an investor to buy or sell a security. If that's true then this isn't:
"After the grace period, IPIX gets demoted to the expert market.
This means, us regular retail investors can no longer trade IPIX! "
So please double check that assertion. I know that if I made it and it turned out to be in error the crap I'd catch would be relentless.
IF the quoted blog is still accurate I believe it says that retail investors WILL be able to trade the shares but will have to do so without the benefit of published quotes.
In any case this is definitely true and time's a'wastin': "Last Day of Grace Period: 04/16/2024"
Maybe the CEO is so busy with the "Phase 3 clinical trials for drug-resistant Staphylococcal aureus infections" that brilacidin is now in that he doesn't have time for no stinkin filings.
https://clinicaltrials.gov/search?intr=brilacidin
What a sorry excuse for a response that is.
It was a simple question: "If you were the CEO of a Company that held a license to market a drug that, if approved, could do all the things on your list would you also disappear like a thief in the night?"
That's what CEO Ehrlich did. He left without a word, failing to perform a few of his legal obligations on the way out the door. You won't answer my question directly so I'm left to draw my own conclusions:
Brilacidin may do the things on your list but "may" does not get a drug approved. He has ducked several opportunities to run a phase 3 trial. He knows that even if you don't. And rather than endure the shame of it he decided to disappear into the darkness.
That's my opinion. You don't have to share yours but I'd still like to hear it.
"Brilacidin kills fungus and helps other drugs kill fungus.
Brilacidin kills bad bacteria to include MRSA.
Brilacidin kills virus and helps other drugs kill virus.
Brilacidin can stop inflammation in the mouth and intestine.
Brilacidin is safe. Three different human administration method show this is true."
Are you serious?
If you were the CEO of a Company that held a license to market a drug that, if approved, could do all the things on your list would you also disappear like a thief in the night?
Of course you wouldn't. No one would.
"Interesting list of employees".
Especially the ones that are still above ground.
"Last Day of Grace Period: 04/16/2024"
https://www.otcmarkets.com/stock/IPIX/quote
Grace Period
Securities enter a Grace Period when OTC Markets Group is no longer able to confirm that the issuer’s disclosure is current and publicly available as required under Rule 15c2-11. When a security enters a Grace Period, it can continue to be publicly quoted for 15 days. At the end of the 15-day Grace Period, if the required disclosure is not available, the security will move to the Expert Market for unsolicited quoting only, unless OTC Markets Group determines another exception under Rule 15c2-11 applies, such as the Large Company/ADTV exception.
https://www.otcmarkets.com/glossary#grace-period
IPIX doesn't meet the requirements for the Large Company/ADTV exception:
"5. ADTV and Asset Test Exception. The amended Rule contains a new exception, not in the current rule, to permit quotes in securities if the security has a reported average daily trading value (ADTV) of at least $100,000 during the 60 calendar days immediately before the publication of the quotation and the issuer has at least $50 million in total assets and $10 million in shareholder equity as reflected in the issuer’s publicly available audited balance sheet."
https://www.wilmerhale.com/insights/client-alerts/20201029-sec-amends-rule-15c2-11-to-enhance-publicly-available-information-for-securities-quoted-in-the-over-the-counter-markets#Exceptions
And I'll take "Things that aren't going to happen" for $500 more.
Is that a recommendation or just a statement of fact?
Good for you, but you could have made that point without butchering my broader statement.
The hardest thing for a nano-cap company (IPIX is one) shareholder to do is to figure out when to sell.
It has been said that the wise investor never falls in love with a stock....this sounds like love to me:
"It is super easy for this Ipix shareholder to figure out she will sell no Ipix shares this year."
Over 90% of the shares bought in the last 6 months changed hands at a price lower than yesterday's close. The people who bought them could have sold them yesterday at a profit. That wouldn't have been crazy, would it?
The hardest thing for a nano-cap company (IPIX is one) shareholder to do is to figure out when to sell.
Those aren't brilacidin patents, much less world patents.