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I know that Fortuno, just read the 8-K and what they reference for the very definition, which is not available to us yet. "That's all".
It is often more what they don't tell you than otherwise.
Yes z_smith, soon we shall see the whole deal.
But I should not continue venting here, as 'promised' to Saltz.
So .. let's see how it goes until EOY.
Oh well.
Merry Christmas, at least the market is full of stocks.
OK Saltz
yup, plus we have no definition of 'Net Sales' as the 8-K has disclosed more cost deductibles for gross margin - will be available when they fully disclose contract. This makes sense, as this 'partner' is not capable of selling with a high gross margin.
Fun thing is - comparing with KTOV chatter, whenever KTOV has a partner or something, people only talk about who is more shady or even criminal of the two (o8> Well, that's a long debate over there.
Here, I don't even know what this is. Not fish, not meat.
Then this 'partner' can even sell other indications when they are ready, just not advertise I assume. All this w/o paying a dime for the development.
I would say, Martin, you just made a big steal. KUDOS to Martin S.
sadly so, very desperate and no interest of any credible pharma company
(credible stands here for the credibility as well sustainability of a deal for both parties.)
and this after all the years of waiting .. very disappointed
8-K Deal Details .. (cold shower)
https://www.sec.gov/Archives/edgar/data/1175680/000119312519316857/0001193125-19-316857-index.htm
1) $0.5 million license issue fee (the upfront cash)
2) 13.114M shares for $4M ~= $0.305/sh + 6.56M Warrant shares at $0.30 per share strike (That's a ~50% Warrant sweetened deal).
3) additional payments totaling up to approximately $87.0 million to be made upon the achievement of certain sales and regulatory milestone
4) 50% net sales = 50% of Vyera’s gross profit margin from Product sales
Note that 'gross profit margin' deducts product costs and undisclosed other costs - the deal has not been disclosed.
I am with Fortuno here, may take off 20% of sales price to get to WAC and net sales - not more, maximum. Otherwise another barrage of lawsuits would follow.
That is really not the issue here.
Issue is a PIA like KTOV now, where the 'partner' sells the drug exclusivity as an asset just for trading.
Now Shkreli's company also gets common shares for $4M, we need to know the price tag, which they didn't mention and also no mentioned lockup up period.
All those things CYDY did not mention .. the usual for CYDY,
where other companies are capable to disclosing deals in much more details with less words.
TBH, if the partner would have been any other unknown company with a few more USD on their balance sheet - I wouldn't have any second thoughts and simply buy in the expected uptrend.
NP, you can't make it easy and solid for once right?
NP, you must be happy though - as you have at least guaranteed your own compensation.
Merry Christmas
PS: I stop posting negative about this 'un-deal' now, I guess I shared enough. When I will hear something positive or see the 8-K I may update.
IMHO, if NP rejected a deal with a capable and credible pharma for like 2/3 of the now known royalty terms (or even half) .. he should be litigated for violation of fiduciary duty.
Passing over one hint to all of you: See the deal as a distribution of $4M class A, an offering for resale. Best if this is a stalking horse kind of deal - watch the breakup fee and stock purchase price whenever CYDY seems fit to disclose this adventure.
Yes, Shkreli is a smart guy and would he have had better connections and not have provoked Hilary Clinton, he might still would be out of jail and maybe even rich.
But the world doesn't like him and being associated with him and his company's is not exactly helping.
Yes he is officially out, but everybody knows he is still highly invested and probably controlling the company.
This partner is a PIA.
So they need to show the money, literally now as they probably don't have much left.
misui, all, good morning
this deal is a defeat, let's be honest.
BP and especially GILD is probably greening big time now.
As earlier disclosed .. yes, some $10M revenue, but > $14M losses!
Unknown how much cash is left of the initial $90M (I showed the D/A filing) - estimate is only $30M today if lucky, probably less as they once had more than 40 employees.
Yes, they had one PR 4Q18 IND filing, nothing since.
So this is public information.
For the first result in my private call around this very morning,
let's just say I got a 'Sandra, in what kind of bad business have you ended up?' sort of response.
