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The big question I have is where are they going to get money to continue to fund a burn rate of over $1M per month? They have virtually no revenue coming in and a market cap of $5M. Looks like they will need to sell the whole company to pay salaries/expenses for a quarter... This is not a feasible business at this point and Odidi has been told to do the following for years:
1. Cut costs
2. Partner things and generate revenue
3. Sell off shelved approvals
But he has always known better and the day of reckoning is around the corner. They have to be out of money and it will be interesting to see how they continue to operate. Past offerings were short sold in advance. I don't think this is an option now at a $5M market cap. Lastly, Odidi was told for years to stop working with the scumbag bankers, but once a gain he knew better...
Fabius,
Remember the pump last year about deals with third world Asia countries? We all laughed... And that was many months ago... And he could not even deliver on those deals... Absolutely pathetic.
Will be interesting to see what happens at Rexista Adcom. My guess is they get laughed out of the room once again. But who knows...
How many years have they been talking about Regabatin? Just a concept that they cannot afford to do a PH3 test on. And nobody willing to partner and foot the bill.
And the PODRAS scam... We were promised human data in mid 2018... Still nothing...
This cannabis angle is so bizarre... I mean what are they trying to accomplish? There is only one FDA approved drug in this space. Are they looking to start formulating CBD supplements that are sold in gas stations? I mean this turn is absolutely ridiculous... And it shows that Odidi has no original ideas. So he just jumps on the latest pump and dump bandwagon. My guess is he thought he could use this angle to raise some cash to keep the doors open. Where the hell are they going with this? Likely no where.
Doog- Clearly Odidi has no clue what to do anymore. So he just jumped on the cannabis bandwagon... Like you said it would have been a good call 5 years ago. But Odidi is a copycat. He has no original ideas. He sees someone making some money and decides he will get into that sector. But he moves at a snails pace and the market is gone by the time he gets his approvals...
Who in their right mind will give Odidi money right now? I am convinced that all the recent offerings were short sold in advance. Then the goons covered with the shares they got from the offering. But I don't see that as a possibility now... And who is going to give Odidi another $5M? The answer is nobody in their right mind. He might get lucky and get that money... But he will sell 90% of the company to do it... Once again the shareholders get the shaft...
And who holds all the IPCI shares from the last offering? Over 15M sold and Sabby, Anson, etc. hold pretty much none... So who got stuck with all the shares?
Fabius- Odidi is always way late to the market. He is now just starting to get into cannabis. People are out there selling product and he is just beginning his research... He is a copycat idiot that cannot see the forest through the trees. Should be interesting to see if anyone will give him cash this time. My guess is funding has almost dried up. That fool should sell off those ANDAs... He should have sold them off years ago when he actually could have gotten some money. Now he is in dire straits and he will be forced to sell them for chump change.
TREND- Odidi and company have certainly failed on monetizing their ANDA pipeline. They should just sell it off. I am guessing these items have been removed from the website as they are trying to reinvent themselves as a cannabis company and removed the evidence of past failure. Odidi and company have no market vision. They just copy what is already being done. And their copy attempts are not executed fast enough to actually profit. Heaven knows what they are working on in the cannabis realm. But it is already a crowded space. And as far as I know, most cannabis benefits are anecdotal at best. The only FDA approved drug in this space is for seizures. For once I would like to see Odidi at the front of something innovative. But so far, just me too stuff. The three I's... First come the Innovators, then the Imitators and then the Idiots... I would have to say Odidi falls between Imitator and Idiot.
Numbers- Odidi and company have certainly failed on monetizing their ANDA pipeline. They should just sell it off. I am guessing these items have been removed from the website as they are trying to reinvent themselves as a cannabis company and removed the evidence of past failure. Odidi and company have no market vision. They just copy what is already being done. And their copy attempts are not executed fast enough to actually profit. Heaven knows what they are working on in the cannabis realm. But it is already a crowded space. And as far as I know, most cannabis benefits are anecdotal at best. The only FDA approved drug in this space is for seizures. For once I would like to see Odidi at the front of something innovative. But so far, just me too stuff. The three I's... First come the Innovators, then the Imitators and then the Idiots... I would have to say Odidi falls between Imitator and Idiot.
Doog- Pretty crazy that IPCI holds onto those ANDAs that they cannot commercialize. I guess someone will have a use for them at some point. They certainly are not gaining monetary value for shareholders. But they do present Odidi with many options once the company files for bankruptcy.
