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ITL meeting
Where are all ITL supporters, the same ones who said that TAUG didn't worth a single penny without ITL and the same one who said that our 9% would worth 100 millions. Don't you have any great news to bring to this board after the ITL or maybe it's because you have nothing to say, exactly the reason why Treminio first and then Shaw stopped paying him.
You're the one who would be supposed to come and bring al,the tremensous achievement from ITL?
Imagine, a CEO that can bring a stock to these levels when you've said it wasn't worth a single penny. He's got to be a genius to do this. It's surely not ITL's fault if the stock is going up this week, we haven't heard a single thing from ITL. No, I would rather bet on Shaw's work than ITL for this increase.
And you want him to step down...
Voluntarily reporting status
When you ask the question directly to Cynthia, she answers that Viropro is on the voluntarily status. That's probably why she doesn't seem to worry about being delisted. Even Claude doesn't seem to know what this is all about. Does anyone know the real meaning and consequence of this status?
I think that you're getting excited a little bit early with all the projects. It's nice to have projects, but you need money to achieve them and, on the contrary, the last things I've heard about Viropro were the following: (Correct me if I'm wrong, please)
First, no one is working anymore on the Financials since no one have been paid since no one in this management seems to be able to put or raise a little 100K for the most important thing, getting current.
Second, the Oncobiologics deal is going nowhere since she needed cash to respect her part of the deal and she never did.
Third, if she can't find a single penny, I do think that money is a problem and a big problem.
Finally, it doesn't assure me too much when I see somebody getting involved in all kind of deals without being able to bring the money after.
It makes me think more about a great lack of judgment than some great achievements.
By the way, what are the real meaning of this stop from the OTC on the stock due to: No information?
By the way, is it really useful to put a post whan all you have to say is: Go Vpro. Viropro is not a hockey team, by the way.
I can assure you that is what she told me at least 5 times since a couple of months
The answer is quite simple, Bepractical, because I've never heard that the major shareholders, neither the actual and former management have put too much of their own money in the company. The Malaysinas got their shares and the control of the company by selling Alpha to Viropro.
The last ones who have put money in the company are Intas who has bought for more than 1.5-1.75 million dollars of shares in a couple of different private placement but it was during the time that Beausoleil was the president. He is the one who's got this money in the company from them. Since them, there are 2 guys who brought more than $750 000 each in the company, one is a canadian from Montreal and owns and control around 75MM shares and the other one is an indian who probably owns many tens of millions shares as well. Besides that, I think that all they have got is some toxic financing from some guys in the US who dumped the stock like crazy. I know for sure that those 2 guys woudn't put anorher single penny in the company because of the fully reporting problems. The former (Claude and Rajiv) and actual management have never been able to go and close some real financing.
That's the problem, since they are'nt fully reporting, no real guy want to put any money in. That's why I can't understand why Cynthia since over 8 months have not been able to take care of this problem.
Send her an email and tell her because that's what she thinks.
Here are some answers and some questions.
For the amount of shares outstanding, the exact amount is 998.5MM shares. Only 1.5MM left. Cynthia has asked for the maximum of 1B to be raised but, for this, she needs the approval of the majority of the shareholders. Since the Malaysians owns the majority, she only needs their approval, which she should get pretty soon.
For the SEC issue, first, I personally think that the worst thing we can do here is to file complain about Viropro to the Sec. The last thing we want is the Sec to put its nose in Viropro. Second, someone said on a post that we should ask a specialist about the voluntarily filings and so on. I think the best person among us to answer this question is Claude. I know he comes on this board once in a while. Claude, can you please get the right info and come back to us. I'm getting tired of seing bloggers come with their different views of the issue.
Is Cynthia a major shareholder? Not at all, but she had the votes of the major shareholders, more than 60%.
About the reason why the former mangement was fired. Not very complicated. The old management and the new one had different views about the future of the company. Since, as mentioned earlier, Cynthia has the votes of more than 50%, the old management didn't have other choice than resigning. Don't look for anything else. By the way, one of the issues between the 2 teams of management was that Viropro was not current. Which was, for Cynthia, unacceptable.
