doog, I mentioned that as well in a post. However, I also pointed out it goes beyond just Sabby and Anson. together they only owned roughly 4 million shares. so, clearly there was a lot of smaller clients that were pulled together as well.

wimike, I doubt it. there would have been no reason to consolidate it in the first place then. especially with acquiring the rights from multiple clients. If they wanted to sell, they could have just sold. lets face it the parent got more than just the 8k shares the subsidiary owned.

Well clearly, the clients UBS obtained the shares from have been acquiring for some time. That's a given, what I found interesting was this note on NASDAQ. under institutional holders. the actual subsidiary held shares themselves and sold out last reporting period.

doog, not necessarily. the clients could have been aquiring the shares for a long period. if say 8 clients each holding say 2% none would have been required to file until the time they now joined the shares into one custodial account. triggering the over 5% rule.

we already knew Anso held 2.9 million. Sabby held 1. million which they no longer have to report. why? they could have held those shares under the subsidiary as one of the mentioned clients. now they are combining assets into one to act as a group to counter Boyds 20% of the company.

just a thought of course.

Mopar, what you posted is exactly how they just acquired the 7 million shares.


UBS AG (a wholly owned subsidiary) has delegated portions of its performance obligations with respect to the Auction Rate Securities Rights to certain clients and pursuant to which the securities reported herein have been purchased from such clients.

So clearly, they bought the shares from clients using their UBS AG services. now whose those clients are, we have no clue. Maybe someone like Sabby who held 1.1 million shares and no longer do. how did they get rid of that many shares without effecting the share price?

clearly there was a bunch of clients who they purchased the shares from. I really could care less as long as they hold the shares and take them out of the float! LOL

Fabius, It will be easy to show stockholder equity as long as we get above the $1 a share. That would give us close to 43 million market cap. as long as the 13G's that are filed show the large holdings continue to hold with just the recent UBS of 16% and Boyd of 20% you can prove 15.5 million of stock holder equity right there. This of course assuming they hold for a year.

Wim, LOL I was going to say the same thing. The article clearly mentions depression drug market. The only drug I know they have for depression is Seroquel. Unless someone is holding back on some serious cash, I can not see how IPCI would be classified as a major player. LOL

Swe77, well I for one still feel something is coming. I know, they have a past history. that which I can not discuss LOL. But, They know they are being watched. They put out clear guidance and stated they hoped to start Regabatin trials by year end (yes based on available cash is the way out) But they followed that up with they are evaluating partners and hoped to ink a deal by mid year.

If indeed they do ink a deal by mid year, the partner could start trials by year end but its getting close because they would need to start recruiting soon unless thats what they mean by starting.

compound that with the need for cash and the need to stay listed on NASDAQ, I just feel they need too and will.

That being said, I fully understand why no one would buy in at this juncture. but its strong enough for those of us longs to continue to hold.

lets be honest, if he does not sign a deal. He would lose the company as well as NASDAQ listing as they need cash by August. He would have to give away another 30% of the company at these prices just to keep the doors open anther Quarter. with Podras on the line would he really want to lose the company? I doubt it, but have been wrong before LOL.

wimike,it looked like a lot of wash trading to me. if you look closely at the board, you would see like 12k being sold then say a block of 5 bought and a block of 7 bought. 0ver 400k traded and we stayed within a penny. someone was moving something somewhere. LOL

Doog, That is what I expect to happen. I think in a previous post you said they needed money by June. I actually calculated and figured with cash on hand they would have enough till August but either way they are in need of cash. personally think thats why e linger here at 40 cent. seeing if another offering is in the mix.

personally, while we have our reservations about past practices and their decisions, I do not think he would be that dumb. knowing we only have till September for NASDAQ , coupled with needing money by August, assuming hey have these deals for Regabatin on the burner, I expect them to ink one in June.

we shall see. we technically are not short that much. only around 5%. so I think they are being used as Insurance by larger share holders. the just in case he does do something stupid.

wimike, my guess is wainright gave a $3 target because they got about 500k shares to get rid of. If you look they got their commission paid in shares. between the last 3 offerings they are a major shareholder and probably want to unload.

Fabius, well of course any settlement with Purdue is outside the regular streamline of the litigation. they have a separate mediating Judge for that and nothing shows up on the judicial portals. I can say it appears that Purdue is trying to continue to stall the regular proceedings based on motions that keep getting filed and then rejected by the judge. Those documents are sealed but they at least show up. so Its just the "feel" I am getting. I can not prove one way or the other. They already pushed back the Markman hearing once.I doubt the Judge will do it again without good cause.

