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The plan was awful and a tremendous failure. Massive dilution paid the bills including the ridiculous salaries of a bunch of crooks. I believe that it is good that the lies and false dreams are gone.
Are you implying that Bavi was a money maker? We spent hundreds and hundreds of millions on it and all we had to show for it was a botched phase II and a miserably failed, should never been run, phase III. Quite the money maker. If anyone wanted it for ten million, it was theirs. Fact. Nobody wanted it for a reason. A startup took a flier.
Yes, I yearn for the days of unrealistic hope and chat room fantasies. Those were the days.
Because they are not known yet. Please find me a similar CDMO new customer announcement that somehow gives a revenue figure prior to any work being done.
Link?
We have hope, which is something that I haven't had with this stock for years.
Giving the current crew running the show 2-3 months and calling it a failure is foolish.
JCNJ - I am with you on this. This is no longer PPHM run by three criminals. This is CDMO being run by professionals in the industry. The ip was worth very little so they got very little for it. Plain and simple. Avid was left a shambles with three customers and they are rebuilding that. They sold at $2.25 because they either needed that money to remove the going concern left from the prior board or to build out to get to higher revenues. Probably both.
I am on board with the current group and think they can and want to build up CDMO. Nothing they have done to date has changed my mind.
I could be 100% wrong and the current BOD and their backers could be a bunch of crooks, despite no prior history of that, and are scamming to steal the ip that really is worth 100's of billions and then run the CDMO into the ground just as a kicker.
We'll see. It will take some time to see who is right here.
They sold the ip for $8m and now they are raising another $20m at $2.25 per share. Why would they do this?
They are criminals with no criminal history and are trying to run the company into the ground for kicks or sell it off to somebody on the cheap for some unknown reason. I suppose that's possible but I don't find it very realistic.
They see the need for $30m to increase capacity that they feel they can fill in the next couple of years. Seems possible. My guess is that you can't increase capacity and do all of the required testing in a matter of weeks. It would take time.
Not thrilled that they had to dilute at such a low price, but I am still much more confident that this can be turned around in the next couple of years.
For whatever reason, I don't always think that everyone is trying to screw me over. The old BOD, with their history, that's another story.
I hope no one is offended by this post.
$8m, which we will actually receive unlike the DIOS fraud, is better than I had hoped. We will receive little or no contingent money going forward and if we do it will be years away.
I would like to thank all who congratulated me on getting to the bottom of the "Steve King is still working for us" lie. All you really have to do is ask. That is, of course, if you really want to know the answer. If you don't really want to know than you should just believe whatever is posted.
There will be no law suits going forward against the current BOD. That is ridiculous. They are doing what they came in to do. They sold some failed ip for whatever they could get for it and now they will concentrate on getting Avid straightened out. That does not take weeks.
If Juno or Kite or Celgene or AZN wanted the ip, they could have had it for the loose change in their couch cushions. They didn't want it. Somebody put up some small money to take a look at Bavi. That is all.
Not sure if you missed it but King doesn't work for CDMO. He is no longer involved with the company at all. Anything to the contrary is 100% false. Please somebody else check with the company. Please. These stories start and then get treated as fact. Really crazy stuff.
For those that think Roger Lias is a liar and that the ip is worth tens or possibly hundreds of billions of dollars, are you going to sell when the ip is finally sold off and we are a straight CDMO?
This is what they said they are going to do and I believe this is what they will do. Not sure how that makes them a liar.
I could understand staying if we do a deal with milestone payments, but if we sell it off entirely I can't imagine that the hardcore science believers (despite all of the failed trials and lack of interest) would care to remain invested. I assume you would follow the "science" to whomever gets stuck with it.
Either way, it will finally be nice to not have to wade through every article that has the word ps or cancer in it and every article that mentions Wolchock, MSKCC, Brekken, and whomever else was tangentially tied to bavi at one point or another over the past 15 years through all of the failed trials.
"CDMO closed yesterday @$3.40, accompanied by little or no specific news re what is really going on."
I'm not sure what news you are referring to as to what is "really" going on. They have been stating for months that they are getting out of the R&D business and selling their ip. Judging by their statements, as well as the share price, there appears to be little to no value to it despite all of the failed trials. Why can't we just believe what is staring us in the face? If there was some value to the ip, bp would want it and the share price would go up. Life is not just one big conspiracy.
As to contacting bp and letting them know that the ip is for sale, that seems a little desperate. I'm pretty sure that most bp's have people on board with the ability to read. The sale has been pretty well advertised.