We don't have any date for the company to be current for the one and simple reason is that Cynthia doesn't want to give a date and won't deliver one more time. At this point, the question we have to ask, here, is the following: since Viropro hasn't any cash to pay anybody, is there anyone working on the financials? Your answer is as good as mine.
I'm very disappointed the the company is not current, but for knowing Cynthia and having met her personally, I can assure you that she does all she can for the company and I really hope she will succeed. She's 200% devoted to this company and she really wants to make a success out of it. Will she success, I do hope so and I think because...she's good. Now what's going on the the [}#}*+>{#^*#}+ filings....just don't know.
Are we talking about a suspension of the trading (which wouldn't be such a big problem) or a delisting of the company? There is a big diffference. As I mentioned in my last post (#14808) but no one seemed to notice, the YE2012 will be due in 2 weeks (04/10) and Q1 2013 is due May 15. We are more than one year late in filings. Indeed, correct me if I'm wrong, even though YE2011 would be audited and filed next Monday, we wouldn't be current at all, anyway. We would be still late for the 3 quarters of 2012 and YE2012 as well as Q1 2013 will become due before we can even think about being current.
By the way, Alias doesn't have to be an outsider to know that Financials would have not shown anything good 3 or 9 months ago; everyone knows that this company has almost no revenue and a lot of expenses, but don't think that Cynthia postponed anything voluntarily in order to show better results First, she badly needs this company to be current in order to finance it with all her institutions she is supposed to work with and, second, even the last results wouldn't be better anyway. The contract with Oncobiologics doens't appear anywhere in these figures, it's a revenue projection only (for now, when they proceed, it would be an investment only) and it's not a 400 000$ difference in wages at BPD that will make this company look better. We are looking at a company that can have hundreds of millions of dollars of revenu in the future, do you really think that a 300-400K will make a difference. BPD means nothing in this company. The best we can hope for is that they increase their revenu to 1 million with an EBITDA over 0, who cares?
The biosimilars contracts like Oncobiologics will get us rich, not BPD ...if we stay listed and become current before anything else.
She needs to finance it to pay the peole so they can deliver the financials. I'm pretty sure that's the reason why nothing happens.
The financials were due by March 31st. That is clear. Maybe the company never posted it anywhere but everyone who spoke with Cynthia have got the same response. March 31st. It clearly won't be the case. I even think we are still quite far from being current and when we ask the question about a new time frame to Cynthia, it's not quite possible to get a clear answer. You have to take into account that Viropro still has problem paying its bills and, by the way, accountants and auditors are among the creditors. That's a big problem. When I say "far from being current", it's because you have to keep in mind that, by April 10, they have to file YE2012 and one month later, by May 15, the Q1 2013. Time passes on,as you know and new filings are due. On top of this, correct me if I'm wrong, the 3 first quarters of 2012 have to be filed as well. I don't know where they are up to, now, but I think there is still a lot of work to be done.
Alias, if you're in contact with Cynthia, maybe you can get an answer about this; me, I can't.
I don't know if some of you think that the figures in the financial will bring buyers, but I don't think it will be the case. Indeed, we all know that the financials won't show that much; almost no revenue, a lot of expenses, etc. The only new buyers that will come on the market once the company is current are the one who wouldn't touch a good quality company but which is not current. The one and only advantage to get the financials current is that Cynthia should or might be, from then on, able to get some financing from her institutions who clearly don't want to invest in a delinquent company. Then, she could pay the bills and have this deal with Oncobiologics going further.
I'm quite disappointed about the fact that the company is not current since more than 2-3 years. I'm also not that sure that the SEC won't put its nose in a company that it not current since such a long time, no matter there are good projects in it or not. But on the other hand, I don't know too much the SEC procedures. But I'm a little bit worried too.
This company is a great company. Their track record as merchant banker of companies in technology is outstanding. They have sold companies with a great amount of profit so their book value is pretty high now. Over a dollar, I think, but it has to be verified. I'll stick to my position and might grab some more at those levels. Sooner or later, they will have to do something and bring back the stock to levels where it should be. I think this company is undervalued and I love those anomalies.
Don't worry, Johnny8544, it's the kind of assertion that they have to include in these kind of settlement documents. The company is seeking for some other acquisition now and I'm confident that Seth and Antonio will be able to raise whatever funds needed for an eventual merger or acquisition.
