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I will not speculate at all on LE's/ipix's thinking. I don't know.
One can dig, though. My favorite find(long ago) is Ed Walters. Connections to Polymedix, ipix, AGN. Today, IPIX sp .67, while agn closed at $160.59. www.linkedin.com/in/edward-j-walters-mph-a55a0714
There's a reason for those "approaching 20" cda's, and I believe he (EW) is the reason.
Yooper61,
Well Thought out response.
I learned that forward-looking statements provide much cover when need be. I invested in a biotech(more than one over the years), but the worst was an American Co. working on liver and breast cancer drugs. Neither trial panned out(to date, they are still working on HCC in an adhoc prompted study). The CEO of that company, still there, and still in existence, oft-quoted, "we know it works". In early 2013, he was forced to admit failure, uttering "not even close", when asked how their drug compared to placebo (twas nearly equivalent to placebo(major fail), but missed design)>
I expect ipix to exceed hope, and expectations of all, but recall the past.
I listen to no-one who yells lock.
GLTA
As septmike09 stated, Kristine McGuigan(KM) is still shown as working for ipix on linkedin as clinical trial manager(most recent from her linked in page:"Clinical Trial Manager, Innovation Pharmaceuticals
Innovation Pharmaceuticals
2013 – Present (5 years)
Successfully completed Phase 2 Oral Rinse for Oral Mucositis study in November 2017!"). https://www.linkedin.com/in/kristine-mcguigan-bb527212
Made me wonder if there's another Kristine McGuigan in the U.S.
Googled Kristine McGuigan/white pages. https://www.whitepages.com/name/Kristine-Mcguigan
There are many, most spelled with a "C", but many spelled as ipix's KM. I'll leave the filtering of those to you.
noretreat,
Don't respond to him (it's his way or the hi-way). He does not justify his arguments. I've had it with his disparaging comments, thrown at anyone who simply has a question about something SOMEONE ELSE has said. How some of his posts are not deleted by the moderator's is beyond me(my wife finds a few of his responses vulgar, yet the mod's allow it).
Anyhow, I believe you are not long this company, I am. I've visited their office(last week of Dec., 2017), sat down and spoke with Dr. Menon. I believe they are pushing forward as best they can and, as an investor in the company, you either believe their statements/pr's, or don't. I do(I've only said that once b4((and glad I did):).
Do they have a ton of money in the bank? No.
Some on this board see their(ipix) chances of success as an abosulute lock, some see it as an abosulute failure, while others see the chances as a definite maybe(me).
Keep the discussion, and questions coming, some of us are trying to verify/justify/learn, educate ourselves.
"The goal of education is the advancement of knowledge and the dissemination of truth". JFK
The 2/7/18 10q addresses this on page 8, 2nd, 3rd, and 4th paragraph's , which some, it appears, have not read.
Your arithmetic is sound.
page 8, 2nd, 3rd, and 4th paragraph's:
At December 31, 2017, the Company’s cash amounted to $3.2 million and current liabilities amounted to $10.6 million, of which $6.5 million were payables to related parties with no immediate payment terms (See Note 8- Related Party Transactions in the Notes to Condensed Financial Statements section below). The Company had expended substantial funds on its clinical trials and expects to continue our spending on research and development expenditures. The Company’s net cash used in operating activities for the six months ended December 31, 2017 was approximately $7.2 million, and current projections indicate that the Company will have continued negative cash flows from operating activities for the foreseeable future. Our net losses incurred for the six months ended December 31, 2017 and 2016, amounted to $9.1 million and $6.4 million, respectively, and working capital deficits was approximately $7.3 million and $6.1 million at December 31, 2017 and June 30, 2017, respectively.
Accordingly, the Company’s planned operations, including total budgeted expenditures of approximately $12.2 million for the next twelve months, raise doubt about its ability to continue as a going concern. The Company’s plans to alleviate the doubt of its ability to continue as a going concern primarily include controlling the timing and spending on its research and development programs and raising additional funds through equity financings from its common stock purchase agreement with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”). The Company may consider other plans to fund operations including: (1) raising additional capital through debt financings or from other sources; (2) additional funding through new relationships to help fund future clinical trial costs (i.e. licensing and partnerships); (3) reducing spending on one or more research and development programs by discontinuing development; and/or (4) restructuring operations to change its overhead structure. The Company may issue securities, including shares of common stock, shares of preferred stock and stock purchase contracts through private placement transactions or registered public offerings, pursuant to its registration statement on Form S-3 filed with the SEC on September 11, 2017. The Company’s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events and its decisions in the future.