NOBODY WANTS IT.
Roger Lias will thankfully be the CEO for the foreseeable future. He will never be sued by shareholders and has no fear of that. I promise you this.
"Why would ex CEO KING now be an entrepreneur trying to sell the PPHM/CDMO platform (that he doesn't OWN) if it is without value?"
I realize this was posted here, but it is 100% not true. I guarantee it.
I guess I'll use my post today on this to set the story straight.
"The new team isn't eve able to build on the CDMO break-even that the previous team left to at least prevent ATML."
This never happened. Never broke even. Not even close. Bad projections. What a shock.
"Avid was profitable on its own"
Made up. Where did you find this or was it just assumed? The margins for their three clients were sinking through the floor.
The current crew is working through the old mess that was left from the previous crew that resulted in the going concern based on future revenue.
So that's it, we give the current crew a few months while the previous band of thieves is still getting a pass after twenty years of criminal activity?
Sounds fair.
99% of shareholders are happy with the change. Those that aren't are of the mistaken believe that the ip is worth multiple billions.
We should all just be thankful.
$100m in sales should result in a pps of $10 - $15. Let's hope they can execute.
$200m in sales is certainly down the road, but I wouldn't call it fantasy. Smart people put a lot of time, money and effort into this company to get the criminals removed and turn it into a CDMO. they certainly didn't invest in the ip, to either give it away or steal it. This isn't the old PPHM. Given time they can get this company turned around in this industry. The criminals got this thing to $65m in sales without even trying. The current capacity is $100m with another $100m possible with a $30m investment. That is the current goal. Not a fantasy over time.
Thanks djohn, I appreciate the research. I'm optimistic we can make some money as a CDMO when the crew in charge is able to turn things around. I don't believe that honest people that have worked in an industry for years and years are out to "screw" us for some reason. There is money to be made as a CDMO. Not fantasy money in the tens or hundreds of billions like there is for failed drugs, but decent money from here.
Still confused as to why the current board are criminals and the old board was fine. I guess it's because they kept the dream alive in order to feed off of us for as long as they could. Weird.
If the ip is so good, why has all of bp been colluding to keep a lid on it as opposed to buying it? It's worth hundreds and hundreds of billions and nobody wants to buy it at any price. Absolute fantasy.
My daily bashing of my head against a wall.
As I see it, there are three possible scenarios. If one were to look at them with an open, unbiased mind, the most logical one is pretty obvious.
First scenario. The seven people currently on the BOD are complete morons. They have been in the industry for years and years, however they have no clue as to the value of the ip. They have done zero research on PPHM and its’ ip prior to joining the BOD. The leader of the group, with thirty years of experience, is quite likely mentally unstable. This explanation fits nicely if the ip is worth billions.
Second scenario. The seven people on the BOD, all with impeccable reputations, are in cohoots to commit a crime and steal the ip from the shareholders (the largest of whom put them on the BOD) and hand it over to somebody else for some unknown reason. This conspiracy fits nicely if the ip is worth billions.
Scenario three. This one is a little crazy and way out there. The ip is worth little or nothing and nobody is particularly interested in buying it. To believe in this whacked out theory, you’d have to believe that bp has been paying some attention to the ten years that bavi has been in various trials. You would have to believe the old BOD when they told us that bavi failed its’ phase III trial at first look in. You would have to believe the stock market that never gave any sustained value to pphm after any of the trials at any level. You would have to believe the current stock market that is assigning zero value to the ip. You would have to believe the current BOD who would like nothing more than to sell the ip for something significant and put it towards moving Avid forward and removing the going concern.
As realistic as the first two scenarios are, especially the part about Lias being mentally unstable, I’m going against all reality and choosing scenario three. I would love to be wrong for once, but I am sure I am not.
I verified that King is no longer doing anything with the company and is not out on his own trying to peddle the ip. Never believed that one to begin with. It was tongue in cheek.
Any law suits or threats of law suits against the current BOD will go nowhere and I would never entertain participating in one. In my opinion, the silent majority here would agree.
Everyone is free to write all the letters and make all the threats that they want. It does not matter at all as the ip has no value or very little value. How much do you think we can get for Cotara? I would love for them to get $20m for everything and put it towards Avid. I'm sure they would love this too. Now we are listening to off hand comments made by that drunken piece of garbage Paul Lytle. Trust me, King is not out on the street trying to peddle the ip. That is ludicrous. Also, Lias is not mentally unstable. That affliction is taken.
Here is what is going to happen with the ip in the near and distant future. Nothing.
