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Freed- Yes I agree the tech will go to Boyd eventually. IPCI will be closed down. Odidi will go to a second rate university and thump his chest and say see how many patents I have... But the students need to ask how much revenue did those patents generate? And why are they now owned by Cerecor? The sad thing about this is that IPCI shareholders will never get their lost money back as I feel Boyd will take this company over as cheaply as he can. That last offering pretty much ensured that.
Bernstein- Obviously if IPCI can start selling to these markets it will help. Any additional revenue is positive. I just wish they would give us a timeframe on when they expect to start selling to these markets. And how much they plan to sell. They don't have to give an exact date but a range would be nice like:
1. We plan to begin selling to these markets within 3-9 months...
2. Expected revenues from this market is between $x-y annually...
I don't think that is too much to ask for.
Chain- I will agree that Dr. Odidi took this thing to a penny stock all by himself. If he would have delivered and got approvals, got drugs commercialized and advanced the pipeline, the PPS would of went up. But he did not and the pipeline has grown stagnant and stale, thus the company is not worth crap. Odidi did this all by himself. Lastly he financed the company with the help of bottom of the barrel bankers. And they are just doing what they do. If you deliver, they make their money going up. If you don't, they make their money going down.
Fabius- He should have wrote it like this:
We are going to start selling our products in a couple of third world countries. And by the way we don't have the approvals yet and we can't tell you the name of the distributors or the terms...
Amigo- I cannot disagree with you that this is a small ray of hope. But the thing that irks me is why was this not being negotiated when Seroquel was about to hit the market? The second thing that irks me is it appears they have just started down the approval path... That should of been done years ago. Odidi is always a day late and a dollar short.
Doog- Yes I think they got an extension until February. So my guess is they will get an extension for the extension and get this refilled just before they need to do the next offering. They probably got about $10M in the bank right now, so the piggy bank is full for the next 8 months. This will give Odidi plenty of time and money to jet set around the world and thump his chest saying see I am the bigshot CEO of IPCI and we innovate and develop this and that... He probably will go to China on IPCI's dime and work on his private company too. When really he should be focusing on IPCI's pipeline and putting his nose to the grindstone in Toronto. But we know that ain't gonna to happen! Nothing predicts future performance like past performance... Right
Fabius- Ever notice how when IPCI has money they never give any updates, etc.? But when they are looking for money- like early 2018- they publish a long list of things they will do in 2018. But now at the end of 2018, they have pretty much accomplished nothing on that list... Also, right before last offering, they said they would re-file Rexista NDA before year end. But now that the piggy bank is full, my guess is NDA won't be filed until mid 2019... Here's to the Odidi's...
Doog and Fabius - when you think they refile nda? My guess is mid 2019.
dumb and dumber- I like that... I am guessing they plan to receive notice and then tell NASDAQ they will do another reverse split. It will be either that or nothing. I say this based on how they dealt with NASDAQ in this past year.
Armistice has the potential with the 75 cent warrants to own about a third of IPCI. How do they get around this:
Under the terms of each of the Warrants, Armistice does not hav
e the right to
exercise any portion of the Warr
ants if, immediately after givi
ng effect to such
exercise, Armistice, together
with its affiliates, would benefi
cially own in excess of
4.99% or 9.99% (as applicable) o
f the number of Common Shares o
utstanding
(the “
Beneficial Ownership Limitation
”). Armistice may increase or decrease
the Beneficial Ownership Limit
ation upon delivery of written no
tice to the Issuer
subject, in all cases, to a maximum limit of 9.99%. Any increas
e in the Beneficial
Ownership Limitation
will not be effective until 61 days follow
ing notice of such
increase from the Armistice to
the Issuer. In addition, as a ho
lder of the Warrants,
Armistice has the right to participate in any rights offering o
r distribution of assets
(such as a spinoff) by the Iss
uer together with other holders o
f Common Shares
on an “as exercised” basis
.