Honestly, I still think the intent is as they laid out in the guidance. If they partner Regabatin by mid year (say end of June) That in my mind would give enough up front cash to keep them from diluting. Assuming they informed the NASDAQ about that potential deal, it is logical as to why they granted the extension and why only to September. Thats all the time they would need. I am sure even a small up front of 5 to 10 million would get us back above the $1 and we easily meet both the market cap and share price requirement.

Doog, The company is good until September 28th for NASDAQ requirements.

The hearing took care of the Stock holder equity question as well as the $1 dollar price target that was needed to be met by June. Both deadlines are now rolled into one.

Wim, very possible they do not. I do not even know how many firms are aware of its existence. Its not like the company even did any real promotion after they obtained the patents.

My guess is, once its proven they would start making contacts. then its difficult to say how long it would take to secure a license deal. I am sure he won't accept the first one.

Lets hope it does not go the way of Regabatin which should have been partnered 2 years ago.

well, I must admit in the recent and only discussion of the day, the real question in my mind is; does it matter if the company announces they started the Podras trials publicly or not?

The only thing that really matters is would see any spike on that news? My guess is no. Which probably is why the company has not PR'd it assuming they have started them as they seem to be communicating to callers.

I can see why the company would not PR it. One, they do not have too as its not associated any longer with any application. So why PR something that then if it falters would be a reason for the shorts to just short the stock again. Two, if they were to PR the start, then they would be obligated to PR the results.

We did not see any spike in price when they announced they received the patent. So at this juncture I can see them waiting until after they completed the trials (assuming they prove concept) to announce they proved concept.

If they can't prove concept they can keep that news tight lipped and make appropriate changes and try again. so my guess is the company doe not announce anything until they prove it.

That would or should have more of an impact to catch shorts in my opinion.

Doog, I think you covered the potential list ok. The problem is to take into account the manipulation. As soon as we get bad news they short us to He**. Now on good news we still languish.

we were holding steady at 60 cent prior to news of delisting. Now that is taken off the table until end of September and one would expect us to get back to where we were. However, almost a half hour into trading and we actually went down 4 cent for a trade. and just staying stagnate.

I guarantee had this been bad news we would have opened 10% lower and gone lower from there.

interesting read. deep down somewhere I believe that is what is behind IPCI's failed generic pipeline. Focalin sales strong as ever and yet now with all doses finally on the market, the revenue drops off the cliff? not to mention they failed to even launch the last 2 doses for over a year after final approval.

MNK just as bad. do not hand me that garbage that contracts were locked up. Companies who secured approval after IPCI have great penetration into the market.

Big companies seem to put the screws to the little guy competition any time they can. But that is capitalism and that is the big white elephant in the room when it comes to health care in America.

You can not have it both ways. Capitalism and Nationalized health care. because as long as the Pharmaceuticals, Doctors, Hospitals, Insurance companies are all in it for profit. It becomes a quagmire for the Government to properly fund it or provide coverage for people.

Mopar, roughly 850k each was actual salary, the rest was to cover the bonuses. It was the Bonuses that account for the previous years spike as well.

Their base pay is around 850k now, they got 2 million for the first approval 1.7 for the second, 1.5 million for the third and 1.2 for the 4th which is then split between them. so for the past year they got a total of 2.7 million in bonus plus base salary of about 850k each equals the 4 million as reported.

The bonuses that were just re-approved and extended pay a bonus based on approval in what appears to be a decreasing amount up to the first 7 approvals.

this then gets added to their base salary. which does have an annual cost of living increase which is why you still see the increase even in years of no approvals.

Fabius,

those numbers are accurate. they can be found in the year end finical report.

Well guys the hearing is tomorrow. we do not see the usual selling going into this. that compounded with Patients recent buys as reported I feel is a good sign. good luck longs tomorrow!

Lets hope they announce the outcome Friday or Monday. I am actually not sure if they will rule from the bench so to speak or they will have a certain amount of time to render a decision.

Blue, I think the answer to your question relies a lot on the dynamics of the partnership itself.

1. Who is doing the testing? Is the partner handing over 20 million to someone and then that person is going to complete the work? if so then Yes, they must have faith in the abilities of that person. However, if they are paying an upfront payment and then they themselves are running with the product, not as much faith in that person is needed.
2. Is the person going to be around? again, depends on the dynamics. if you buy the rights to a drug you really do not care if the person is around. and remember the drug itself goes beyond the person. It belongs to the company, not the person who invented it. so why would the company still not be around even if the person leaves?

