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Doog 100% agreed! I am guessing he has been moving his assets to Nigeria and China to protect them. The next thing is bankruptcy... Let me see... Who gets first crack at IPCI assets in bankruptcy? That would be Odidi as he is the only person they owe money to and debt gets paid before equity in bankruptcy. So he will argue that ANDA pipeline is worthless as he could not partner and profit from it. Thus he takes the whole ANDA portfolio and heads off to China to manufacture. It does not get any more crooked than that...
The clown show continues... I guess next order of business for Odidi and his new whipping boy is to sell some shares. I think if anyone want IPCI they can probably get 90% of the company for $5M... But I don't think anyone even wants anything to do with Odidi's trainwreck.
Fabius- As of last communication from IPCI there were about 1M pre-funded warrants that needed to be exercised. So it will be interesting to see who ends up holding those.
Fabius- Think about this... If Odidi would have invested the money he loaned IPCI back when he did, how much would that investment be worth? Pretty much nothing... He has been collecting over 10% interest on that loan for years...
Now think about this... If IPCI goes bankrupt this year, who will have first crack at the assets? You guessed it... Odidi... IPCI has virtually no debt other than what they owe the Odidi's. Thus in bankruptcy, Odidi gets paid before any shareholder collects a dime. Now how much do you want to bet he will argue all the ANDAs are worth about what he is owed? So he takes the ANDAs and off to China he goes to produce and profit from several generic approvals. Approvals IPCI shareholders paid for and that idiot did not partner. And he will get all the profits... Think about it... As bad as things have gotten, he has not sold off any approvals... He could have... Sure looks like he is saving them for a rainy day.
Fabius- The new offering won't be announced until all the shares are sold. That is the way it works with IPCI. Nobody will invest in them. So they need to pump and short sell prior to offering to generate Odidi's funds. I am guessing 20-25M shares will be sold for about $3-5M. Or roughly a 50% dilution for less than a quarters worth of operating cash.
Fabius- I just don't know how Odidi can look himself in the mirror everyday and continue to justify what he is doing. His arrogance will be the death nail of this company. Sure does not seem like he is doing everything in his power to save IPCI. But maybe that is his plan?
Doog- Time for Odidi to sh*t or get off the pot... If he has got a deal he needs to make it. If he doesn't, the next offering will be his last.
Fabius- The reason the approvals collect dust is during bankruptcy proceedings Odidi will likely claim they are worth the same as what the company owes him. He will then likely take all those ANDAs and off to China he goes to manufacture and keep all profits for himself.
About 1 year ago Odidi called me after I sent him an email saying I thought that his new China business was an opportunistic venture on his part to unjustly personally capitalize on IPCI generic approvals. He felt the need to defend himself and he told me the following:
1. Smart Pharma was set up to make drugs for African ailments. I told him he I thought he was breaching his agreement with IPCI and competing with them. He said he can start as many companies as he wants as long as they do not compete with IPCI. He also said Smart Pharma was not competing with IPCI.
2. He also said IPCI went to China to investigate 1. sourcing cheaper raw materials 2. investigate if generics could be manufactured by another party at lower cost. He said Smart Pharma would play no role in these items.
In my opinion, what I got from the whole thing was he went to China on IPCI's dime and set up a competing company. He got caught doing so, so he made a minimal statement about IPCI business in China to justify his personal endeavor that was likely paid for by IPCI shareholders.
Fabius- Odidi has been sleeping with the devil for some time. Why? Because no one will actually invest in IPCI and the only way he can do offerings is let these bottom of the barrel hench men do a pump and dump prior to offering. They don't want to hold any shares. They just sell in advance and cover at the much lower offering level. Sabby has been fined by the SEC for doing essentially the same thing with other companies. And Anson has a history of being sued for similar actions.
https://www.sec.gov/news/pressrelease/2015-239.html
https://business.financialpost.com/news/fp-street/catalyst-capital-files-450-million-lawsuit-accusing-anson-funds-west-face-of-short-selling-conspiracy
I wonder what happened to Boyd? Looks like he might have jumped ship. Hopefully not, but does not look like he is holding shares right now.
Hey everyone on Stock Twits that is holding the bag. I have been trying to warn you... I am not a basher. Impact tried to warn you too. I am not sure of his motives but everything he said is right. This pump was nothing more than bottom of the barrel financers selling shares prior to the next offering. Sorry to tell you but unless Odidi delivers something with revenue attached it will sell at sub 20 cents and be more than 50% dilution of the company. And it will only net a measly $3-5M.
