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Suggestions to Pourhassan For the Next Interview
"A total of four out of nine patients have extubated their ventilators within three days"--Chris Sandberg, Insider Financial.
This is what Pourhassan should have said in response to any number of questions posed to him today by Charles Payne.
If the questions were bad, and Payne's questions clearly were, Pourhassan needed to pivot, and respond with the information he wanted to provide.
So, if Pourhassan ever again gets an opportunity to be interviewed, the first words out of his mouth should be:
"Of the ____seriously ill COVID-19 patients who have been treated with Leronlimab, _____have extubated their ventilators within___days."
If Pourhassan says this, and nothing else, he will have given a great interview.
LM
Correction, extubated.
I hope you are correct, and other patients in the group of 15 are entubated.
LM
I know Covid-19 is very important, and has understandably occupied much of management's time of late.
However, management should have the time to post an update on the cancer studies, as well as the filing of the BLA.
LM
Saltz:
I am still not clear if 4 out of 8, 4 out of 9, or 4 out of 15, have extubated, as I thought CYDY only had data for the first 8 patients.
What's your take on this?
LM
I think today's video stated that 4 out of 15 patients have now extubated.
However, that is still not clear to me as it was previously reported that Cytodyn only had results for the first eight patients.
It would be wonderful to get some clarity on this, and the state of all COVID-19 patients being treated with Leronlimab.
Whoever is writing Cytodyn's press releases is not doing a very good job in my opinion.
It would also be great to get an update on the tNBC patients, and the patients in the basket trial.
LM
Proposed Re-Draft of Today's Press Release
Below is an email sent by me today to Dr. Pourhassan suggesting a proposed re-write of today's press release:
Dr. Pourhassan:
Cytodyn’s press releases, such as that issued today, are vague, ambiguous, and very difficult to interpret.
Below is a suggestion as to how today’s press release could have been written more clearly:
First Two Patients Enrolled in FDA Suggested Randomized Phase 2, COVID-19 Trial For Leronlimab;
15 Severely Ill COVID-19 Patients Have Been Treated With Leronlimab Under Emergency IND With Results Now Available for the First Eight;
Four Out of Eight Patients Treated Under Emergency IND Have Extubated;
Results For the Remaining Seven Emergency IND Patients Are Expected Shortly, and Will be Provided to the FDA.
VANCOUVER, Washington, April 06, 2020 (GLOBE NEWSWIRE) -- CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company"), a late-stage biotechnology company developing Leronlimab (PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications, announced today that the first two COVID-19 patients have been treated with Leronlimab under the Company’s Phase 2 randomized clinical trial, which is for patients with mild-to-moderate indications. The Company anticipates that enrollment of additional patients will accelerate this week at _____clinical sites located throughout the United States including New York City, San Francisco, Detroit, New Orleans, and Seattle. [location of sites to be verified by Cytodyn]
In addition, Leronlimab has been administered to 15 severely ill COVID-19 patients at four hospitals under an emergency investigational new drug (EIND) program approved by the FDA. 10 of these 15 patients were treated at a leading medical center in the New York City area, while five other patients were treated at three other hospitals.
CytoDyn also anticipates initiating a second clinical trial this week for severely ill COVID-19 patients. This second trial, which is an FDA approved Phase 2b/3 trial, will enroll 342 patients, and is double-blinded with a 2:1 ratio (drug to placebo ratio). Patients enrolled in this trial are expected to be administered Leronlimab for two weeks, with the primary endpoint being the mortality rate at 14 days. The Company will perform an interim analysis on the data from 50 patients following two weeks of Leronlimab treatment.
Bruce Patterson, M.D., Chief Executive Officer and founder of IncellDx, a diagnostic partner and advisor to CytoDyn, commented, “We are encouraged by the positive results demonstrated with Leronlimab in the New York patients. Our team is working hard to distribute Leronlimab to multiple clinical sites to initiate therapy in patients with severe COVID-19 disease. While every patient is experiencing different comorbidities, we are seeing similar clinical responses, which we believe is a reflection of Leronlimab’s mechanism of action.”
Nader Pourhassan, Ph.D., President and Chief Executive Officer of CytoDyn, said, “Our partnership with the New York medical team and now other hospitals has been exemplary. We are collaborating in every aspect to deliver Leronlimab to patients in order to provide proof of concept as soon as possible. The outstanding coordination among the physicians, the hospital administrators, the FDA, and our team, will hopefully help mitigate the deleterious effects from this pandemic should we prove Leronlimab as a solution. The lead physician in New York is a true medical hero, who deserves to be recognized for his contribution to humanity in the pandemic of COVID-19. We are very hopeful of sending the day three and day seven results of the first ten EIND patients to the FDA by the end of this week.”