So, No, I do not think that plays a role. If anything the only reason we have not partnered Regabatin in the past is because of Odidi himself thinking the drug was worth more than it was. Or him thinking he could get more. I personally think with what has transpired lately, he now knows its time. The offers are not going to get any better and if he has 2 offers that are about the same, its pretty difficult to say your not getting fair value.

If say he felt he could get 20 million up front and that is why he never signed a deal. yet now he has 2 offers and one is say 10 million and the other one 12 million up front. he knows 20 is out of the question. So with his need for cash and recently having to give away 30% of the company for 5 million. I think he realizes that if 10 and 12 is what the offers are , then that is fair and take it and that gets his company solvent through the next year until Rexista gets to market and/or the generics turn around.

Blue, you really didn't expand on what or where you felt I was wrong. So it;s kind of difficult to defend my position. LOL

The only thing you really mentioned was you felt I was off by a factor of 10. so I am assuming you felt I was wrong on the money aspect.

All I can say is your connection of the past performance of the company as being a detractor would be not effect the price in my opinion. The drug will speak for itself to any potential partner. either someone will want it and see the potential and value accordingly. They really do not care if he is a spend thrift or not.

The fact they may feel Odidi does not wisely spend is immaterial, they will only care about the working relationship and the drug will it pass. In this, the one thing he has gong for him is his science.

So really, I think the question is how much is Regabatin really worth? I do not feel a 10 million up front would be out of the question. but laying out a string of milestone payments like Angelo has, maybe we only get 2 million up front because at the end they want 50% of profit? That I have no clue.

me personally seeing how MNK and PAR can fudge sales or profit numbers. I would rather have larger up front and milestone stone payments and be content with a share of 20%.

we shall see. in my opinion the biggest obstacle we have had in the past, in regards to Regabatin, is Odidi's inability to close deals. Regabatin should have been partnered 2 years ago before Lyrica goes generic and Pfizer got their own ER version on the market.

Grill, I am not sure Podras would be added to Regabatin. I can not say that is a drug that is regularly abused or that you can Overdose on.

while one can OD on just about any drug, Im not just not sure this would be one. even with the information you provided regarding effects of an OD.

I really think the holdup is them having time to get all best offers back from potential suitors. that does take time.

I think they have been holding off on Regabatin for some time but I think the recent developments of needing cash and Pfizers own ER Lyrica receiving approval, has finally got them to realize they can no longer sit on this drug.

Angelo,

I was trying to locate that exact paragraph and now cant find it. However, going on memory only, Yes, you read that correctly that he would forfeit the warrants for exceeding the 10% purchase. HOWEVER, I think the next paragraph or line was an exclusion that stated "Unless so agreed upon by the company"

When I read that, I took that to mean that as long as the company was in agreement to purchase more than 10%, they would honor the warrants. This was plausible in my mind if he wanted a "friendly" accumulating a large stake rather than say another.

lets face it, The company already knew he purchased around 6% back in October. had they not wanted him to have such a large stake I think they wouldn't have made a direct offering to him for the additional 8.6 million shares and warrants. They would have just made it a public offering.

again, this is going off memory as yet I have no been able to relocate the paragraph.

as for your thoughts on Regabatin, I would take either of those two deals and that's exactly, why I think they may not be so worried about funding in the near term.

You mentioned once before about my comment "why would they give away 30% for the company for 5 million" and you said think about it. Well, I came up with 2 possibilities. 1. they wanted that friendly to have a large stake to avoid someone else from buying them up on a public offering or 2. they knew they had multiple suitors for Regabatin for numbers like you and I think are possible. They needed time to properly choose. those offerings bought them enough time so they can maximize the deal. They needed cash to get them through to July or August. Now that gave them months to get the deals back and choose. If they are as You and I think with a nice upfront, that payment will be through to get them through to mid year 2019 and then thats enough time to finalize Rexista and sign that deal which should get them through year end 2019. by that time the generics and or Rexista should be bringing in revenue. so they gave away 30% knowing it would be the last they would need to raise.

so, how did I do? LOL

Wim, you may be right. we do know the tests will be expensive.

That being said, we know based on the PR they are evaluating partners rather than just one. while the amounts being debated may just be profit sharing and milestone payments, it could also be up front payment as the final deciding factor.

I can see a company willing to spend 30 million on the drug. 20 million for tests and 10 million up front. Its a 2 billion dollar a year market. Especially if they can get a 60% split of the profit.

I have seen drugs where they give 30 million for just the license to be able to able to use the technology exclusively.

And I am just throwing out possible numbers. they may cost 15 million for the tests and they get 5 million for up front for a 20 million initial investment.