Hmmm... Volume subsided and the price is dropping? Looks like no one holding this up any more. Looks more and more like an offering will hit before a deal...
Doog- Odidi is an absolute arrogant fool and a disgrace. Those PRs about partnerships with unnamed partners for 3rd world countries are absolutely unbelievable. Does he not realize they look like a joke? And the funny thing about them is he still needs to get relevant approvals for those countries and we know he at best started those last year. This is not a man with a business plan, this is man grasping at straws- trying to continue to collect his salary. I am guessing he is right now negotiating his next wad of cash with Wainwright. Thus, the pumping to keep the illusion of a partnership alive and sell as many shares to new bagholders as they can. Then when they have sold enough, they will let the price freefall and the offering will excute at a much lower price. Then Odidi's henchmen cover their short position and the bagholders continue the illusion that he will deliver a saving partnership or approval. IPCI has turned into a total pump and dump. This whole scenario needs to be investigated... As Odidi, Wainwright, Sabby, etc. need to be stopped from selling any more of this worthless paper.
Weezuhl- How much you want to bet this latest price/volume action has to do with Odidi negotiating an offer through Wainwright? I think the usual players have been selling the last couple days and as always will use the offering shares to cover.
Doog- Just about over for IPCI. I don't think even bottle of the barrel financers will be willing to give Odidi much money to continue his leisurely research endeavor. As most of retail have caught wind that these pumps are just dumps in advance of an offering.
In 2018, IPCI did not even generate enough revenue to pay the Odidi's salaries. I guess if he cannot come up with a deal that gives him a few million up front right away, he will be going to the capital markets very, very soon(he is probably begging and pleading with Wainwright as I write this). Personally I don't see how this company is sustainable anymore. Odidi's first pipeline is incomplete and/or commercially unsuccessful. So who in their right mind would fund his latest ventures like Roxicodone, CBD products, etc.? The only people that will finance him are the pump and dump financiers. So they will need to get a good pump going and sell as many shares as they can prior to next financing. That is the only money he will get from now on. The stuff they can sell in advance of offering and then cover at the offering price. Pretty much what happened with last offering.
Fabius- 100% agreed that is what is going on. I am guessing the pump and selling for the new offering was happening last week. New offering will be announced soon at much lower level and the Wallstreet goons like Sabby will cover with those shares.
Even- Unbelievable. Odidi has outdone himself once again. What is he spending all the money on? Just absolutely unbelievable. I guess he must have thrown a few million of the company money at his buddy running for president of Nigeria. Odidi is sooo bad... It is just unbelievable.... You can't even make things up on how bad he is. My guess is he won't be able to get funding later this year and company will go into bankruptcy. Is that possibly his plan? The company has little debt other than what he has borrowed to them. Debt gets paid before equity in bankruptcy proceedings so is his plan to have first grab at all the IP as IPCI owes him a few million? I have to say I now think his plan was to fund the company through shareholders- basically get the approvals and pay their salaries. Then not commercialize anything. Then the company goes under. And because the only debt IPCI has is to Odidi, he grabs the IP for next to nothing in bankruptcy proceedings... So is that a conspiracy theory or is that what he is doing?
Fabius- They will re-file NDA and go to NASDAQ and say we are on track for approval. So please give us another extension and we will RS in April.
The PR as much said, they would be considered for another extension on March 7th. My guess is this was contingent on them re-filing.
Weezuhl... Don't beat around the bush... I think we all know why he is announcing that meeting. He needs to get some votes for the next... I won't say it again... Let everyone speculate it is something else like about a year ago. Never no surprises with Odidi. Just nothing... Talk about a pipeline, partnerships, approvals, revenue... And then he never delivers anything that generates revenue. Yes he has delivered some approvals lately. But they are years late and worthless to IPCI. But someone will buy them and produce them in China and take all the money for themselves.
Freedfish- I know you followed Boyd and what he was doing. Did he sell out his position in IPCI?
Angelo-
1. I am guessing MNK is not 100% at fault for Seroquel mess. My belief is the IPCI Seroquel can not be produced cost effectively in Toronto. Thus, MNK cannot compete with products manufactured in India, China, etc. If this is the case, once again poor management decision on IPCI part to manufacture in Toronto...
2. Even if IPCI gets approval on Ranexa, there is no manufacturing partner or sales and marketing partner. How will they sell this. Once again they will be way late to party and market share will be already spoken for and prices will have eroded.