All the talk is tariffs. I hope people in the US understand that this 25% will be paid by US citizens. Yes, China may lose business because of it but US citizens pay the 25%... Sounds like a new tax to me... Money out of our pocket to the US government... Sure sounds like a tax to me...
Lastly, people are already instituting hiring freezes, etc. I am guessing these tariffs will benefit the select few that know in advance of the major news. Like when to get in and out of the market. No doubt this all comes down to how a select few make some money while others suffer the consequences of poorly chosen leaders with greedy personal agendas.
Pristiq full approval today. Time to sell off the ANDA approvals for operating cash. No reason for shareholders to continue to take the hit to pay the Odidi salary slush fund. One thing is for certain, that moron clutches those ANDAs very tightly for some reason?
Will be interesting to see how they come up with money to fund operations after they run out of cash in about 4-8 weeks. Time to make a deal, make some cuts at the executive level and sell off some assets... Who in their right mind will actually give Odidi money this round? Last offering was a total scam and Odidi got burned. All that money from that offering was generated via short selling in advance. Then when it came time to price offering, Odidi's "friends" pulled the rug out from underneath him. So it will be interesting to watch what happens. My guess it is nothing short of a pathetic attempt by garage shop management to raise funds. My guess is he gets about $4M but needs to sell 75% of the company or more. And every one of those shares will be attached to a warrant that in the event it goes up, the low life financiers have their ass covered.
Even- I read it the same way.
The time to make a deal would be now but I have no confidence Odidi can get this job done. He sure has never done this in the past.
The time would be now to sell off the ANDAs and approvals but Odidi has no clue on how to run a business. It seems like he is holding onto these like they are his baby. They are not generating revenue and it appears there is no plan in place to monetize these, so sell them off...
So how toxic will this offering be? I think you got it right that he will need to raise $4-5M. But at what PPS. My guess is 10 cents but it could be as low as 5 cents or as high as 20 cents. But once again, Odidi is terrible at business so probably sub 10 cents.
Interesting fact that shows Odidi won't invest his money in an equity stake in IPCI that is at risk for dilution:
1. The Odidi loan originated in 2013. A loan for $1M @ 12% has collected roughly $720K in interest since inception in 2013. So that investment is still worth $1.72M. A gain of 72%.
2. A shareholder who invested $1M in IPCI in 2013 as an equity stake now holds roughly 40,000 shares at a total value of between $8-10K. A loss of over 99%...
Samsa- What I don't understand is why the loan is convertible at around 50 cents and not around 20 cents- where we are trading. I would LOVE to see Odidi convert that loan to shares at current market price. But I know he will not as he knows dilution is coming in the next two months... He won't subject his precious $1M loan to the hit equity takes with every dilution...
The IPCIF market cap is about $5M. How can Odidiot justify going to capital markets to pay salaries? It is time to start cutting costs and selling off assets to pay the bills. The shareholders have already been given the shaft and they should not continue to bear the burden of this failing management team.
So do we see Odidi make a deal soon or will they just continue the death spiral and dilute. I really think if they dilute and do not sell or partner something, it greatly increases the likelihood IPCI/IPCI Management/ IPCI BOD get sued for breach of fiduciary duty. For years they said they will not make bad deals. But was not last September's offering a very bad deal for shareholders? Would an offering right now not be a bad deal for shareholders? How can they justify not selling off the ANDAs to avoid another offering? I speculate that next offering would sell over 75% of the company and maybe get them $5M. At what point do they start selling some of the ANDAs that collect dust? Why did they not do that last year? Who does not selling off these ANDAs benefit?
Sam, odidi will milk his salary for as long as he can. Then he will step up and say I am first line creditor and I want all the approvals. Then he takes them to China and keeps all profits for himself. Shareholders paid for approvals but odidi reaps benefit in bankruptcy..
even- the wheels of justice turn about as slowly as the wheels of IPCI product development! Actually, even the judicial system moves faster than that...
Now want to hear something funny... IPCI is telling shareholders that 2018 was a bad year and the reason things did not move along was most resources were devoted to trying to save NASDAQ listing. The stench of this company just builds daily...
Even,
I am guessing the lawyers will try to settle this. But shareholders should not accept any deal. The longer this drags on the harder it will be for Odidi to file bankruptcy and try to hand pick which assets he takes to China. I am glad to see the Canada case as well. These suits are the only thing holding the CEO con artist in check.