Now that they have a deal with ITL and that they own 9% ITL and then, of the Allostim deal, the company is far from being dead. It's in a lot better shape it was yesterday bofore they reach this agreement.
As I thought and said, Seth and Antonio are doing the right things.
Great job, guys
Hi everyone
It's a long one, but you should read it all.
I'm new on this post and I've read unbelievable things.
People write things without knowing what they are talking about. First I'd like to thank Geo, MHB and OceanLow and some others for having given me about 125 times the details of John Lux. I'm probably stupid, but I can understand after one time.
Second, I'd like to tell you that you should be ashamed of yourselves and all the bashing you've made about people. You have to be very unhappy in life to be able to write things like that. Assholes, criminals and other terms like these are not exactly what we can call constructive posts.
Now, let me tell you what you don't seem to know. First of all, the reason and only reason why Antonio Treminio (not being able to write his name in a proper way shows only the lack of education and respect of the author) resigned as the president of this company was because he had some disputes with Dr. HarNoy because he didn't want to give him anymore money. Since,(no one ever talked about this, but it's quite important) both Seth and Dr HarNoy were Jewish, everyone thought it would be easier to have Seth in charge of the company and relations with Dr. HarNoy. So, it's not because Antonio had stolen money or any kind of other bullshit, it's the reason and only reason why.
Now another point. For all those who said that Seth should have made a settlement with Dr. HarNoy should know that you need to be 2 to dance the tango. That was completely impossible for Seth to make a deal because instead of trying to make a deal or some changes in the contract between ITL and IMUN, Dr. HarNoy came with this termination letter without any prior notice. He never wanted to make a deal that would have let Imun fulfill its obligations. It's not Seth who terminated the contract, it was ITL.
Now the most important: How could you lose that much time trying to bash everyone here with their past. If you think that DR. Har Noy after being convicted of 10 years in prison can still be a brilliant doctor who has discover an unbelievable drug 25 years later (which I still believe is true, by the way), why don't you believe that Seth and Antonio can work on real deal in an honest way and all they hope for is to make tons of money for themselves and their shareholders? Even though they were accused (but not recognized guilty, them, as far as I know) in some scams 10 years ago, I don't give too much attention to this because all experienced investors know that many alleged accusations are done by people who just can't accept losing money and want absolutely to find a responsible person besides them. So they do exactly what a bunch of people want to do in IMUN. I know both of them personally, I spoke on the phone with them all the time, especially since the last month and I can tell you something: I have quite a long experience in the market and I can assure you that those 2 guys are thinking about one thing only...their shareholders. This termination letter just ruined their lives and all they care about is to find another deal to get the company back to life. Take my words for it. I don't care about anyone's past, even though it would be right or not, all I care about is the way they acted since I'm a shareholder of this company.
So instead of trying to destroy them and their family, let them work and build back this company. I haven't lost a single percent of the confidence I used to have in those 2 guys since all this happen.
Pump and Dump...unbelievable. How intelligent and experienced people can think like this.
Pump Those guys have promoted the company the best way they could and, most important, it was done on a real story. They didn't pump anything, they have made the story known by as many people as possible. As some of you people keep on saying, the Allostim is phenomenal and will hit the market. I think so too and everyone thought so. That's why we all bought the stock and why the stock went up, because we've all bought stocks on this real deal. Ok, you will tell me it was quite expensive, I can't argue (for those who still can't figure out where went the other 3MM, it wasn't in Seth or Antonio's pocket, it was for salaries, promotion, investor's relations, fund raising, trips, etc.) but I wasn't complaining when the stock was trading at 30 cents. Everyone knows that it's expensive to have a stock promoted. They are not different than any other company on those market.
