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I agreed w/Saltz that Pourhassan is a used car salesman, and not a very good one at that.
Balls pointed out the financing recently obtained by Resolute, another Paulson company.
Resolute had dropped to .11, was completely out of cash, and appeared to be on life support.
Despite that, Resolute managed to snag $25-$45M from two legitimate Korean companies. As an early stage investor in Resolute (formerly AntriaBio), I was pleased with this financing.
My Paulson rep, who got me into both Resolute and CYDY, told me he was frustrated and disgusted that CYDY could not obtain financing of this type.
A company is only as good as its top tier management, and our CEO is incapable of obtaining needed financing, or inspiring the confidence from BP to entice an investment in this company.
If the board does not replace Pourhassan, and quickly, they are breaching their fiduciary duty to shareholders.
LM
Pourhassan should never again be allowed to speak publicly for Cytodyn. He simply does not inspire confidence, while disrespecting his shareholders who pay his overly generous salary.
Pourhassan may be doing a bang up job behind the scenes; although he clearly has failed in raising capital, or in getting the word out of PRO 140. However, he is unquestionably failing miserably in presenting a positive image for the company.
Hopefully, the new board will see the wisdom in finding someone other than Pourhassan to hereafter speak on behalf of Cytodyn.
We, the shareholders, are deserving of someone better than Pourhassan to speak on behalf of our company.
LM
Any sale of the company would have to be approved by the shareholders. Let's hope that happens soon.
LM
With 92%+ for mono BP should be kicking CYDY's tires.
BP is not concerned about another HIV combo drug being approved as this does not threaten their shared stranglehold on the HIV market.
However, now that CYDY has announced 92% of 700 mg patients have VL of less than 50 copies in a mono trial, GILD, VIIV, and the other HIV players must be sitting up and taking notice.
It's now a game of chicken, and someone will buy or partner with CYDY long before PRO 140 is approved, IMHO.
I believe anyone who sells now is likely to have a very bad case of seller's remorse.
LM
MatinasBiopharma is anxiously awaiting the details of the Vascepa trial to be announced today. If the Vascepa trial details are positive, Matinas will be the beneficiary as its drug, MAT 9001, beat Vascepa in a head to head comparative trial, the results of which are posted on Matinas' website.
Matinas is hoping Vascepa creates a big market for omega drugs which it can later enter when its superior drug is approved.
LM
I truly hope that is not the case as I do not want our money wasted on any bloated salaries.
LM
The results of the vote have to be announced. If the shareholders vote for an advisory vote on executive compensation, the board would almost certainly follow suit.
LM
I voted for all directors except Pourhassan as having Pourhassan on the board is like having the fox guard the hen house.
LM
Vote yes by proxy on shareholder advisory vote on executive compensation.
When vote thereafter comes up, vote no on compensation for Pourhassan of more than $250K per year.
LM
CYDY is asking for shareholder advisory vote on executive compensation. I vote yes, for an advisory vote, and no, on continuing to pay an exorbitant salary to Pourhassan.
LM
BOD should be searching for a new CEO.
The newly composed board of directors is too sophisticated and knowledgeable to allow the company to continue to be led by Pourhassan.
So, my guess is that a search is underway for a new CEO.
Pourhassan would remain on as president.
In the meantime, everyone should vote against the exorbitant compensation package for Pourhassan at the upcoming shareholder meeting, or by means of written proxy.
Shareholders should also raise their objections to Pourhassan's compensation at the next shareholder meeting, and on the next investors' update call.
Pourhassan is undeserving of the $1M plus compensation package he has been receiving for many years, none of which was reinvested in the purchase of stock on the open market.
This is our money that Pourhassan is taking, and we have the right, if not the obligation, to see to it that the Pourhassan gravy train stops now.
LM
MAT 9001 Beat Vascepa In Head to Head Trial.
While MAT 9001, Matinas Biopharma's (MTNB) omega drug, handily bested Vascepa in a head to head trial, the market cap of MTNB is a tiny fraction of that of Amarin (AMRN).
That would make no sense even if MAT 9001 was MTNB's only drug.
However, MAT 9001 is a secondary drug in MTNB's portfolio.
MTNB's primary drug is a lipid nano crystal (LNC) drug delivery system that allows for efficacious but highly toxic drugs to be administered without any toxicity.
The NIH has invested over $15M in MTNB's LNC drug delivery system, and is continuing to fund additional trials at this time.
Thus, MTNB has two very valuable franchises; omega and LNC.
Given the great potential of these two drug franchises, it is surprising the market cap of MTNB is a tiny fraction of AMRN which has only an omega drug that, while paving the way for MAT 9001, is likely to eventually be supplanted by it.