I just feel its a possible outcome and one Odidi would be exploring as that kind of cash would get us through the year end until he can get Rexista refiled and partnered.

My thought is with the last offering giving away 30% of the company for 5 million he will not want to dilute much further. I could even see him relent on the % of profit sharing in order to get upfront cash. at this point, I would suspect he is in survival mode for the company to get through the Rexista approval. They certainly can not count on Generics now so he should be thinking of some other option.

who knows, maybe he will be smart enough to license out Podras as soon as that is proved in Humans. He could easily start licensing that out for other companies to use as an NDA-S for already marketed drugs and get it to market sooner. than to just try and make his own drugs and start from square 1 with an NDA then also need to partner it.

Doog, I guess the Regabatin deal we will have to wait and see the actual numbers, but honestly, I would suspect somewhere in the range of a 10 million upfront payment. If that is the case I would hope we way surpass that dollar mark.

I still feel, that there is a huge disconnect between our share price and the company value. We were trading at a market cap of 96 million BEFORE they filed the Rexista NDA application.

Since then we have obtained another ANDA approval. (granted its not selling much but that does not make it valueless) We are only months from resubmitting the NDA application. While our revenue is down, that is only a recent development and the revenue we did have coming in was not enough to make us CFP so a drop is really inconsequential. regardless, you had to raise funds, the only question was how much.

So assuming we get a partner for Regabatin and it comes with say a 10 million up front payment, why should we not surpass or at least be back to our original Market cap of PRE NDA submission of 90 million? Answer, that is where the manipulation comes in. Granted 90 million market cap gets us only back to the $2 range instead of where we were at $3 but I am just talking fair valuation in market cap.

So the only reason we do not way surpass the $1 mark is because someone does not want it to.

Trend, I tend to agree with you. The manipulation here has been horrible. There is a reason behind it. As I have stated many many times before. The share price was not indicative of the true value.

even now with news of the HAP studies started we are still traded under 60 cents. As of now the excuse will be the NASDAQ hearing. after after that, then what will be the excuse?

we have heard time and time again, the company needs to put out information, but when they do it doesn't help. Yet, the stock price gets hammered when any negative news comes out.

I suspect the real intent all along was to use Odidi's ways against himself. I do believe however that the recent offering to Steve Boyd was his attempt of stopping any clandestine takeover. He seems more than willing to give that man all the shares he wants.

So we shall see how this plays out, but I agree. Watch us get back to where we were, with filing the NDA application and we will not be anywhere near $2 let alone where we were. This goes beyond Management.

Blue, as I have stated. Management absolutely has some issues but the share price is also reflective of severe manipulation.

IPCI competitors have market caps in the 40 to 50 million range and have no pipeline. while, their oxy products may be further advanced they too had CRL's issued and were set back. Yet, they were not pummeled like IPCI has been.

The generics which have been approved are worth more than the current market cap. The issue is the manipulators are in control. They know the company does announce PR's. This then does not get market attention at which point there is little interest generated in the company and few buyers which allow them to continually short the stock.

So in my opinion the current share price does not accurately reflect the true value. But my opinion and a dollar gets you a cup of coffee if your lucky. we all know the only thing that will turn it around is when they start delivering on their guidance.

how far we turn around is the real question. the more we get diluted the lower the expectations as we never really broke that 100 million market cap. it will take a lot to do that, such as a Regabatin deal with a nice 10 Million up front payment!

wim, and thats the reason for the block. I think they may be afraid of some insider buyer and they do not want that to create a small price action squeeze which would force them to cover.

that or its just a physc game. put up a huge block that makes people think someone actually wants to sell at that price. who knows if someone came along and wanted to buy say 15k shares at that price it may disappear LOL they may be trying to make people think theres a lot of selling pressure.

Georgie, same to you. best of luck. we need all the help we can get and yes, that was a compliment LOL I never heard of a homing pigeon before. at least not in stocks LOL

I love you technical chart guys. very entertaining and insightful. I can honestly say I never heard of a homing pigeon pattern before.

regardless, I don't think any chart is helpful here with this stock. Its too manipulated. these guys will move it only when they want to move it, chart or no chart. There is no reason we should be in this oversold territory anyway.

other than adcom and subsequent lawsuits there has really been no bad news other than just recently the lower revenue expectations. we were holding at the dollar mark after the fall from adcomm.

without the extra shorting and game playing, delisting news would have never occurred. Then when that materialized they used the actual news of delisting as the reason to short it down further? LOL amazing. the only reason we were there in the first place was the manipulation.

my guess it was all done so they can cover at these low prices and attempt to load up on shares at historic low prices and gain a major foothold in the company before the march upward in price. Then Odidi messed with the plan by selling a major share to Boyd.

so, my guess regardless of what the charts say, we pop after the delisting hearing or before if there is news of some sort. But a homing pigeon. That is a new one to me!