Sounds like they have 1.5 months worth of cash left. The next offering is going to be even worse than the last. Last offering they sold 90% of the company for $15M. This next one they will sell 90% of the company for less than $5M. I sense after this next offering another lawsuit hits suing the BOD/IPCI management for breach of fiduciary duty...
Even- My take on this is that one claim was dismissed but one was not. In particular the court agreed that it would not dismiss claims in regards to Rexista NDA content. In my opinion, that is spot on. We were misled and they acted like they submitted a complete and thorough NDA but never ran the oral and nasal HAP tests. Also in my opinion, there was a precedent with Collegium who filed an NDA for a similar abuse resistant opioid. All that info was public and Collegium ran ALL HAP TESTS prior to submitting NDA. If IPCI was only going for IV abuse resistant properties they should have specified. I really think IPCI intended to submit all HAP data but for whatever reason they did not get the studies done. They were under a lot of pressure to submit, so they did. I think they intended to run the oral and nasal studies right after submission and then get them added to the submission. But they did not. Thus, in my opinion they came up with some lam brain idea that they were now only going for IV abuse resistance. The level of mismanagement, incompetence and now shadiness of this company is now at levels that rae rarely seen.
Shanawaz v. Intellipharmaceutics International Inc. et al, No. 1:2017cv05761 - Document 35 (S.D.N.Y. 2018)
Court Description: OPINION AND ORDER: re: 29 MOTION to Dismiss Amended Complaint filed by Intellipharmaceutics International Inc., Domenic Della Penna, Isa Odidi. For the foregoing reasons, Defendants' motion to dismiss is GRANTED IN PART and DENIED IN PART. D efendants' motion to dismiss is granted with respect to Lead Plaintiffs' Section 10(b) and 20(a) claims to the extent they are based on Defendants' statements describing Rexista's abuse-deterrent features and its bioequivalence to OxyContin. Defendants' motion to dismiss is denied with respect to Lead Plaintiffs' Section 10(b) and 20(a) claims based on Defendants' statements describing the contents of the Rexista NDA as filed with the FDA. Defendants shall file answers to the remaining claims within 21 days of the date of this Order. The Clerk of Court is directed to close the motion at Docket Number 29. SO ORDERED. (Signed by Judge J. Paul Oetken on 12/17/2018) (ama)
Weezuhl- 100% he will keep that loan on the books as it will get him the company in bankruptcy...
Who will buy next offering? Not anyone in their right mind and I doubt they can short sell enough shares in advance to raise $5M... I think their is a chance that Odidi and friends come in and take 70,80 or even 90% of the company for $4M.
Sam- Exactly, People who bought shares lost 99%... But Odidi continues to collect 12% on his loan each and every year and lost nothing... Notice the only change is he can now exchange loans for shares at 59 cents...
IPCI is more of a con job each and every day... My guess is Odidi and his friends come in and buy next offering... Where they will get in excess of 70% of the company for about $4M... Plain and simple, Odidi is really living the con artist role more and more every day!
Hey Odidi have you figured out something is wrong yet? The stock is trading at less than 30 cents per share and in the first quarter alone you posted a loss of 16 cents per common share... Hey Odidi wake up!!! Healthy companies don't lose over 50% of their market cap in a single quarter... I guess it doesn't take an MBA to figure that out but you are indeed the business expert with the MBA...
Doog- And don't forget that Odidi sold many shares over the past 5 years. But bought none for himself. The only money of his he put into IPCI was a 12% loan that he is still collecting interest on... Shareholders that bought shares lost 99% of investment... But Odidi as a lender lost nothing... And he is only creditor and will be trying to take as much IP/Approvals as he can in bankruptcy... This whole situation just stinks badly... My guess is the only IP he wants are the ANDA approvals. He can take those to his new company in China and hit the ground running. He is a total crook at this point.
Freedfish are you still out there? Would like to hear your opinion of IPCI and how Odidi stays on as CEO.
Doog- Yeah rebuild what? This is not a company, it's Odidi's private circus!
Sam- No... Those people used the offering shares to cover the short sale they did prior to the offering. Here is how it worked:
1. They got wind of offering from Wainwright and/or IPCI
2. They pumped and short sold knowing offering was coming. This is how they raised the money to buy offering.(sold at a high price relative to offering)
3. Then when offering hit, they short sold some more to drive the offering price down. Thus getting shares much cheaper than the initial short sale.