Here is what will happen with any lawsuits against an honest BOD. Nothing.
It will be nice when this is over, it is getting a little out of hand.
Who knows, maybe if we wish for it enough we can get the old BOD back to lie and steal from us some more. I'm sure they would be up for it. Let's write a letter and aim for a reverse coup.
We were lied to for years and years by a bunch of penny stock hustlers who had absolutely no biotech experience, bankrupted a bunch of other penny stocks, and gouged us for exorbitant fees year after year while diluting us into oblivion, and that was fine because they said what we wanted to hear and kept the dream alive.
Now, we have honest people on the BOD, with tons of experience and no reason to lie to us and we are looking to sue them, or inundate them with letters, because they tell us the truth about the ip. The truth that the market has been telling us all along. The truth that the trial results have been telling us all along. The ip is virtually worthless. There is little or no interest. It’s not what I wanted to hear and not what the BOD wanted to hear. They would love to get some money from it to put towards Avid. That would certainly be preferable to dilution. Bank financing would be difficult if not impossible with a going concern and the current status of Avid.
I can’t understand why the criminals are still considered good and the honest people are considered crooked. I’ll be glad when the ip is finally dumped, hopefully for something, and we can get on with Avid and possibly making some money.
It is good (and rare) to see the pps go up after an ASM or conference call.
"All of those certified letters should have warned him that we wanted answers about IP, we were up on all the history, and we are not stupid."
No, you wanted answers that you wanted to hear. Answering truthfully is disappointing everyone. Nobody is interested because it is worth little or nothing. If that is indeed the case, which I am sure it is, no answer would have been satisfactory.
The current BOD would love to sell the ip for tens of millions to help fund Avid. Why wouldn't they? They are not crooks. It isn't there. That's the answer.
Why can’t we believe what is actually happening? Is it because the previous pack of criminals in charge told us we had something so they could keeping stealing from the company/us? The market is telling us the ip is worth little to nothing. The CEO is telling us the ip is worth little or nothing. The failed trials told us that the ip is worth little or nothing. Basing one’s belief on anything that the previous crew said is obviously a mistake. Quoting King from any of his scores of conferences calls is obviously a mistake. I held out hope that maybe we had something but it just couldn’t be realized with the criminals in charge. That hope is gone as are the criminals. We had/have nothing. It could not be any more obvious. Nobody is trying to steal anything. The ip is for sale. Nobody wants it. It will eventually just fade away. We have a chance to make some money as a CDMO on this company. Consider yourself lucky. There will be no early retirements or island buying, but that was all just a fantasy anyway.
It’s nice to see they are concerned about the going concern. It will be interesting to see if they can cut enough and generate enough business quickly to convince the auditors to remove it.
I would not contribute a single nickel, nor write a single letter regarding any lawsuits or warnings to the BOD. I was lied to by thieves. I have accepted that. I hope someday they get what they deserve.
It’s unclear to me what people want. Hire some sort of ip consulting group to come up with a value of the various ip and then put a price on it somehow? The price is what somebody is willing to pay. If people here know the ip then people in the industry know it. They don’t seem to want it. If it was worth something they would know it and they would want it. They wouldn’t need to be told by some third party ip valuation company, if such a company even exists
The obvious truth is, we are not being lied to now, we were lied to then. The band aid is being ripped off. We need to accept it. The dream is most certainly dead and was never real to begin with. Talk of lawsuits and threatening letters out of frustration is a reasonable response. They are aimed at the wrong people.
Thanks to those who attended and shared there thoughts.
I said a year ago that Avid was in trouble and that was the reason for the going concern. I took a lot of heat for that as usual, but unfortunately I was right again. I was told that after all of the remarkable growth there would be a flat year. No big deal. That was obviously a farce. They manipulated a shipment so the year over year revenue would be 55/55 as opposed to the actual of 65/45. Couldn’t fool the auditors though.
A lot of work left to do to clean up the mess the beloved criminals left us. We are allegedly smack dab in the middle of an M&A hotbed at the most fortuitous time in decades, with this wonderful ip, and the stock price keeps declining. That should tell you all you need to know. It’s crazy how the stock price for this company has never been looked at as an indicator. It’s always manipulation or accumulation. Twenty plus years of it.
Fortunately I have been informed that bios go from $200m mc to $12b in a matter of months all the time. They go up 1000% in a matter of days. I sleep much better knowing this.
Tomorrow’s ASM will be a real eye opener for some, or at least it should be. The band aid will be ripped off soon and the outcry will be that the new BOD screwed us. How could the entire world possibly be correct and we be wrong. Multiple KOL’s have been screaming the praises of Bavi (not by name of course), for years and years. Through failed trial after failed trial.