We talked about this company and I only got a laughter. They have no financial means to shoulder this deal.
One joke was like, maybe they just wanted to trade the $4M shares bought at 30c a little higher.
A big caution as the big dream is over now
as no credible pharma company was willing to partner with CYDY.
Good luck all and a Merry Christmas.
OK .. hitting bed (o8>
Yes, cash for is coming.
Merry Christmas
Upfront cash would be paid like a signing bonus to CYDY
for the partner's right to sell their drug.
The $4M investment in CYDY shares is unrelated (not really)
but they get common shares and so forth.
CYDY is not getting this money for selling them
the exclusive rights to sell the drug!
(I am in an investment forum here right?
Or am I being trolled?)
Hopefully those $4M gets sold w/o Warrants and at a premium,
however - they also could have written such a positive
detail down but they did not.
We closed just around 30c.
But then again, the $4M will be good to pay the bills.
Better than nothing at all.
JPG, I know it is late - the partner will buy shares from CYDY for $4M.
I hoped it will go up strong, now I still DD the details.
Standing to my strategy of buying in uptrend here.
$4M in shares on a new offering (yes yes, they will register these shares) needs to know the sales price. This is not upfront cash.
Upfront cash amount would have been given to us if material (I mentioned that).
Overall, hopefully better than my other dark reality.
The more I dig .. the less awesome this partner is though.
Let's hope the big Warrant overhead is no more needed
and in 2H20 revenues will come in on this deal towards EOY.
Yes, good luck & Merry Christmas
5/19/2019 She worked while battling breast cancer, then the company founded by Martin Shkreli laid her off
https://www.msn.com/en-us/news/us/she-worked-while-battling-breast-cancer-then-the-company-founded-by-martin-shkreli-laid-her-off/ar-AABAwCs
another finding digging through some history
this is definitely NP's Plan-B. (edited)
Upfront cash up until Feb'19 won't be that big - if at all,
as he mumbled something about more raises required (need a replay).
EDIT: If upfront cash would have been OK'sh, they would have put that in writing.
So we have to see if this little company is capable ..
(See some DD earlier)
It's not BP, it is not middle pharma,
it is some funny little pharma with a history.
Hopefully better than KTOV's "un-partner",
I mean hard to lower that.
Will continue DD tomorrow morning calling them.
http://www.hoovers.com/company-information/cs/company-profile.turing_pharmaceuticals_ag.70e2d89bfc736ea0.html?aka_re=1#financials-anchor
5 employees, $1.21M estimated revenues
Oh well ..
https://www.swissbiotech.org/listing/phoenixus-ag/
using vyera.com as their web presence (same company).
Phoenixus AG
+41 41 760 24 24
info@vyera.com
Haldenstrasse 5, 6340 Baar, Switzerland
2015-08-19 $90M 'D/A' https://www.sec.gov/Archives/edgar/data/1650139/000165013915000002/xslFormDX01/primary_doc.xml
No more SEC filings?
What was their debt etc?
Guess something for tomorrow morning - the old new co in CH.
Sales numbers of Daraprim and Vecamyl may help (o8>
https://www.vyera.com/research-and-development/pipeline/
EDIT: Shkreli's Turing Pharma Reports Q3 Net Loss of $14.6M; Issues Update
https://www.streetinsider.com/Earnings/Shkrelis+Turing+Pharma+Reports+Q3+Net+Loss+of+%2414.6M%3B+Issues+Update/11068059.html
Turing Pharmaceuticals AG and Subsidiaries
(amounts in thousands, unaudited)
Three Months Ended30-Sept-15 Nine Months Ended30-Sept-15
Net revenues $5,657 $5,975
Research and Development 6,969 11,467
Net loss ($14,590) ($27,729)
will take ~1 year for EU approval or so, if they don't get a special exemption (which is possible).
Knowing its a Switzerland company (almost) in the EU ..
Well.
How much cash has Vyera left .. will be the big answer.
after some hesitation of disbelieve: up (o8>
CLSD didn't properly react on an OK deal (not great - but they got upfront for one year royalty of average sales).