Dump It wasn't dumped, the stock went down on a bad news, not a good one as some of you might think. It wasn't a dump scheme, it was a bad news. Institutional investors and large shareholders didn't appreciate the news about the Thai FDA. For them, it was considered as the B plan. The A plan was the USA FDA and the removal of the USA FDA hold, like we were all waiting for. Maybe as you said, institutional investors aren't important and Seth shoudn't care about them, but it's them who didn't like the FDA trial news and amputated 40% of the value of the company in a couple of days. Exactly the one you told Seth that he should educate them. Those guys have made millions in the market, but you're more clever...I wish I was you. I bought Imun shares because they told me that the drug was extraordinary, but when the time came to prove it, ITL never did. They told me the FDA hold would be removed and that ITL had 90 days to disclose resusts of the first trials, which it never did. These are the only things that have not been delivered by Imun and it wasn't exactly Antonio and Seth' fault. They had to stop sending money without any proofs and they did pretty well to do so. Instead of delivering what Imun asked for, DR. HarNoy, not Seth, Dr. HarNoy terminated the contact in an unilateral way without letting IMUN react in anyway.
Antonio and Seth have good networks, they work very hard to have their reputation back on the track and you know what...they will succeed; so instead of bashing everyone, talking about your big big big lawyer...what's his name and details again, you should be a little bit more constructive and support the company so we all make money and stop looking for all kind of garbage on one another.
Wait and see, you'll be surprised of what those guys can do. I know them, I've lost probably more money than most of you in the last couple of months in IMUN, I'm near the management, I consider that I have judgment and I still have 100% confidence in Seth and Antonio.
One thing is sure, if it wasn't the case, I would surely not waste my time bashing on hard working people...
Long time no post.
For those who are worried about the management getting the financials current, don't worry it's been and still is their top priority. The problem is not that the company is so big or complicated, it's because they had to change the accountants and auditors since the one before have never delivered. Also, you have to keep in mind that the company is not that rich and these people need to be paid. It's a chance that the mangement could arrange things with them. More than 2 months ago, they give end of March as a deadline and this week, it's still the same target. So, I think that we might be fully reporting sometimes in March or April...finally.
Another important thing is that Cynthia is working really hard to get the business model into place. Indeed, she's always looking for partners for the manufacture in Malaysia as well as major biotechnology company in USA or anywhere else to feed the company with biosimilars research contracts. They are working very hard to get this company going, so, let's hope they succeed and we'll all be very happy.
They don't disclose any press release because there isn't still anything material change yet. When there will be, they will.
Here is a little update of the True Story that's going on in Vpro.
First, there is a guy who said in Yahoo that he was doing IR for the company and started bashing the former management. Let me tell you that the company didn't make any IR deal with this individual and doesn't support these words at all. It's not in the company's intention to start bashing the former management on the public place. The company ask this person to take off his post and never use that kind of bashing again.
The copmpany's point of view is that Claude and Rajiv didn't deliver what they were supposed to deliver and that they have made some mistakes, but the company doesn't intend to bash the former management in any way. The people in this company are looking for positive things, not negative.
Cynthia is experiencing some difficulties (as Claude did for a few years, actually) with the accountants and that's why the YE financials are not filed yet. Since a month, the accountants told her that they would deliver the YE in the next few days but they never did. She's always on their back, but it doesn't go as fast as she would like.
For people who has nothing else to do than bashing her on different posts, I'm still saying the same thing: Give her the chance to do something. This company is not fully reported and it's quite difficult to raise money in this situation. She has to concentrate on getting this company fully reported before anything else can happen and that is what she's concentrate on doing, I can assure you this. By the way, everyone who had spoken with her on the phone were really impressed by her and her plan about Viropro, so, let's see, for God's sake. What does it bring to the company bashing the former or new management?
She's doing the right things, that's for sure, but she needs everyone cooperation...If the accountants don't deliver, what can she do. By the way, she has a plan B if nothing moves forward this week.
Not a lot of news for now, but as least, you have the True Story.
See next post...
Nice to see that some people are posting with a lot of information behind them. You're quite right about everything, johnstockmaster, there are only a couple of little comments that I'd like to add:
First, Rajiv and Claude didn't do everything wrong, I've just said that bottom line, the company has never been fully reported and Claude was in charge of this. Is it his fault, is it other's fault, we will never know and I don't really care. I'm not looking for the guilty person in there, I'm looking for solutions.
Rajiv, as the president should have taken care of that issue. That's it. As you said, we owe Spectrum to Rajiv and there were some good things done. The only problem for them is that the major shareholders weren't too happy about them and the situation.
