Avid Bioservices Inc (CDMO)

[corporalagarn]

"If you're long PPHM, why in the world would you think that post was great? I'm long and don't consider it great. I would consider events like getting approval from the FDA to do the phase 3 2nd-line NSCLC trial as great. Getting the Sunrise trial up and running efficiently would be great."

I think some people are missing the point of my post. PPHM has some very good things going for it right now, those that you mention being two of the biggest along with Dr. Garnick working for them. That being said, why in the world are we at $1.50? In my opinion it is because of the make up of the board and what it has done in the past. Some think the history of a stock and the people running it doesn't matter. I say it obviously does. Having Garnick working for us and having Bavi in phase III with about 150 sites up and running are huge. Without that the pps may be .50. With a different make up of the BOD and without their checkered history as it pertains to this stock, we could be at $10+, in my opinion. Some of the positives that they get credit for, I disagree with. Having $70m in the bank is not an accomplishment when you got it through dilution at prices that you feel are way below what they should be. Not having a going concern paragraph is not an accomplishment. I would guess that at least 99% of publicly traded companies don't have one. We got rid of ours through dilution at prices much lower than we believe the company to be worth. Nothing to brag about there. And lastly, Cotara. Spending $60m of money that you don't have to get a drug phase III ready, only to sit on the shelf for two years because you can't seem to partner it doesn't do much for me.

Again here is why the pps is what the pps is, in my opinion. This BOD will always be a drag on the pps as it is currently constituted because of these things that happened in the past.

The $50 million dollar DIOS hoax that was perpetrated on Wall Street by this crew, May, 2007.

http://ir.peregrineinc.com/releasedetail.cfm?ReleaseID=266038

The reverse split to stay Nasdaq compliant, October, 2009.

http://ir.peregrineinc.com/releasedetail.cfm?ReleaseID=416393

The Stason "deal", May 2010.

http://www.biospace.com/news_story.aspx?StoryID=178872

The 80%, one day drop in the pps due to "major discrepancies"

http://ir.peregrineinc.com/releasedetail.cfm?ReleaseID=708954

Outstanding shares on September 30, 2009, 45m. Outstanding shares current, 180m. Dilution by a factor of 4 and no end in sight.

Insider ownership, less than one percent.

Chairman of the Board of Directors.

http://ir.peregrineinc.com/directors.cfm

Most of these things are in the past but they all matter. It is how the company is judged. Putting out a pr about bird flu or ebola when they are hot to get a quick, temporary bump in the share price is not viewed in a positive light. Mentioning that you are in partnership talks for over ten years and not having anything to show for it is not good. Switching from King to Worsley in mentioning partners does nothing. King is likely too embarrassed to say it any more. Good for him.

Maybe this post should be a sticky that people can be referred to anytime somebody asks why another company is where it is at in relation to PPHM.