Thank you,
Keep it up Saltz.
Your posts are entertaining for us, and probably cathartic for you.
LM
Thanks Saltz.
I am still fully invested, and am closely watching all of the events unfold.
I greatly enjoy your posts, especially when you spar with some of the knuckleheads.
Hope you and the family are staying safe and sane in these crazy times.
LM
The latest Pro Active video had over 4,700 views.
In the past, the Cytodyn Pro Active videos had only a few hundred views.
In that far more eyeballs are now on the company, Cytodyn has an opportunity to generate much more positive interest among prospective investors.
Thanks for your input and support Saltz.
LM
As Ohm points out on the other board, there is much greater scrutiny over the actions of a board in the case of NASDAQ listed stocks than OTC stocks.
While on the relatively unregulated OTC, Pourhassan and the board have engaged in acts, that, in my opinion, are highly unfair to the shareholders.
I would feel this way whether the stock price was 50 cents or fifty dollars.
A board of directors has a fiduciary duty to protect the interests of the shareholders.
In my opinion, our board is putting their own economic self-interest above that of the shareholders.
I invest in a lot of companies, and I cannot think of any company, especially one without an approved product or any revenues, where the CEO has taken as much out of the company as has our CEO.
Every share of stock Pourhassan and the board give to themselves is money that comes out of the shareholder’s pockets in the form of further dilution.
I invested a lot of my hard-earned money in this company, and I deeply resent Pourhassan and the board giving themselves free stock that I worked for years to pay for.
As some others like to say, all in my opinion.
LM
Well said, IG.
Greed is greed regardless of whether the share price is 50 cents or 50 dollars.
For $1.5M per year, Pourhassan is greatly overcompensated in my opinion.
I find it insulting that Pourhasssan would take an additional 6,000,000 shares for doing his already highly paid job.
I find it equally insulting that the board would choose to line their pockets at the expense of us shareholders.
LM
The "compensation committee," which consists of directors Kelly and Naydenov, not only voted to award 6,000,000 "performance shares" to Pourhassan, but 2,500,000 and 1,500,000, performance shares, respectively, to themselves.
That, to me, seems like a conflict of interest.
I wish we had an independent board of directors that was looking out for the interests of the shareholders, rather than for themselves.
LM
Sweetheart Placement Given to Director Welch.
The company yesterday announced a $7-plus million placement with shares well below the current SP, and favorable warrants added as a kicker.
It now appears that rather than offer this below market deal to what Pourhassan frequently refers to as "our loyal shareholders," it was instead offered to company directors.
Thus, it was announced today that one of the lucky buyers of these below market shares and favorable warrants was director David Welch.
In my opinion, this represents yet another act of corporate greed in which our management and board place their own financial interests above those of the shareholders.
LM
Contact Information for CYDY Board Members
I have written to all CYDY board members to object to, and ask the basis for, the 11,000,000 share "performance bonus" that was announced yesterday.
I also objected to the amount of Pourhassan's $1.5M compensation package.
Although some may choose to defend Pourhassan's compensation, it is difficult, in my opinion, to justify the 6,000,000 share performance bonus awarded to him in addition to his compensation package, even if the FDA grants BTD for Leronlimab for breast cancer, as seeking BTD is part of a CEO's job duties.
I further objected to the board awarding themselves performance bonuses as I view this as a conflict of interest akin to the fox guarding the hen house.
Should anyone wish to contact CYDY board members, the contact information I have for them is as follows:
Jordan G. Naydenov
Milara, Inc.
49 Maple Street
Milford, MA. 01757
jordan@milarasmt.com
508-533-5322
David F. Welch, Ph.D.
Infinera Corporation
140 Caspian Court
Sunnyvale, CA. 94089
Scott A. Kelly, M.D.
C/O Resurgens Orthopaedics Spine Center
6635 Lake Drive
Morrow, GA. 30260
404-229-6606
770-968-1323
Alan P. Timmins
Financial Affairs, MSC 171
500 N. Willamette Blvd.
Portland, OR. 92703
timmins@up.edu
LM
Is is important that our PR company find a way to get this exciting news to get picked up by the networks.
When Leronlimab gets national exposure, the SP will react accordingly.
I like Christine Corrado, but we need some real news coverage.
