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Fabius- OK I see where you are going. We need to make sure it gets published in Nigeria too.
Fabius- I think it is abour time for Dr. Odidi to pay someone to write an article about him and how great a scientist he is and how he did so much for Biovail. Blah blah blah... Actually they should publish an article on how he has driven IPCI into the ground in the last 10 years.
Everyone needs to keep in mind that any valuation on IPCI needs to be done at 24M shares outstanding. There are a boat load of pre-funded warrants that are paid for they will eventually take the float to 24M. That being said, IPCI is trading at around cash value or $0.30 times 24M shares = $7.2M. I am guessing they have about this much cash in the piggy bank right now. But who knows, it might have all been transferred to Odidi's mattress already...
Cysonic- I could be wrong on how many shares the Odidi's own. But I think a number of us already determined that it was 578K between them. And they had many options/debt conversion that were priced way out of reach. Maybe someone who knows for sure can clarify how many shares the Odidi's actually own.
Cysonic- Only a few of pre-funded warrants have been exercised but all have been paid for at 74 cents. Most of the offering money came from these pre-funded warrants:
https://www.intellipharmaceutics.com/news-media/press-releases/detail/181/intellipharmaceutics-announces-closing-of-us-14-3-million
[TORONTO, ON / ACCESSWIRE / October 16, 2018 / Intellipharmaceutics International Inc. (NASDAQ: IPCI; TSX: IPCI) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, today announced the closing of its previously announced underwritten public offering in the United States, resulting in the sale of 2,775,231 common shares, pre-funded warrants exercisable for 16,563,335 common shares, at an exercise price of US$0.01 per share (the "Pre-Funded Warrants"), and warrants exercisable for 20,000,000 common shares, at an exercise price of US$0.75 per share (the "Firm Warrants"). These securities were issued in units, each consisting of either one common share and one Firm Warrant or one Pre-Funded Warrant and one Firm Warrant, and were offered at a public offering price of US$0.75 per unit.
H.C. Wainwright & Co. acted as the sole book-running manager for the offering.
Each Firm Warrant is exercisable immediately and has a term of five years and each Pre-Funded Warrant is exercisable immediately and until all Pre-Funded Warrants are exercised. The common shares (or common share equivalent) and the accompanying warrants included in the units were purchased together in the offering but were issued separately.
The Company received gross proceeds of approximately US$14.3 million, prior to deducting discounts and commissions and other offering expenses. The Company intends to use the net proceeds of the offering for general corporate purposes, which may include working capital, capital expenditures, research and development, accounts payable, and other commercial expenditures.
A registration statement on Form F-1 relating to the public offering of the securities described above was filed with the Securities and Exchange Commission ("SEC") and was declared effective on October 11, 2018, and an additional registration statement on Form F-1 filed pursuant to Rule 462(b), became automatically effective on October 12, 2018, both of which are available on the SEC's website located at http://www.sec.gov. The offering of these securities was made only by means of a prospectus forming part of the effective registration statement. A final prospectus relating to the offering was filed with the SEC on October 15, 2018, and is available on the SEC's website at www.sec.gov. Copies of the final prospectus may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (646) 975-6996 or by emailing placements@hcwco.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
/i]
Cysonic- Here is my calculation of what the Odidi's own:
1. After the RS they owned 578K shares. Yes, they have options and debt that could be exercised and converted to shares. But those strike prices are astronomic in comparison to today's PPS. If all those were converted and exercised they would own about 1.2M shares. But like I said, they will never be exercised or converted.
2. As of today, the float is about 8.1M shares. With the shares the Odidi's own today, they own 7.1% of the float.
3. As you know there are many pre-funded warrants out there that will for sure be exercised at 1 cent(74 cents was pre-funded for each of these). After these are converted to shares, the float will be about 24M and the Odidi's will own 2.4% of the company. It is a certainty these will be exercised. Boyd/Armistice bought 6M of these pre-funded warrants I believe.
4. There is also about 17M warrants held by the buyers of the offering/pre-funded warrants that can be converted at 75 cents. If those are exercised, that will take the float to about 41M and the Odidi's will own 1.4% of the company.
As you can see, the last offering diluted everyone out including themselves. At some point, they will be turning this company over to whoever bought that offering.
Cysonic- I really hope your right. But I don't think so. Here is what I think is likely:
1. The Purdue litigation will be settled and undisclosed. In my opinion, Purdue is not interested in any of IPCI's technology. In my opinion, the reason this will be settled is IPCI simply wants to stop the litigation and will agree to Purdue's terms.