LM
What "current Paulson raise" are you referring to?
I am not aware of any current plans of CYDY can raise more money through Paulson.
LM
The Pestell presentation should be simplified and posted on Seeking Alpha, and otherwise publicized to the investing public.
I agree Pourhassan won't be terminated. However, the company desperately needs a competent CEO, which I expect them to get, while retaining Pourhassan as president.
Pourhassan's bloated compensation, over many years, which he has not used to purchase any company stock, adds insult to injury.
Like you, Saltz, I am heavily invested in CYDY through many Paulson raises, and don't like to see my money spent frivolously on an overpaid and under performing CEO.
LM
If memory serves, Pourhassan is divorced.
If you have any information that Pourhassan's current wife, assuming he has one, purchases CYDY stock, I would be most interested in knowing when and how much.
I agree that Pourhassan is overpaid.
Given his performance, and lack of stock purchases, I think his compensation package is grossly excessive.
LM
Shareholders should vote to reduce Pourhassan's excessive compensation.
According to the latest 14A, Pourhassan received compensation totaling about $2.4 million over the past three years.
During this time, Pourhassan has purchased no stock, the share price has dropped from around .80 to .55, no viable funding has been acquired, and many promises have been made that turned out to be false.
Although I do not diminish some of Pourhassan's accomplishments during the past three years, shareholders have lost money, while he has received compensation equivalent to that of highly successful heads of far more successful and prominent companies, while not investing any of the bounty he has received back into the company through the purchase of common stock.
While we can argue over whether Pourhassan should be retained in any capacity--I am of the mind he should, at most, be retained as president, and a new CEO brought on board--no logical argument can be made for him to receive compensation of anything close to $1M per year he is receiving for 2018.
I would therefore strongly urge all shareholders to write to the board, and lobby for a substantial reduction in Pourhassan's compensation package for the next fiscal year, and for the replacement of Pourhassan with a more competent CEO.
I would also urge everyone to vote against any advisory compensation package for Pourhassan that exceeds $250K per year as this is more than fair compensation for the head of a clinical stage biotech that has dropped in value under his regime.
LM
Four Guesses At to Why Shareholder Meeting Postponed.
First, to give CYDY more time to consummate the merger with Pestell's company, so it can be announced at the meeting.
Second, to announce the hiring of a new CEO.
Third, to allow more time to obtain results of 700 mg study.
Fourth, to allow for more time to finalize some type of non-dilutive funding to be announced at the meeting.
LM
Dr. Pestell unquestionably views PRO 140 very favorably.
He probably agreed to merge his company with Cytodyn because of the science, and in spite of weak management.
If Cytodyn were to hire a truly inspiring CEO, we would be far more likely to have a successful outcome than if Pourhassan remains in charge.
One can never over estimate the value of truly talented management, and conversely, how inept management can inhibit success.
The people who are now involved with the company must surely know this, and will push for a change at the top.
LM
Misiu:
It takes really good management to orchestrate a favorable buyout.
We have some good management pieces in place, especially Dr. Pestell, but need someone at the top who is an effective leader that will inspire confidence in prospective partners, as well as among the shareholders.
Pourhassan may work well behind the scenes, I don't know, but he is not an effective leader, and as the spokesperson for the company is totally ineffective.
Thus, we need a change at the top, and we need it very soon.
Thank you for your continuing comments on the medical aspects of PRO 140.
I find your comments very informative.
LM
Omega while valuable is only MTNB's secondary franchise.
MTNB's primary franchise is a lipid nano crystal delivery system that allows for highly toxic drugs, such as amphotericin B and amikacin, to be delivered safely, more effectively, and more conveniently than their non-encochleated counterparts. That is why the NIH is solidly behind Matinas, and is pouring tens of millions of dollars into its drug delivery platform.
In addition, MAT 1009 handily bested Vascepa in a head to head comparator trial on all leading biomarkers including reduction of triglycerides and cholesterol. So if Amarin, whose primary product is Vascepa, has a market cap of $5.5 billion, MTNB's market cap of $75 million cannot stay at this price very long. Add in the value of Matinas' lipid nano crystal delivery platform, and it appears even more certain that Matinas is horribly mispriced.
At some point the market will catch up with Matinas, and when it does, I expect the SP to explode to the upside.
LM
I expect Cytodyn to hire a new CEO.
The new people now on board, such as Klump and Pestell, are wise and sophisticated enough to know this company desperately needs a new leader. I therefore expect to hear, in the not-too-distant future, that a new CEO has been hired.