The Company believes that the actions discussed above are probable of occurring and alleviating the substantial doubt raised by our historical operating results and satisfying our estimated liquidity needs twelve months from the issuance of the accompanying financial statements.
"I am giving much mire time - as everyone says on this board - this is biotech and things get delayed"
True, but remember, they have been in discussions and have had CDA's prior to that conference in CA 5 weeks ago(1/8/18).
Also from that 1/16/18 pr, LE notes:
"It took the recent completion of two Phase 2 trials, in IBD and OM, to further validate the exceptional results achieved from our Phase 2b study in ABSSSI. These recent data, taken in aggregate, are what various actively engaged pharmaceutical companies have desired from us for some time—and they are what triggered a newfound flurry of inbound partnership discussions at the San Francisco conferences,..."
From 1/16/18 pr
..."In coming weeks, we look forward to advancing these discussions with attractive partnership/licensing scenarios, towards determining the best path forward for the Company and its loyal shareholders.”
I think, based on L.E's own words, we hear of something well before 4-6 months from now. He said weeks, not months or years. That pr was 4 weeks ago yesterday.
in response to:
I am still saying that if Leo enters into any deal for B and P in next 4-6 months, he will not get $5 B and in most likely case he will not get even $1 B
I will be happy to be wrong on this point more than anything
Great article, ty.
Look at the B.O.D of that company. Holy smokes!
septmike09,
$20-$30 sounds good to me but, how did you arrive at those figures?
Thanks
septmike09,
Can't argue with your statements. What we need is some coverage. Maybe the Boston Business Journal reporter should write another article base upon IPIX's recent pr's?
Would like to see what you see. My quotes must be delayed(though td ameritrade assures me my apex account is real time).
Bill Belichick's trade of back up Jimmy Garoppolo to SF for a second round pick. Garoppolo signed a deal(137.5M over 5 years) with SF last week. That's a new record for the highest average annual salary in NFL history.
The ph2b Prurisol trial is shown on the clinicaltrials site under Innovation Pharmaceuticals https://clinicaltrials.gov/ct2/show/NCT02949388?term=innovation+pharmaceuticals&rank=3 (no longer Cellceutix) Cellceutix still shows the other 6, while Innovation Pharmaceuticals shows B-OC ph2, B-OM ph2, and P ph 2b mentioned above.
Maybe they made the change to make it easier on those who want to find the studies but perhaps, are not aware that, until last year, they were Cellceutix and all the studies they show case to suiters are not listed under their current name (Innovation Pharmaceuticals).
Let's hope a deal is struck, I would hope for a much higher premium but, they have to reveal the P and B-OM trial results first. If good to stellar watch out.
Looks like Bioverativ(a Waltham, MA company) went public last July and had it's lowest share price of $40/sh the first week. Their last earnings report was revs of 291.6 Million and eps of .80/share.
We'll know shortly.
georgejjll,
I'll be satisfied with your prediction last around this time(https://investorshub.advfn.com/boards/read_msg.aspx?message_id=128424285). Though the sp has declined since your statement back then I'll gladly take your lesser prediction of a double in sp.
What port?
Gone Tomorrow,
You bring up a good point. Hard working people seek no prestige. Flamboyant people do seek prestige. I think you hit the nail on the head ( you likely never swung a hammer).
He's a clear millionaire, made with no risk. Should the remaining drugs reach success, he'll become a billionaire. If he fails a lowly millionaire, the rest of us become "Oliver, that's me"(us).(look up the play, "Oliver").
Millinneum Pharmaceuticals.
Gone Tomorrow,
Leo has lost nothing just by his generous salary. Additionally, those shares you speak of are mostly, if not all, free. Then there are the preferred B shares, yet to be called upon and worth 10 common shares a piece.