2. PODRAS human trial results were promised to shareholders by mid 2018. IPCI never released these results. I have to suspect this was because they were not as good as hoped and IPCI needed to reformulate.
3. HAP results will not be released. About the time the initial HAP results were due, the PPS fell off the cliff. I suspect Rexista HAP results may not support approval. And IPCI may be considering abandoning this NDA.
4. The new IND for immediate release Oxy with PODRAS came out of nowhere. I suspect this is not due to IPCI in negotiations with Purdue but IPCI's Rexista candidate being abandoned. IPCI said they would re-file Rexista NDA before year end. So lets see if they live up to that promise. If I am right in my hunch that Rexista HAP data does support approval, the new IND is Odidi's latest pump on what he is doing with all the money he burns every month. I think my hunch is supported by the PPS and the last offering. Odidi had nothing to show the financiers but average HAP data and PODRAS results that forced reformulation. So they said we will give you the money but we want nearly all of the company. If he had good HAP results and PODRAS results that showed it worked, I suspect he would have been able to sell that offering for a much higher PPS.
5. The CFO left again. CFO's leave because things are bad at a company. CFO's don't leave companies on the verge of innovative breakthroughs.
Fabius- Maybe one day Odidi will wake up and realize how bad a job he has done. I mean what kind of delusions of garandeur can have that justifies that he is doing and even OK job? Not sure where his mind is. But this whole situation looks more and more corrupt everyday.
Fabius- not partnering or selling outright 3 ANDAs in the US wreaks of Odidi saving these for something. Like maybe he wants them for his Chinese company. I mean he just did a toxic offering instead of selling off these approvals. Sounds like the basis of a good lawsuit.
Freed- I know they always said they were not going to "give the technology away"... But last offering they gave almost 80% of the company equity away for $14M... And if those firm warrants are converted at 75 cents for a total of about $12M they gave away 91% of the company for $26-27M. So they don't want to give away the technology but they will happily sell out all shareholders for 1-2 years worth of burn rate. All we can hope is that some day one of these offering buyers does indeed throw Odidi out. But so far it appears they have no intentions of this. They continue to make their money in some way. And that is all they care about.
Fabius- I agree that he is too arrogant and stubborn to do what is good for the company and shareholders. Him stepping down would be the best thing that could happen to the company.
Freed and Fabius- I think one of the big problems with Odidi is he feels he can run IPCI like University research- where they get grants and go out and work on something but there are limited expectations on what is produced from this work. Then when the money is gone, they go out raise some more and continue. Somebody needs to start holding his feet to the fire and make him prioritize his IPCI work or willingly step down.
Fabio- Maybe one day we will meet. I have no plans to come to come to Europe right now, but I will be getting back there on occasion.
inouttrader- Yes the float does look like 9M right now. But a ton of pre-funded warrants were bought at 74 cents and can be converted to shares for 1 cent. These were paid for and may not be shares now. But for sure will be shares eventually. I think after all the pre-funded warrants are exercised, the total # of shares will be around 23M.
Freed- Thanks for sharing all this . It has been a nice relief from the complaining about Odidi. Truly what this epidemic needs is people like you willing to invest time and effort to help people. And then through education, hopefully future generations will be safe. Right now, all people facing these problems cannot be saved. But a certain % can. Here are a couple of stories about people I have met at these sober living facilities.
1. There are a two people who started out living in these facilities. And they lived there many months, Now a few years later they are still doing great and they are working for Jessie Crawford. These are true success stories.
2. I also met another young man from Appleton through a family friend. He was living in sober living in Appleton WI. He also has some legal issues like DUI, etc. Well I took him out musky fishing on Labor day and it was his first time. He got a giant 53.75 inch musky!. This is not the norm for musky fishing and it was a great day for him. A few weeks ago I learned he fell off the wagon and was drinking again and moved out of the sober living house. The latest report is he might be moving back, so I have my fingers crossed. This is typical of struggles with substance. Periods of sobriety accompanied with relapses. But if people do not let the relapses get too bad, they can get back on the program and hopefully succeed.
3. About 3 years ago I met a young man at one of these facilities. I had a few brief discussions with him. I could tell he was struggling with mental health issues. But I could tell he was trying. About a week later, he had some type of altercation where the police had to be involved as he was having a medication problem or mental breakdown. A week later, they found him in a field where he had died from a heroin overdose.