LM
If Cytodyn sells for $50, I will be able to purchase a casino in Las Vegas for our big celebration.
LM
Let's hope things go so well that we have that choice.
LM
Cytodyn will never reach $10, much less $100, for one simple reason:
If the data is sufficient to support a SP at those levels, it will be purchased by a BP long before then.
Here's to hoping that we have such a "problem" to contend with.
LM
Most warrant holders hold onto their warrants until they are about to expire.
That is what I would have done if not for the TO that gave me an incentive to tender because of the lower price.
If further funds are needed, prior to the milestone payments kicking in, I would rather do this by means of another TO, than another highly dilutive Paulson-type raise as have occurred in the recent past.
This not only rewards loyal shareholders, and is less dilutive, but as Saltz points out, cleans up the balance sheet as well.
LM
The warrants and low share price given to insiders seems to be unduly wasteful and unfair to the shareholders in light of the current SP.
I am all tendered out.
However, for those that waited for the SP to move before tendering, this would give them a chance to do that.
LM
Now might be a good time for a warrant tender offer for those loyal shareholders that did not take advantage of the prior tender offer.
At today’s share price, a TO at say $0.50 might be attractive.
This is a possible way to raise capital, while getting outstanding warrants off of the books.
LM
A few questions need to be answered regarding the terms of this agreement in order to know just how good it is for CYDY:
First, how large, and how good, is Vyera's sales force?
Second, how much of the "up to $87.5 million" will CYDY receive now, how much upon submission of the completed BLA, and how much prior to approval of combo?
Third, what is the share price for the $4M in registered direct stock Vyera will be buying, and when will Vyera be purchasing this stock?
Fourth, when will the signed agreement with Vyera be publicly disseminated so the market can judge for itself just how strong a deal this is.
Until such details are disseminated and understood, I do not expect a huge pop in the SP.
LM
Let's hope we get some direct answers to these important questions in today's call.
LM
Funny, but probably true.
Following is an email sent today to NP.
Nader:
In today's call, please explain the following:
1. The reason the non-binding agreement, you told shareholders would be concluded long ago, was put on hold;
2. The status of other licensing/partnership agreements;
3. What happened to the non-dilutive financing you announced would be attained by the end of 2019;
4. The status of the final BLA submission;
5. The status of efforts to sell Dr. Pestell's prostate cancer test; and
6. The reason you have never purchased any stock.
In today's call, please do NOT speak about the following:
A. The share price being too low;
B. Our "loyal shareholders";
C. Leronlimab being the next Humira; and
D. The company being "very close" to making a deal, obtaining non-dilutive financing, or doing anything else, for that matter, unless concrete details and actual dates are announced.
Thank you.
I have often questioned why Pourhassan does not purchase any CYDY stock.
Of course Pourhassan can purchase CYDY stock, as other directors have done; he simply chooses not to do so.
When I asked Pourhassan in an email why he had not purchased any stock, he declined to answer, stating, tersely, that he had explained his reasons in at least five shareholder calls.
I do not believe Pourhassan has ever publicly explained his reasons for not purchasing stock; however, if anyone can recall such an explanation, please let me know what he said, and when and where he said it.
In the meantime, Pourhassan continues to take a very rich $1.6M compensation package that is being paid for with the sale of highly dilutive registered direct stock, plus $0.30 warrants.
And this after telling the shareholders in the last call that there was no further need for dilution as he had procured non-dilutive financing, to go along with the lucrative non-binding agreement, that would become a signed agreement in six weeks.
Such broken promises, along with many others, concern me greatly.
At this point, I don't believe anything Pourhassan says, and unless I see something stated in an SEC required PR, I will not believe it.
So, to me, the upcoming conference call means nothing, as I can't believe anything Pourhassan says.
I agree with Saltz; Pourhassan needs to be replaced, and replaced NOW.
These are of course only my opinions, and I respect the right of others to disagree.
LM
For you die hard Pourhassan supporters, ask yourself this:
Why are many large shareholders, who have supported Pourhassan for many years, now asking that he be replaced?
If you were honest with yourself, you would see that your blind allegiance to Pourhassan is unfounded.
We all have too much to lose to continue to support someone who I truly believe lacks the competence to successfully lead this company.
LM
You can add my one million shares to the oust Pourhassan tally.
Perhaps ousted director, Carl Dockery, whose fund at one time owned a lot of shares, would also vote to oust Pourhassan.
Then, of course, there is Dr. Pestell.