To quote Alfred E. Neuman, "what, me worry?".
en.wikipedia.org/wiki/Alfred_E._Neuman
Pom-Poms,
I would say Leo has demonstrated 100% trial success with dilution while decreasing the sp.
Many companies advance without dilution while advancing the sp.
Williamsc,
Good post.
Born, raised, and lived in MA. my whole life. I look at investing like I do our local sports teams. Was not always happy with the Bruins, Celtics, Red Sox, and Patriots managers/executives, nor are/were the general public or media. Together they have always had a part in change. Good questions, and accountability of leadership result, more often than not, with good outcome.
Bill Belichick(New England Patriot's head coach(18 years)) is being questioned for last weeks Superbowl loss like never before for benching cornerback Malcolm Butler(played more snaps percentage wise(like 97.5% of all defensive snaps this season) but was benched by Belichick during the national anthem, without explanation. Butler's three substitutes were burnt by Foles the whole game.
Butler will not be back next year. Belichick's cred in New England has tanked. It doesn't take much Leo. You have provided much less than Belichick.
"Leo has 28 million shares." Common shares, I might add.
No argument from me. How much has he paid out of his own pocket for them? You are very knowledgeable about this company for sure. I trust you are aware of the number of preferred B shares he has (in the double-digit millions, and each B share is convertible to 10 common shares.
Leo has dollar signs in his eyes(much like you).
Have you read page 9 of the 10q? What am I lying about? I quess Leo reminds you of people like Mary Poppins, he happens to remind me of Wimpy(today).
If it's any consolation to you, in my view the best thing he did was hiring Sullivan vs Mako. I just find it unbelievable that none of the company successes, as touted in many a pr, can reverse the trend. Why? Page 9 infuriated me. I've been more than patient, for years, and my patience is running thin now.
Investing in this company has cost most of us, if not all, I presume.
GLTY, tough guy
I agree, it proves nothing, but does indicate quite abit of the executive management team's fiscal irresponsibility(seeing that little table on page 9 has tipped the scales for me) and lack of concern for share holders.
Leo now reminds me more of Wimpy from Popeye than any other person, or character, I can think of. Wimpy was known for quipping "
I'll gladly repay you Tuesday for a hamburger today." Beware of the client who promises you future work to get a deal today. For those of you too young to remember this quote, it is from the cartoon "Popeye the Sailor Man".
Mike, were you a cheerleader in high school?
Enrolled in Dallas, TX or Lebanon, NH? (rhetorical question(i hope)).
From page 9 of the 2/7/18 10q:
Research and development expenses note the Officers' bonus row.
$989,000 for the 3 months ending on 12/31/17 and $1,326,000 for the six months ending 12/31/17.
From page 5 of the 10q, total operating expenses for the 6 months ending on 12/31/17 were $8,952,000.. Officers' bonus for the last six months of 2017 boil down to 14.8% of expenses. Probablly deserve given their paupers salries and free shares. Wow!
They must(better) come out with some significant news to justify the officers' bonuses(particularly to justify the last 3 month figure of $989,000(divided among how many people?)
frrol is going to buy 40,000 more shares in the next two weeks(does that mean sp remains at these levels(I'm sure he/she hopes the sp declines further! He/she will "back up the truck", no doubt).
Hope you make it to Hawaii but, if the trend continues, your first trip may be to the soup kitchen.
First ABBBSI put on hold after great results. Too expensive to conduct ph 3.
NEXT!
B-OM ph2 great results with swish and rinse but, ipix can do better and is now working on sachets(lozenges).
NEXT!
K-OC administered via IV showing very promising results according to Leo. Hey-hey-hey, HOLDDDDD DA BUS! We can do better! Let's try it in pill form. Dr. Menon is at the drawing board.
Oh, by the way, maybe we should not use KARD. Their office is in our office(and started by Dr. Menon). You think BP may question that arrangemnt?
What's next I wonder?
Side note,
I'm, unfortunately long.
septmike,
ABSSSI- shelved. Reason, ipix can't afford it(ph 3 study).
NEXT!