3. Why no full approval on Pristiq? Lets hope it is because they are getting a Chinese manufacturing site approved for this product. That is the only way they will be able to have a cost competitive product that MNK can manufacture. If IPCI can give MNK a product that can be profitable, they will sell and market it. But if it is going to be manufactured in Toronto, forget about it.
4. As you can see there are many things Odidi could be working on. But it sure seems he is not... Looks to me his highest priority is being a politician in Nigeria...
Angelo- In my opinion Ranexa ANDA has gotten at least one or more CRLs. Should be approved by now if not. I think other companies got tentative approvals, so why not IPCI? Maybe I am wrong here, but this is only my opinion.
Welcome all new bagholders!!! Lots of shares traded today... Somehow I think the people in the know have been selling... Seems like that is always what happens here.
GM26- I would love to know more about that too... So what is he working and who is the partner? I am guessing he is working on a CBD based epilepsy/seizure drug. But so is everyone and their brother. The problem with Odidi is he forgets to dot the i's and cross the t's and he never gets ANYTHING to market on time. And by the time he does, every other company has established market share and the market has changed. Odidi has no clue on how to capitalize on a window of opportunity. He loves to talk and file patents... But when it comes to finishing product, gaining approvals and generating revenue he has a long history of failing.
mess- I am guessing a good pump will get going with the re-filing of Rexista NDA. Be smart and sell on this news.I am guessing Odidi refiles this to at least temporarily save NASDAQ listing. However... Since no HAP results have been released, I suspect the results are average and will not support an approval of Rexista.
Watch as the pumpers will come out of the woodwork when Rexista NDA is refilled. This will coincide with all their selling of shares they bought recently and then additional short selling. Don't hold this crap too long as no revenue for IPCI will likely drive another offering mid to late 2019. The only way this can be avoided is if Odidid can make a deal with substantial upfront payment. History has shown that this does not usually happen, so odds greatly favor him doing an offering to fund company.
So anyone know why it always appears Anson loses money when they invest in IPCI? Why would they keep buying this trash company if it always goes down? Easy... They know the offering is coming. They know the offering price. They short sell well advance of the offering and then cover with the offering. Sabby is doing this too. This is the game they have played for years and Odidi is a complicit scumbag for letting this go on. Time for a day of reckoning for Odidi.
Anson filed a 13F... Always the same players along with Wainwright... I guess they got a great way to make money on the way down. LOL. Odidi is an absolute scumbag!
Swe77- I agree. Odidi has shown time and time again that he can't generate revenue. Last year's offering was a slap in the face to all of us who supported him. No more suckers Left to sell shares too... Everyone doesn't trust him...
Matrix posted on IPCI.CA and the link did show a tentative approval. But very little specifics.
Sounds like Pristiq got a tentative approval.
So I think I know where Odidi is going with CBD. He must be shooting for Epilepsy as there are FDA approved products for seizures and Epilepsy:
https://www.fda.gov/newsevents/newsroom/pressannouncements/ucm611046.htm
So who is the partner? Is it Cerecor/Boyd? And why on earth would anybody think Odidi can go down this road and beat the competition to the punch? He has proven time and time again he is always late to the party. So I think this will be the case here as well. But who knows... If he steps down as CEO and him and his wife do there job, then maybe. But if he stays as CEO, the status quo won't change.
Yoga- Looks like pumpers selling today to future bag holders...
Doog- As always Odidi is totally clueless and out of his realm... Now he is a market expert on CBD... The con continues on...
Fabius- Agree, some pre-funded warrants converted. Now it is time for the pump and dump.
Fabius- Could not agree more about the likes of Sabby
Fabius- I bet if we start that it gets his attention.
Here may be a way to get to Odidi. Contact the political candidate who is running against Atiku(the guy who Odidi is in cahoots with). Tell the story about how Odidi is acon artist running his Canadien company into the ground. I think that might get his attention.
All- Look at the PR. It suggests they may be granted another extension on February 7th. Here is what I think happens.
He starts the ball rolling on the RS. He refiles Rexista NDA by end of February deadline. Then NASDAQ gives him another extension. He then does a RS at annual meeting. Then another offering in the summer... And lastly ADCOM comes and Rexista is rejected again. That is how this will play out. The plan will throw more shareholders under the bus and most importantly keep the salaries flowing into mid 2020.
beeks- Anyone who invested in IPCI before the RS is screwed. Those who invested after better sell on any pop and move on. This company is not doing anything that will produce actual revenue. They are just playing in the lab, talking big and filing patents for worthless IP. Go to IPCI's website and look at the list of patents. Then ask how many have led to actual revenue or licensing agreements. The answer is none. They are worthless and get closer to expiration each and every day.