So here, the upfront will be small to nothing, but then the $4M will be disclosed and hopefully NOT AT 30c (slap NP if he did sell at 30c again).
Shkreli still did mingle with the company as these PRs showed,
but personally that is OK with me. Maybe he bought stock and
let's his drone company buy much higher (o8>
Seriously, all depends on Vyera's sales performance and credibility now.
If the latter is bad, the former must hold truth as in: Show me the money.
But hard to believe stock would not go up within next 2 weeks.
BLA filing is free of charge.
$500k must be paid by CYDY in milestones
~$2.5M must be paid by CYDY with approval
That is already covered with this deal,
at least via the $4M investment by Shkreli (o8>
Hope it is at $1/sh or so ... for your very Christmas.
yup, BLA completion January the latest he said.
Then waiting for approval .. then sales shall kick off.
As long this partner pays for all the 'little' cash inbetween OK.
Better than KTOV's no show indeed and a product with demand,
one would guess.
Hmm, Shkreli, always wondered why they put him into jail anyways.
But so it goes with small fish they love to fry .. poor guy.
funny, same company Turing, Phoenixus and Vyera (o8>
Can't wait until tomorrow morning for some good DD
on their current status.
fun question: So why did NP blurred deal on hold?
The better company jumped ship and this is the alternative?
NP finally gave in for this deal?
Whatever - the downtrend drama should have ended finally.
Happy Christmas
right .. also regulatory milestone payments.
Needs it for approval.
They are sadly a private company now and I couldn't get it from crunchbase,
will ask old friends tomorrow as they are still related to Switzerland? hmm
sales-based milestone payments
we now need to analyze Vyera's balance sheet and capabilities.
Guess I finally can buy in the uptrend (o8>
Hurray (o8>
fun to hear they brought our wine expert back from retirement (o8>
So last minutes for what counts?
How to pay and commercialize and why did this awesome NBA dissolve into nothing?
The awesome NBA, which some said was too good to be true in the first place (hi Jens).
$50M+ required as disclosed by the NBA talk for commercialization.
(Something like that)
Merry Christmas
BLA
- Clinical: 700mg dose sent in Nov. FDA debating .. May go with 700mg,
No green light yet.
May submit EOY or in January.
- CMC: EOY CMC data available or in January, then being filed.
Confident to complete in January.
...
My friends, remember:
BLA completion = $500k to pay
BLA approval = $2.5M to pay (round about)
^^ will be a liability w/o a partner
Merry Christmas
The reason the non-binding agreement's more than excellent NBA was later debated as potentially not bringing in the best SH value?
Perhaps?
AFAIK NP used this notion before putting it on hold - or when he was doing so. Rendering the NBA or partner as 'not good enough'?
This was his (IMHO) logical mistake in shifting around the narrative.
But I will be all ears listening to the continuation of our 'dear soap opera'. BTW .. nice buys despite the situation.
Merry Christmas
heads up: CN gov institutional 'bank' backs QD now, removes remaining regulatory risk. Thanks Ludwig.
dunno what you are implying here regarding my position,
but my CYDY trades have a green total.
I am glad that there is some FOMO for tomorrow,
so I could get rid of my own little FOMO position I held
for the deal closing - which didn't happen.
My discipline: Story changed, expectation missed -> out and wait.
Just tiring with this company, as I hoped to average up.
Happy Christmas all
you did well
agreed - but the NBA was (again) more than excellent.
And there should not be any reason for CYDY to not allow the partner to sell the product for any other indication.
The price will be set on the highest volume IMHO: HIV Combo, Mono + PrEP.
And the deal didn't materialize |o8<
Re Patents, it would surely help for HIV - agreed.
B/c the previous runtime was only like a few years left (below 10).
May check on that later on ..
But we know we have at least 12 years after approval.
Let's find out what strategy game NP plays now.
No deal b/c partner rejected is something out of his control,
but rejecting the awesome NBA terms b/c he is too greedy
would be horrible IMHO. Not just for shareholders today,
but IMHO for the patients, as the only explanation would be
to aim at a higher Leronlimab sales price (cancer indication).
Curious what it is ..