I’m hoping these guys can get Avid turned around before too much more dilution.
As always, I hope that I am 100% wrong for once.
I guess I am unclear how people here were able to realize the value that the company has kept “under the radar”, while Wall Street has been left in the dark. I understand how a small company’s stock can be manipulated, it has allegedly been happening here for twenty years. Eventually, if a company is worth anything, the stock price should find that level. When will that happen, or has it already? If multiple bps are kicking the tires on the publicly announced ip sale, wouldn’t the share price reflect this at some point? My original question was when? Something is going to happen soon with this ip. It should be reflected in the share price before it happens. My feeling is that it is reflected in the share price already.
“Once again I ask a simple question: Have you ever spoken with Dr. Wolchok, Dr. Birge, Dr. Brekken, Dr. Garnick, or ANY KOL who has been intimately involved with the IP for the past few years?”
This one is from James. I will answer because I have so much respect for your contributions and predictions here on this board.
I have not spoken with these industry titans. If they are that huge and respected, I would assume that Wall Street would react to all of their glowing commentary about the ip. How could anyone not have the utmost respect for Garnick and his $100m blunder with the Bavi trials? Also, he owns zero shares in this company.
The old BOD, the ones that kept the ip “under the radar, why did they not buy hand over fist if they knew what we had? I guess they are just stupid. That’s the only realistic explanation. It couldn’t possibly be that the ip isn’t worth tens or hundreds of billions.
As we are spending no money on the ip and running no trials I am curious as to how and when the “validating event” will come about in the next month or so. Magic?
Please, please be right about this ip. That would be the best crow I have ever eaten.
If this ip is worth anything at all, when, if ever, do you expect the share price to go up? Days or weeks before the sale? Concurrent with the sale? After the sale? Do you believe that the market is generally forward looking? Do you believe the market is completely and entirely clueless to the value of the ip for some reason? It should be pretty well known that it is for sale. Unfortunately failed trial after failed trial are also pretty well documented. I have a very hard time sharing your optimism about the prospects of this ip. I'm trying to understand where you're coming from and have some hope but the share price and the Friday after close shelf keep getting in the way. My hope is entirely with the Avid turnaround.
If there was even a slight chance that the ip was going to go for $500m in the next couple of months, we wouldn't be at less than $4 per share. $50m is a huge stretch.
Well I'm pleased to discover that this shelf registration, done on a Friday after market close and following a week of declining share price, is actually good news. How else could one hold onto hope that the ip is actually worth something despite the current share price and the huge for sale sign on the ip. As usual, I hope I'm wrong and things are the exact opposite to what they appear.
Unfortunately, it is much, much closer to $0 than it is to $21b. That is obvious by the share price. Although I was informed that many biotech's increase by 1000% in a matter of days, I wasn't provided any examples of $175m mc bio's doing this. If we did, that would leave us only another 1000% away from a $21b mc. I'm sure there are multiple examples of tiny biotech's going from $175m mc to $21b mc in a matter of months. I'm also sure none will be provided though.
$30m for the ip would be great. Oh to dream.
The something else is that the ip isn't worth anything.
Can you list all of those stocks with a 175m market cap that went up by 1000% in a few days for me?
Also, that would still leave us needing to go up more than another 1000% to get to the $21b starting point for the sale of Bavi. Maybe it would go up another 1000% in the next few days after it went up the first 1000%. Why not?
“So the way I see it, a worthless drug, which by the way in only worthless in the eyes of some on this board”
This is interesting. The ip will be sold in weeks and the mc reflects a zero balance for it. Did “some on this board” convince the entire investing public that the ip is worthless or could it be the years and years of failed trials. To be clear, a multimillion dollar phase III trial designed to gain FDA approval that gets stopped at first look in is a failure. Ask Stephen King, he’s said it multiple times.
The day of reckoning is coming. I would give anything to be wrong. Unfortunately the only time I have been wrong with this stock is when I bought it.
I am curious as to why the starting point for the Bavi sale is $21b? Why not 50 or 100?
What makes more sense to you, a scheduling conflict came up(which it did), or a sudden "emergency" three weeks down the road? I promise, something more important came up. Pretty simple.
As I already stated, it was just a scheduling conflict.
I would never consider contacting a group of professionals and asking them to do their job. I did try to contact the previous BOD on several occasions to ask them to tie their salaries to the share price performance. I was ridiculed here for that. Weird.