LM
Saltz: Your critique of Pourhassan is dead on in my opinion.
I cannot understand why any intelligent investor would continue to believe in this guy when he has proven his incompetence and lack of veracity, in my opinion, for many years.
I recently reached out to Pourhassan,and asked him why he had never purchased any company stock.
Rather than answer this very simple and clearly relevant question, Pourhassan said he had answered this question at least five times in shareholder calls.
I have listened to most, if not all, of the shareholder calls over the past few years, and cannot recall Pourhassan ever explaining why he never purchased any stock.
My distrust for Pourhassan, and lack of confidence in his ability to lead this company, grows with each passing day.
I agree with you that a change in management is needed, and needed NOW.
All in my opinion.
LM
I could not agree with you more, Saltz.
After years of living with Pourhassan's broken promises, arrogance, and other acts of managerial incompetence, I am convinced, beyond question, that CYDY will succeed only if Pourhassan is replaced with a competent CEO.
BTW, I asked Pourhassan in an email why he has never purchased any stock.
Pourhassan responded by saying he had explained this in at least five shareholder calls, and failed to provide a direct response.
If anyone can recall Pourhassan explaining in any call why he has never purchased any stock, please let me know so I can put this troubling issue to rest in my mind.
All in my opinion of course.
With that, I wish everyone a very happy Thanksgiving.
LM
Now that's an insider who shows he believes in his company.
https://email.seekingalpha.com/news/3513096/track?type=click&mailingid=3513096&messageid=2900&databaseid=&serial=2900O3513096O1572621192560.0.330b2d54c7056e29f50d06c194f7638e&emailid=766987&userid=766987&extra=&&&3000&&&https://seekingalpha.com/account/email_auth?auth_param=nd0b:1eroiso:60ffb5d04b5ef3fdecdc1bea2a8d1e7a&ref=%2Fnews%2F3513096-kmi-shares-rise-richard-kinder-buys-300k-shares%3Fsource%3Demail_rt_mc_title%26app%3D1
Well said Blueheel.
I, too, become discouraged and deflated, rather than optimistic and encouraged, every time I hear Pourhassan speak.
A good leader should inspire confidence.
Pourhassan is the antithesis of what a good leader should be, in my opinion.
Let's hope the board finally does the right thing, and replaces Pourhassan with a competent, seasoned biotech professional to lead this company.
Should the board fail to replace Pourhassan they will, in my opinion, be breaching their fiduciary duty to the shareholders.
All in my opinion.
LM
Saltz: I agree with everything you say about the reasons Pourhassan needs to be replaced.
I differ with you slightly only in that I believe Pourhassan needs to be replaced now regardless of whether he comes through on the licensing deal, for all of the reasons you brilliantly articulated.
For those who wish to write to the board, the following are what I believe to be their mailing addresses:
Scott A. Kelly, M.D. (Chairman of the Board)
C/O Resurgens Orthopaedics Spine Center
6635 Lake Drive
Morrow, GA. 30260
Jordan G. Naydenov
Milara, Inc.
49 Maple Street
Milford, MA. 01757
David F. Welch, Ph.D.
Infinera Corproation
140 Caspian Court
Sunnyvale, CA. 94089
Michael A. Klump
Argonne Capital Group, LLC
3060 Peachtree Street NW
Suite 425
Atlanta, GA. 30305
Cytodyn, Inc.
1111 Main Street, Suite 660
Vancouver, WA. 98660
LM
BP AZ gets an accelerated PDUFA date for a breast cancer drug following a Phase 2 trial.
https://www.fiercebiotech.com/biotech/astrazeneca
Compare the ProActive interview with this clinical stage biopharma CEO with that of Pourhassan.
https://www.proactiveinvestors.com/companies/news/904881/matinas-biopharma-begins-phase-2-clinical-studies-to-treat-cryptococcal-meningitis-904881.html
It takes good management to make a company successful.
We have great science, and a terrible CEO.
Whether the science can overcome the ineptitude of our CEO is what makes this such an intriguing investment.
I am sticking with my very large investment because I believe in the science despite my serious misgivings about the man at the top.
I can only hope the Pourhassan supporters are right about him.
LM
Interpreting what Pourhassan says in the calls and paid interviews all comes down to whether you find him to be credible.
Many people on this board have strong opinions regarding Pourhassan's credibility, one way or another.
We should soon know which side is right.
Reading the Pourhassan tea leaves, while a good parlor game, serves no purpose other than to allow the constituents on both sides to vent.
LM