4. They used offering shares to cover short sale.
5. After short sale was covered, these guys hold very few shares. This is supported by 17M shares sold in offering but no one now holds any shares...
Right now they will drive price back up and short sell into their pump. This way they will raise funds for new offering that hits in a month or two. Then they will cover that short with the offering shares they buy at $0.10. That is how they are making their money. They never hold shares. They use offering shares to cover short that was short sold at a much higher price.
Sam- CEO's get high salaries due to performance. If they don't perform they get let go. For some reason the Odidi's feel they are entitled to continuie to run the company. They have driven the company into the ground. They currently own less than 5% of the outstanding shares. At any other real company, they would be fired. But the way the offerings are sold to guys that are just pumping and dumping, nobody actually has a large stake in the company and wants them removed. Thus they continue the con. My guess is another offering is coming real, real soon. Odidi will raise as much money as he can. My guess 75% of the company for $5M. I see the price rising. The guys that will fund the company need to take this a little higher and create some type of pump and hope. That way they can sell $5M worth of shares to retail in advance of the offering. Then when offering hits, they will get their shares at $0.10 each. Same old same old.
Sam, what amazes me to this day is that odidi is CEO. Obviously no one wants this train wreck or he would be long gone. He has taken this company from a market cap of about $100M at it's peak to a valuation of about $5-10M. In what world does a CEO do that and still retain his job? I mean he and his wife own under 5 percent of outstanding shares... Obviously the only reason this company is still around is it offers a good pump and dump for certain entities.
Will HC Wainwright, Sabby, Anson and all the other lowlifes do Odidi's next offering? Or will they even pass on it? Which will lead him down the ladder to a group of lower life scumbag bankers? Pretty soon Odidi will be financing operations through a local Payday loan store...
Tilator- I have never found any reference to Odidi actually ever buying IPCI shares. I think he got his shares when he started the company. Then he arranged some type of share structure and basically said me the Mrs. own XXX shares. I am guessing at one point he an the Mrs. owned all the shares... Then IPCI went public and the dilution began. I CAN NOT FIND ONE SHRED OF EVIDENCE that Odidi ever paid for a single share. But we all know he has been collecting 12% on his loan forever... Not dilutive and he is the only major creditor... Thus when IPCI goes into bankruptcy he has first claim at the assets. Now think about this... Who has the most to gain by proving IPCI technology is worthless? It is Odidi as then he can grab/steal more when the doors close.
Doog and Samsa- This stock cannot and will not go up. The truth is they have no revenue and no real revenue in the near future. But they have 60 employees, a full executive staff, a BOD and a failed pipeline. Yes they now tout some new pipeline products. But these are no where near completion and the fact is the company has no money to develop them. The burn rate to just keep doors open is about $1M per month. And that is with them not advancing anything. So what is Odidi's next move? How does he raise his next $5M to keep the doors open for 3-6 months? My guess is he will sell 90% of the company to get that $5M. I have heard they don't want to make bad deals time and time again... But what was last years offering? Wasn't that a bad deal?
I guess we all know why Odidi never buys IPCI shares... He just loans them money at 12%... If he would have bought shares with that loan money years ago, that money would be long gone... But now he continues to collect 12% year in and year out and will have first grab at IPCI assets in the firesale.
The saddest thing about IPCI is they fail at everything. The past year it appears all they worked on was keeping the NASDAQ listing. And just as everything else, they failed... When is Odidi going to finally realize he is the CEO, he is making the decisions, this is not just bad luck... He is the problem...
Fabius- what has happened since adcom is unforgivable. Odidi is either a crook or some village in Nigeria is missing it's idiot...
So how many shares Will odidiot need to sell to get his next tranche of $5m? Will he have to sell 100m shares to net $5m? And when does he have his moment of clarity that ipci really should just close down?
There is a new board under new ipcif symbol called odidiland
Fabius I am right here with you to keep everyone informed on how big of a loser and con artist odidi is.
Welcome to odidiland the world of pretend pharma companies...
Odidi us a total failure that has turned into a con artist
Ipci next offering will be for an amount higher than it's market cap.
Weezuhl- Yes they are planning a shareholder meeting in April. The big question I have is do armed guards and flak jackets for the Odidi's qualify as a legitimate business expense that IPCI shareholders should foot the bill for?