Although this might be wishful thinking, I cannot fathom Pestell hitching his wagon, and his future success, to a company led by Nader Pourhassan, any more than I can imagine Klump investing $5 million in a company that will be led by Pourhassan in perpetuity.
This company holds great promise that can only be unlocked by a great leader.
For these reasons, I expect to hear an announcement within six months that a new CEO has taken the helm of this fledgling company, but hope such an announcement comes much sooner.
BL:
I agree with you that Pourhassan should not be the face or mouth of this company as he presents poorly, makes statements that are later shown to be false, and does not appear to have a good handle on the facts, or the workings of the FDA.
I would add that I think the CFO, Mulholland, is equally inept.
Mulholland comes across as evasive and overly defensive.
The CEO and CFO of a company should inspire confidence
When I hear Pourhassan and Mulholland speak, I either cringe or bristle.
If I had my druthers, both would be replaced with competent management asap.
Fortunately, we now have the very competent, and well respected, Dr. Pestell involved with the company.
The more Dr. Pestell can be involved with, and speak for, the company, the better off we will be.
LM
Why don't you go and find out for yourself what these key executives have to say.
Surely, you are not opposed to doing due diligence on the company you have been attacking on this site.
LM
Rolling:
The meet and greet is tonight at 6:30 pm in Redwood City.
Perhaps you should sign an NDA and attend.
This might clear up some of your questions regarding the company.
LM
The meet and greet with Drs. Pourhassan and Pestell is August 23, 6:30 to 8:30 pm.
This is a private event for qualified investors who have signed a NDA.
I highly doubt there will be a PR following this event.
LM
Thanks for the information.
In my opinion the total compensation paid to Pourhassan and Mulholland is much too high.
Given how much money he has taken from the company, it is disappointing that Pourhassan has not purchased any stock.
LM
I would welcome any information you can provide on the compensation packages for company
You are welcome BL.
Fines:
That's what I have been told.
I was never advised of any other date.
LM
Paulson Meet and Greet Next Wednesday Redwood City.
Drs. Pourhassan and Pestell to host.
Appears Dr. Pestell is fully onboard (although not on board).
LM
Amateur:
Mono will be approved as a label expansion after combo is approved.
This will likely require no further mono trials than those that are already ongoing.
The timeline you suggest would apply only if mono was the first approval being sought for PRO-140.
However, a label expansion for an already approved drug does not entail the rigors or long timelines required for an initial drug approval.
Pourhassan spoke on this subject in the last shareholder call that you might wish to read or listen to.
LM
Many board members have much skin in game.
That is a really good sign as directors know far better than shareholders what is going on with the company.
The prominent exception is Pourhassan who has still failed to purchase any shares.
Even a nominal purchase by Pourhassan would send a positive signal to the market.
CYDY directors have much skin in the game.
Between them, directors Jordan Naydenov [5.3M] and Carl Dockery [7.7M] own almost 13 million shares of CYDY stock.
Tony Caraciolo invested $1.0M in the convertible note, which he converted, and his family members have invested a great deal of their own money as well.
Dr. Pestell will likely soon own a substantial number of shares once the buyout of his company is consummated.
Although I would like to see Pourhassan invest in the company alongside these directors, the fact that three directors, as well as our CMO, are (or in the case of Dr. Pestell, soon will be) so heavily invested gives me great comfort and optimism while we painfully watch the SP hover around $.50.
LM
CYDY is clearly looking to sell or outlicense.
At yesterday's SSS conference, Pourhassan strongly implied the company is actively seeking a suitor to either buy the company or out license PRO 140.
When specifically asked about that subject, Pourhassan stated he was unable to say anything due to what he termed "confidentiality."
Although it might be premature to find a suitor or licensee, that appears to be the company's near term goal at this point.
Bringing Pestell on board might be a drawing card to potential suitors, along with excellent results in two late stage HIV trials, and the potential for other indications including GVHD, MS, and cancer.
The recent 50% run-up in the SP could be a sign that others suspect a buyout or licensing agreement is possible in the near future.
LM
Whoever leads the CC next week will give us a very good idea of who will be in charge going forward. I personally hope that Dr. Pourhassan quickly hands off the call to Dr. Pestell who I perceive as being better able to lead the company forward from this point on.
LM
I agree with 2Live Crew.
If anyone has information that refutes claims made by CLOK, then lay it out for everyone to examine and consider.
LM
It would be helpful if you would first quote the allegedly erroneous statement made by CLOK, followed by a quote from the sources which show the statement to be false. The reader would then be able to determine for him/her self whether the statements made by CLOK are inaccurate, as you contend.
2Live:
I would be most interested in knowing the basis for your contention that the statements you identified in red are, in fact, inaccurate.
Thank you.
LM