B-OM- Great results with initial formulation, BUT, we(ipix) can do better with sachets! Just wait as we re-arrange the furniture!
Next!
Keventrin- Phase 2 trial was kicking ass. Let's stop dead in our tracks and reformulate a pill form which MIGHT do better than the publically stated comments of Leo Erlich? Why stop if you have a winna?
Perhaps it's time to call Mr. Sullivan.
Lilkahuna,
You do a good job of keeping this board informed. We are indebted to your administrative prowess!
TY
Rdunn88,
Nice post. The Oracle Dispatch team could likely eat Michael Sullivan, and the Ashcroft Group, for lunch.
Thank you for the informative post.
Oracle Dispatch team: https://oracledispatch.com/our-team/
Ashcroft Group team: http://ashcroftlawfirm.com/professionals/#
septmike09,
Thanks for your reply, I sometimes find the digital age a bit overwhelming(guess I don't monitor it like most now a days).
Thanks again.
kfc
Thank you Georgejjl for the fast reply(will likely save me one black eye(jk):). Tis what I was looking for.
George,
I believe prurisol has a decent shot based on past results. I was just discussing ipix with my wife during dinner(she is one who does not monitor the market, or stocks(leaves it to her company's pension fund manager's).
Anyhow, at dinner tonight we talked a bit about ipix and I read her a couple of the more recent pr's. I could not find where Leo (perhaps Dr. B?) included quotes from doctor's/patients about their satisfaction with P treatment. If you or anyone else can provide a link, I'll wake my better half and read it to her(with helmet on:).
I suspect you may not answer due to some of my comments to some of your posts but, as I've stated, I appreciate your optimism(and contributions that are is verifiable).
Thanks,
kfc
Karin,
I'm saddened to hear the news of your sister's passing. I'm sure your presence provided her comfort.
I'm sure the responses, and actions, you took to assist your sister are similar to your style here, meaning true unselfishness (truth, respect, and concern for one another).
Prayers for your Sis and You
There are those of us (most ipix longs, I trust) who think along your lines(more than just investments).
Will likely inflame some opinions with the below attachments. Faith is not covered by one religion.
We happened to attend a mandatory meeting for our son's confirmation last night, which will take place this spring. This guy spoke for over an hour, with conviction, and much humor(though not so much in the below post).
Barron4664's post reminded me, in part, what my son and I heard last night.
First reference of Brilicidin franchise that I can find(10 min search) is 3/1/14 pr, 8th paragraph-4th sentence:
https://www.technologynetworks.com/drug-discovery/news/cellceutix-selects-dr-reddys-for-formulation-of-brilacidin-190000
Seems like a long time ago.
Amatuer17,
I tend to agree with your train of thought. "Nearing 20" is alot of interest and things could unfold(in a good sense) quickly.
" However 20 CDAs is large number and I suspect that IPIX may have officially invited RFP for collaboration for B - these could be non binding responses which will allow the interested parties to access data room he has set up to share the product details and details of trial results.
(People like cabel should ask him this question)
If this is true - then we could see partner selection in 2-3 months if not actual signed agreement. "
George,
Please re-read my post. I believe you'll determine I possess your optimistic outlook for P.
I'm available to answer any questions.
George,
I believe it will be successful and worth much more. Await trial results(a biotech reality).
I basically boiled it down to reimbursement on a unit basis of $1000. Based on your figure of 7.5M U.S patients (and confirmed via the American Acadamy of Dermatology Association), every thousand dollar charge for prurisol, and a 10% market penetration will result in revenue of $750,000,000 in the USA, never mind elsewhere.
Using your figure of annual cost of prurisol at $15,000/yr yields a gold mine:
$15,000/annual sciptX($750,000,000 /$1000annual script)= 11,250,000,000(that's 10% market penetration(if I've done my math correctly).
Please check my math.
Looking forward to the announcement of results.
Interesting George, thanks for the numbers.
Based on the 7.5M psoriasis patients in the U.S(never mind the rest of the world, and using $1000/yr/patient at 10% market penetration yields $750,000,000/yr. You may be on to something.
I won't speculate any further. Will wait for trial results(shortly). Thanks for the post.