In my opinion the new BOD members will take these handful of letters in one of two ways. They will either be amused or offended, or maybe a little of both. Personally, I would be amused at people in various fields trying to tell me how to do my job, in a field that I have performed in for years. However I could see how some could take offense at this.
Either way, I am 100% certain that the 15 or 20 letters from individual investors will put absolutely zero fear into them. They have a job to do and they will do it. Large, institutional investors have invested in a company that promised to dump the failed ip and run the CDMO. That is what they will do. Dart is also on board with this.
Lastly, Wolchock had a scheduling conflict come up and that is why he bailed. For the record.
The company will be forced to license the ip with little or no money upfront because they can't sell it.
Very sad.
Looking forward to seeing what some honest professionals can do with CDMO.
I’ve asked a number of times but I’ll try again just for sanity sake. How does anyone who values this ip at greater than $30m, never mind multiple billions, reconcile that with the pps? It will be sold or licensed within weeks and everyone knows this. When it gets purchased in the next month or so for say $10b, are we going to shoot up to over $200 per share. I believe that would be unprecedented but you never know I guess. Are we going to license it with zero up front and somehow keep the dream alive? The first part is possible however the dream is certainly dead.
Introspectively, it’s not easy to admit that you are wrong or have been duped for years and years. This is especially true when money is involved or you have actually met and liked the people that have been stealing it from you. You want to believe so you pick and choose what to listen to. Somebody, I think it was King, used the word “astronomical” at one point. That’s all we care to remember. I don’t even know the context but it was probably something like, “if Bavi can do what we hope it can do the share price will be astronomical.” Well, it can’t and the share price never will be astronomical. “Bavi performed as expected” is another one. It was taken to mean that the trial was a success. I don’t know how many times I heard King say the trial failed and it was a disappointment, but that goes unheard. “Intentionally mislabeling the trial arms” gets translated to sabotage which gets translated to bp is afraid of Bavi. Did anyone at all affiliated with PPHM ever use the term sabotage? No. Bad employee from a cut rate CMO who was unsupervised. Nothing more. No conspiracy. No BP trying to keep down a two bit company run by three crooks is going to dirty themselves like that.
Dr. Wolchock likely has a personal conflict, that’s a positive.
Sard Verbinnen is no longer working with PPHM. I guarantee that will be a positive somehow.
Looking forward to the new PPHM, whatever the ticker symbol will be. If I never see those four letters together again it will be too soon. What a nightmare the old BOD was. I hope they get what they deserve.
In my opinion, twenty or thirty letters, delivered by registered mail, email or carrier pigeon, from a handful of long term investors stating that they believe the ip is worth multiples and multiples more than what the markets believes, is not going to sway the BOD. They are professionals with a stated job to do. They are in no way aligned or incestuous like our beloved previous BOD. They are going to do what they said they are going to do, get the best return for the failed ip and then run Avid as a CDMO. The value is not going to come from the return on the failed ip, it will come from no longer spending money on it.
I’m reading that Bavi has been validated over and over again for years and years. Where? HCV and other virals are being mentioned as targets. Is that from the never happened medical conference in 2012 where the HCV results are going to be presented? Also, where are all of these people that are still alive thanks to Bavi? No proof of that at all. Believing anything that the previous regime had to say was a mistake then and it is a mistake now.
The share price reflects the value of the ip. It always has. I would love to be wrong. I would love to get $30m for this ip. I don’t see it.
I am pretty sure this BOD has no fear of reprisals or lawsuits where Dr. Wolchock comes in and testifies. They will do their jobs, which includes a fiduciary duty to PPHM, and they will be safe from any potential lawsuits for not getting billions and billions of dollars for ip that the market values at zero and has never been proven.
Good luck to all and I’m looking forward to a much better PPHM
I believe that it is VERY likely that Dr Wolchok will be called into court and forced to testify about a statement that he made to a shareholder about ps targeting. I am certain that fear will be the thing that saves us from a breadcrumb deal and lead to valuations in the tens, if not hundreds, of billions of dollars.
I wrote my letters to the new BOD members thanking them for taking over from the three previous criminals. Yes, I used the word criminals in my letter. I also wished them luck in getting Avid moving in the right direction as soon as possible. I said I hope you are able to get something for the ip that is currently valued at zero and has never been validated at anything above the mouse level. I don't count failed phase II's wither fantasy never proven conspiracies followed up by miserably failed phase III's as any type of validation. I ended it by saying if you can get something for absolutely nothing then you did a fantastic job. Good luck.