The exercise price and number of Common Shares
issuable upon the exercise of t
he Warrants are subject to adjus
tment for stock
splits, reverse splits, and similar capital transactions, as de
scribed in the
Warrants. The Warrants may also be exercised on a “cashless” ba
sis in certain
circumstances.
As the percentage of Common Shares
over which Armistice exercis
es control or
direction if all of the Warrants
were exercised would exceed th
e Beneficial
Ownership Limitation referred to
above, Armistice has calculate
d its
securityholding percentage in thi
s report on a partially-dilute
d basis, to be 9.99%
of the Outstanding Shares.
Fabius- I have to wonder what Boyd wants with IPCI? You have to wonder if he only wants the tech? Maybe take it all the tech to Cerecor at some point? Or maybe he was just averaging down? But if he was averaging down, I think he would want price higher.
Fabius- Why would he want price to remain low before converting pre-funded warrants? He already paid $0.74 for them and gets to convert them for $0.01. So I don't know why he would benefit for keeping price down.
He also has 6 million firm warrants he can convert for $0.75. So by my estimation if he exercises all those warrants and all outstanding warrants are exercised, he will own about 12-13 million shares out of a total of approximately 40 million shares outstanding. Or roughly 30-35% of the entire company.
Fabius - so if Boyd has 6m prefunded warrants and 6 m warrants. At some point he will own more than 10%. So how does that work out? There is some 10% ownership limitation.
Fabius- He should update that bio to include how he has driven IPCI into the ground. Such that they have virtually no revenue and he is finding it harder and harder to raise money for operations.
Good luck Doog
I think Odidi was at Biovail for two years. And many other people contributed to Biovail's success before and after he left. He still is boasting about his day's with Biovail. Ancient history... What have you done for me today Odidi?
This profile is truly comical... Entrepreneurial acumen may A$$!
[/In the pharmaceutical industry, Professor Odidi is highly regarded for his entrepreneurial acumen, something rare for a scientist. Professor Odidi is also a highly respected innovator and inventor with a long history of success. i]
https://www.blackentrepreneurprofile.com/profile-full/article/isa-odidi/
BTJ, Doog, and Samsa- I really wish I knew the real story behind Patient leaving... I can only speculate but am guessing it is probably the same reason every other CFO left. Or at least similar. They always say they left for a another opportunity. But any opportunity is better than a sinking ship with an arrogant and idiotic captain!
Good question on why I continue to waste my time here. At some point I would like to see a pop so I can get out. But I have tempered my expectations as total idiots have run this company into the ground.
But they will burn all that cash in 9 months.
Bernie- Good for you on your entry. But don't be surprised if no news comes and this keeps dropping. Yes, you might get lucky and an approval hits and you can sell at $0.75-1.00. But if it doesn't you will likely be taking a loss as the price always falls over time without news. The reason for that is they are burning cash. I get that you might have a good trade entry point. But Odidi is an idiot and many have come here for a trade with high hopes to leave with a loss.
Bernie- Good luck to you, but many have gotten in for a trade and were trapped by Odidiot's incompetence. You might want to be careful as if the NASDAQ notice of delisting could be coming. So be on your feet with your trade!
Doog- That is the thing with Odidi... He always uses best case planning and never has a back up plan. He never thinks all scenarios through and creates a plan that will deal with all scenarios. He just thinks the best will occur and when it blows up in his face, he doesn't react or adjust. Odidi is not qualified to run a Subway shop. He would even be challenged doing that. And it would fail and go under. And yes, next ADCOM will be a disaster as well... As there will be questions he has no idea on how to address. He should take a look at ACRX. They just got an Opioid approved in the midst of a political sh*tstorm... Why? I would say it was because they partnered with the DOD... But hey what do I know. If Odidi thinks he can get Rexista approved without a strong partner, I think he is delusional.
Who will be Odidi's next lapdog CFO? LOL... I guess no urgency to hire as they don't need to dilute at this exact point...
Fabius- What about Odidi's trips to China? Did he do substantial personal business on IPCI's dime? I think there could be a real paper trail on those trips...