Tilator, I agree. only long term revenue will completely turn things around.

However, you missed the entire point. hypothetically say they get 10 million up front for Regabatin. That along with current stated cash gets them through an entire year at the current burn rate.

Then add in there say just5 million for a Rexista partner. that now gets them through year end 2019.

That is more than enough time to then launch Rexista (assuming an approval around May of next year. It would also give them time to penetrate EU markets and get established as well as turn around the generics.

so, that is why I have said, they needed to partner these ASAP. Those two developments which are totally within managements own control, can easily turn us around.

so, will they dilute further or give away 50% of the company this time at 40 cents OR would they sign the deals?

This is why, as long as they hold true to the operational guidance they gave, things will soon turn around.

Tilator, actually a deal for Regabatin with that hypothetical up front payment right now would be huge. Think about the ramifications.

we currently had 3.5 million cash on hand. a 10 million payment would give us 13.5 million. Thats just about enough for 1 full year of operating costs.

give us a year from now and what is in store? Rexista should be approved by this time next year assuming they file in September. They can partner that with say another 5 million up front. that now gets us through fiscal year 2019 without further dilution. by the year end 2019, Rexista should be on market. this also gives them time to get the generics figured out.

so no need to further dilute and cash on hand until the pipeline can deliver. a deal right now for Regabatin in the 10 million range would be a turning point.

Fabius, its possible they didn't announce the start of the Podras trials because that way they do not have to inform the market if they fail.

Just saying, its not associated with any current drug application. If they find out it failed at some point but can be tweaked, then why have to announce it failed and they have to redo? This only gives the shorts more ammo than they currently have to run the stock down.

HAP studies on the other hand I think would be PR'd once they start because that is necessary for the company to refile by the September deadline.

Blue, I completely agree. Possibly the reason we have a lower market cap today than our competition which has no approvals. This was done purposefully in order to wrestle control of the company and to get control at cheap shares. Lets face it, If Odidi was not going to sell shares directly how else to get control but to drive the price down, get the small shareholders such as ourselves to have such losses we are forced to sell and they get a majority of the company at rock bottom prices right before big news hits.

It seems to coincidental that major catalysts are about to happen and it comes AFTER the company gets notice of delisting.

doog, actually I do blame the shorts and their games for their part in all this. even companies like ELTP, PTIE have no real pipeline nor approved products and they carry a much higher market cap. come on now, we have 4 approved drugs and our market cap is only 16 million? even sold they are worth more than that.

Our getting delisting is due to the games that were played and Managements failure to adjust to adverse market conditions which allowed the shorts to continue the game.

Wimike, do not feel bad, I did the same thing. Using retirement money to buy into this. I wanted to get my wife retired early and now retirement all together may be in jeopardy.

while we do have to acknowledge our own misgivings here, do not forget a lot of our decisions were based upon the story that was being told.

I mean really. once they held the IND for Reabatin 2 years ago, and they knew they needed 20 million for trials, who would have thought they would not partner it? Our decisions were based upon what should have been happening. Had they partnered Regabatin 2 years ago and received just 10 million up front, that would have staved off how much dilution? not to mention we would be at the point that would have been approved (or could have been by now). who would have thought with their low cash they wouldn't partner Rexista but decide to go it alone? And the list goes on.

so do not beat yourself up too much. there are plenty of us out there.

Blue, no further developments since the Markman hearing was postponed. as I thought it just appeared to be a stall tactic. its been that way the entire time. IPCI having to request items 3 times before compliance. etc etc etc.

Fabius, Interesting numbers. so nothing has fallen except the payment to IPCI ? something does not smell right here.

It would not be infeasible for this to have been done on purpose. when sharks smell blood in the water, they start circling. I am sure they know the financial situation the company is under.

The issue is whether the company will look into it. just like MNK. after almost a year, one can not keep saying the others have contracts locked up as new ones keep entering the market and attain higher sales than we have.

Management needs to do something quick.

Tilator, well, it has happened in the past with the predecessor Vasogen. They took a private company IPC and merged with Vasogen which was public and thats how we become IPCI. One of our Board members is still part of the old Vasogen team. Now we have Odidi going off creating a new Private entity. It does not look good. The sad part is by the time we actually know what is going on it will be too late.