These are just a few of the people I have may over the last couple years. Stories vary and only some will make it. But when I do run into them I try to at least talk to all of them. One of the biggest struggles these people face is finding steady work. Most have poor work references and many have legal issues from the past. And it seems to me steady work is part of the recovery. It is not a silver bullet but it really is important.
Freed- We have Jessie Crawford Recovery Center here in Madison WI. I met the gentleman who started it in 2012. He was leaving Catholic Charities at that time to start this program. It was started as sober living. It has been a long road for him but he now has 40 units of sober living in Madison. That type of growth was painful for him. But I think now things are starting to stabilize. And most importantly he has helped many people over the past several years. The people eventually need to want to make the change on their own. But the stability they get in a house where no one is using- even if it is for a few months- can get them started.
Freed- I am sorry for your loss. I think everybody has been touched by the opioid crisis in some way. I am lucky and the loved one I almost lost 3 times(yes, they were in Icu on life support 3 times)... Is now doing much better. I highly commend you for working with a sober living house. They really need strong people like you to assist them with their mission. It is very hard for them to get those houses going and keep them going. I have seen first hand the community resistance to these places. But they really do make a difference. They cannot save everyone, but I have seen that they really can a help a good percentage of people. Once again, well done with your commitment of time to the cause.
Weezuhl- What was Odidi thinking when he inked that offering. "Allegedly" it was to meet the shareholder equity of the NASDAQ listing. But he did that by dumping 18.5M shares at 75 cents on a sub 5M float plus 17M warrants at 75 cents. How did he think he could ever go above $1 again without a RS? He obviously knew it was impossible and he just sold his soul and all the worthless paper he could find so him and his entourage could collect checks and play in the lab for 9 more months. Well karma is a funny thing and I think this whole thing will eventually be very costly for Odidi and his wife... What if another lawsuit was commenced that did not go after IPCI but sued the Odidi's, Patient, Penna and all board members personally? Stay tuned... It could be interesting...
mopar- Patient's resignation is effective Nov. 30th. He has also offered his services through Dec 31 and will be willing to continue on after that in a consulting role.
mopar- The Odidi's have collected almost more in bonuses for those approvals than those approvals have generated in revenue.
In the last 3 days, the entire float of 9 million shares was traded 4 times... Somebody is sure churning a lot of shares.
Beach- I tried to help some of these guys out. But I now give a warm welcome to all the new IPCI bagholders. Welcome...
Doog and Weezuhl- Odidi is now paying for that toxic offering. It is beyond comprehension on how he feels he should continue as CEO. The PPS has fallen about 90% when compared to pre RS PPS. So I just cannot fathom his arrogance that he feels he is entitled to continue to run this company. He has failed in every respect. Management, business, revenue, science, pipeline advancement, gaining approvals... The list of failings is everything he has touched in the last 10 years. This post should be a sticky note for this board
Doog- It is insane that Odidi now files an IND for IPCI0006. Where was this IND before the last offering. Something is not right here. Makes me think HAP study results for Rexista do not support even refiling the NDA. Thus, a little slight of hand by Odidi and he can now say he is working on IPCI0006- immediate release Oxy with PODRAS... Mind he never even published the human PODRAS results from 1H 2018... Why did he not publish those? I think we all know the answer to that.
IPCI's last IND was Regabatin in 2015. It has not advanced one iota since then. At the start of 2018 they said they would likely commence clinical trials on this in second half of 2018. So far no announcements on this... It is just one more thing in a long list of things Odidi did not deliver on.
Effexor has much less promise for IPCI than Seroquel. Seroquel has not even delivered IPCI $1M in revenue since its launch 1.5 years ago. I feel the reason for this is Odidi tries to manufacture a generic in Toronto when the competition does it in India, China, etc. Just more bad strategizing by and incompetent CEO.
So how did IPCI0006 go from not being mentioned in free writing prospectus prior to offering to being an IND in one month? All I can think is IPCI may have gotten back the HAP oral results on Rexista and now are concerned it will never be approved. So in a hurry they switch to an Immediate Release candidate because their Extended Release Oxy is looking like it will never see an approval. Something sure seems fishy here.
Doog- Just ridiculous how this played out. I bet Odidi is not looking forward to the next company meeting!
Amigo and CJ- I also note that Seroquel sales were initially projected at about $12M in revenue first year to IPCI. They have not even hit $1M in sales total for Seroquel. And they were in the second round of approvals. I think the reason for this is the cost to manufacture Seroquel in Toronto is too high and they cannot compete. Thus, MNK just doesn't sell it. Also note the other two drugs partnered with MNK have yet to receive approval. IPCI should have considered selling off the generics over the toxic offering.