Fabius- I agree. The course is to take action against the board. Also drag in the old CFOs as well. They are still responsible for things that happened under their watch... My guess is they will be happy to cooperate.
Beach- Yes total SH*T show... When is someone going to sue the entire board for letting this go on and on and on....
I will just grab some more popcorn and continue watching this show.
Jack- To be honest I do not know... But based on Odidi's track record, I would not count on him doing much. I totally see the trade opportunity here. But that trade has risk as well. I still say this company is not worthy of investment. Why?
1. They have had many years to move pipeline forward. They have not. The value and market relevance of that pipeline is lowering every day.
2. They are not anywhere near cash flow positive status. That means at some point in 2019 there will be more dilution.
He never meets the schedule he gives. He will just ask for another extension and get one
Bernie and Amigo- I am hoping they can get Rexista approved. However I expect them to continue as they have been. Odidi will work at a snails pace and resubmit in mid 2019. That is what past performance dictates here. I remember talking to Penna numerous times as the Rexista NDA submittal kept getting pushed out. He said they were making sure to file a good application. Now I see it was an incomplete application.
Even after they file I see some potential issues:
1. They are relying on bioequivalence. No PH3 data... My guess is they get called out on this at ADCOM.
2. They did not redo bioequivalence and other studies after blue dye was removed. My guess is they get called out on this... Yes, allegedly the FDA said this was OK. But allegedly they said it was going to be OK just to submit IV HAP data... We all know how that worked out for them.
The way Odidi works with the FDA is a joke. He never has a backup plan and they always look like clowns with their submittals.
Bernstein- Beg to differ in opinion. The problem with Odidi is that he is an arrogant idiot that refused to admit he was doing a bad job at running IPCI. He just remained stubborn and has run the company into the ground. I still don't think he realizes this latest offering could likely force his removal as CEO. And he is not that great of scientist either. He develops generic drugs- that he can't partner... His tech has never, ever been licensed. His patents have never, ever been licensed. Everything he has developed has very little commercial value. This company is not worthy of investment. Yes, I see the dead cat bounce coming but that is about it.
Billem- I agree that Odidi should be kicked to the curb. He is an arrogant idiot that has proved time and time again he can't advance the pipeline... As well as every critical decision he needed to make/address he screwed up.
Billem- wrong... Price would go up but not that high as with exercised warrants that would mean a market cap of $200M. Not going that high just on that news.
Yes I can see how Bernstein and Amigo are in this for a trade. Everyone that is considering INVESTING in this company for long term should really take a look at what the company has done since 2013. Pretty much screwed up everything... That being said, you might be able to get a little bit out of a trade. However, I think the 75 cent warrants limit any real run. With those out there, I don't see how this goes past $1. Unless the plan is to run this thing up as far as they can, PUMP PUMP PUMP PUMP, and then offload as many of those shares on retail as they can. Then they will convert those warrants and cover that short... My guess is that is the plan.
Doog- I have a feeling that the IPCI board and IPCI management may soon find out what "Fiduciary Responsibility" actually means. Certainly they have been oblivious to this thus far.
Bernie and Amigo- I would say that IPCI has now less than $10M in cash. They were not paying the rent and bills were piling up. I am guessing that they had substantial bills to pay. Also there was a sizable commission paid to IPCI's wonderful friends at Wainwright. I guess I would not be surprised to see this sinking ship pay off the Odidi loans as well. Odidi is no fool and he will get his money before this ends up in the courts.
Bernie- I am all for IPCI delivering... But I have been around here since 2013 and it has pretty much been a downhill ride since the Focalin XR approval. So I would welcome seeing Odidi get off his lazy ass and do something for once.
Bernstein- What about all those warrants at $0.75... Those warrants push the float to almost 40 million... It is beyond ridiculous how Odidi let that happen. There were many other options... But Odidi always chooses the worst option!
Bernstein- If you really believe they will resubmit NDA this quarter... I have some land in Florida I want to sell you...