For the toxic financings, I'd just want to say that it's not only Cynthia's fault. Everyone was involved and accepted it. But you know, when a company is in that situation, there are always people all around to take advantage of the situation. The company wasn't current, that's the only people who were willing to make a check.
And finally, where did you get this 4Mio from Intas, the number I have in mind is more 1.2 than 4. They have put 200K a year before and Beausoleil, the former president, had made a deal with them for another million in 2008, I believe. I've never heard about Intas having put any other kind of money in the company.
Anyway, great post, johnstockmaster. Nice to read informed people.
Please go and see the post #13934; I think you will find a lot of helpful information, explanation and update about the latest situation of Viropro. I've posted it a couple of days ago, but it was deleted because of a misunderstanding from my side with the Hub. For questions about Spectrum, the departures of Claude and Rajiv and the game plan of Cynthia as well a my impression of the person herself, our new Ceo, it's the post to read.
And everything is the...TrueStory
My nickname is TrueStory because I'm near enough of the former and new mangement of this company to give you the real situation of this company i.e. the true story.
First fact: Claude and Rajiv have left the company because of some "misunderstandings" with Cynthia. The main disappointment of Cynthia was that Claude never could bring the company fully reported and that the president let this situation happen for all this time. Whether you're for one side (Claude and Rajiv) or the other (Cynthia), you have to admit that Cynthia is right on this one.
Second fact: Claude, as the CFO, since he's not an accountant, never could do what was needed to make the company current. Is it because of him, the accountants, other people, we will never know, but one thing is sure, the company have never been current while he was in charge of this. Whether you're for one side or the other, this is a fact. Cynthia is right again.
Third fact: Rajiv, as the president, let this happened and also didn't achieve too much since the last 2 years. The company is full of debt, almost no revenue and he didn't execute a minimal part of his own business plan. Not too many success on his side, neither. His main achievment was the Spectrum deal and look where it is now. Cynthia is right again.
Now, Cynthia...for those who say that she's no good because her job was to raise capital and she's done nothing up to now are maybe a little bit too fast in their judgment. She had a real good reason and I agree with her. Would you invest money in a company that can't even file its financial statements for so long? Guess what was the answer that she has got from all her potential investors. Also, would you raise capital for a company in which you have lost confidence in the management? But be careful, she has a lot of contacts all over the world. Give her the time to show what she can do. Now, she runs the show, she won't have any reasons.
Fourth fact: I spoke many times with Cynthia, I even met her and I can guarantee you that she speaks exactly the language that I want to hear as a major investor of this company. I was quite discouraged with the company not too long ago; since I spoke with her, I'm a lot more positive. She wants to bring the company to the level we want it to be. I'm a business man and she's the kind of person I want at the top of a company I've put tons of money in.
Fifth fact: She knows exactly what to do and she knows what the priorities are. The Q3 was her first priority, it's delivered. The Year End is on its way, that her priority. Her other priority, building a new team (since she knows pretty well that she's not the right person to take care of operations, she's not hanging to her job) and, on top of all those, raise some capital.
Sixth fact: She already started working hard. Chuck15 was right, there are some big guys around the company already. She already met some big guys (both candians and americans) and everyone showed a lot of interest. She has met lots of people; some for the job of President, some for the board and some other for financing and he good news is that NONE of them has shown NO interest, thay all have a certain level of interest.
Seventh fact: Yes, the Spectrum deal is dead, not a rumor, but not because of any failure in the work that has been done but because Spectrum changed his mind and lost confidence in the future of the Rituximab sales over the next 5 years. On the other hand, Intas is doing pretty well with the cellular lines for the same Rituximab that Viropro delivered to them a few years ago. They are preparing to go to Phase III trials. That shows that Viropro works are very efficient; there is not only Spectrum in this world. Also, Viropro have other products, don't forget.
So let's give the time to the company to rebuild itself and over the next few months, our patience could be rewarded big time. This company has huge assets, it's got to be a winner. There's no guarantee that Cynthia will succeed, but I'm very confident that she will. At least, the last facts are: she's doing everything she can to succeed and she has the same interest than us.
Any questions, come back to me...if I know the answer, that will be the TrueStory...I never post something I'm not 100% sure that it's true.
For the Intas trials, take a look at:
http://www3.bio.org/bioindia-profiles/pdfs/164996.pdf