Effexor XR will not be successful in the hands of the Odidi's. They need to sell that approval right now.
IPCI should have considered selling off the generics over the toxic offering. If Odidi indeed cared about the company, the NASDAQ listing and shareholders he would have done that. The toxic offering will loom over this company for a really long time. But it will indeed force change and Odidi will eventually be kicked to the curb. That offering bought him another years worth of salary but sealed his fate that Boyd will take the technology.
Freed- I respect that you would not share the source. When I was in contact with Penna, I always respected his wishes to not post our direct conversations on the message boards. Penna was indeed aclass act. I am very disappointed that IPCI would not respond to me and other shareholders throughout 2018. The last time I spoke with Patient was around May. He told me things had never been better for IPCI. He also said PODRAS initial human studies results would be released June/July timeframe and IPCI was getting over a quiet period and that a steady flow of news should beginning soon. That news never came. The only time I ever talked to Odidi was after it came to light that he had started a new pharma company in China- Smart Pharma. An email I sent him must have hit a nerve and he felt the need to defend himself. I am greatly disappointed in IPCI. The lack of progress as well as not communicating with most shareholders throughout most of 2018. Granted, my emails have been highly critical of management, their decisions and the lack of pipeline progress. But I know others who were not critical that got cut off from communication as well.
Freed- Who are you speaking with at IPCI? Patient and others have not responded back to me for months?
Joby- Those warrants are the prefunded warrants. And they all will eventually be exercised. Once those are exercised, the float goes to above 22M. That leaves the other 17M warrants at 75 cents. That will put a lid on this thing for a long, long time. How Odidi thinks he could regain $1 compliance with selling all those shares at 75 cents is absolute lunacy... It goes to show he cared little about NASDAQ compliance and only about getting his hands on money to keep his salary coming in.
CJ- If you have done so much DD- what are the outstanding number of shares? What are the outstanding numbered of pre-funded warrants? What are the outstanding number of warrants exercisable at $0.74?
jobynimble- Well said. These people new to this stock do not understand how badly Odidi has screwed shareholders in the last couple years. The bottom line is he never ever delivers on pipeline advancement and revenue. It took him since 2010 to get Effexor XR approved. There are 11 other manufacturers of this drug that beat Odidi to the party. Many filed many years after IPCI and got approval and have been shipping for years. In Odidi's hands, Effexor is a worthless approval. Lets hope he sells it outright... But we know he won't, as he has his private company in China that he plans to capitalize with personally on these approvals paid for by IPCI shareholders. What a better plan than to drive IPCI into the ground and buy the approvals on the cheap. Then he takes them to China and has all the profits for himself...
CJ- My advice to you is get out before you lose a ton of money. Odidi is good at one thing. Burning shareholder value and money. You are new to IPCI... Many of us have been here for years, and watched Odidi flail and flounder and drive this company into the ground. So take a tip. If you get a chance to get out, do it...
Freedfish- I agree that Boyd will own IPCI. But the question I have is are Boyd and Odidi working together? If they are, it seems like collusion. I hope Boyd IS NOT working with Odidi. As Odidi needs to be kicked to the curb real soon. If Odidi and Boyd are not working together, that last offering pretty much sealed Odidi's fate. He will be ousted eventually. It may take another year... But if Odidi and Boyd are not working together, his days are numbered.
Con artists...
wimike- To answer your question from before. Yes I will go for walleyes in mid March to early April. You can come along if you want. I did get an 11.5 lber two years ago. Let me know if you want to go.
This approval is about as relevant as a tri hull boat Let's see if Odidi can prove me wrong and partner and sell this in the US. My guess is he can't.
Effexor is pretty much a worthless approval fro shareholders. Unless Odidi can partner it in US... But it is not a worthless approval for Odidi, as he and his wife probably get a big bonus... How just is that... He just screwed all long term shareholders, then a worthless approval comes along and that prick will take a bonus like he did a good job. No bonus should be paid. Odidi should have to answer why it took way to long for this approval and it is now virtually worthless...
So what does IPCI do with an approval for Effexor? Do they have any plans to market this in the US? Or is it similar Keppra and Gluco? Maybe we get a PR about the approval with a sidenote that they have an unnamed partner for Effexor in Vietnam, Philipines and Malaysia... And that they cannot disclose the financial details on it either. Come on Odidi... Show me I am wrong... Announce a US partner for Effexor...