Observations from the ASM
I apologize in advance for what may be redundant or deemed unimportant by some, but these are my observations, information and impressions from the ASM. Since I do not know what was cut off from the webcast, there might be some overlap.
Attendance - Stockholders. there were definitely less than last year. Someone posted that they thought attendance was around 20- 25 people…I think that is pretty close.
During the pre meeting chat session, I overheard CJ tell an attendee that "yes, but Cotara works, I was there when a doctor administered Cotara directly into a patients brain, and 3 days later that guy was out mowing his lawn."
CJ - During the introduction by CJ when he was introducing PL he commented that those attendees that are upset at the use of the ATM should "throw their darts" at him. But then praised him for a job well done. This led to an offhand comment by someone from PPPHM (i couldn't see who) that CJ reads the "Chat Rooms" and thats where he gets the impression that people are pissed at the ATM usage. Cj said that in fact he does not read the Chat rooms but some people do print certain posts for him to read which he sometimes reluctantly does.
When talking about the new Avid Facilities, CJ thought that we would have the opportunity after the meeting to go and tour the facilities…this was quickly Poo Pooed by the mgmt team saying that there was too much activity going on there to have a tour that day.
CJ also commented about the growth of the company and number of employees over the years. He said that there is no more room in the company parking lot and that employees are now forced to park in the streets which is not looked on favorably by the Tustin PD.
As a strange side note, during CJ's preamble, PL was at times laughing so hard he was red in the face, lots of innuendo and inside jokes being tossed about between the 2…and PL was laughing so often and loud that my wife said it was "borderline unprofessional". IMO as I was sitting and having lost well over 100K on paper, I wasn't in as good a mood as they seemed to be.
During the lead up to the votes, and in an unscheduled way, 2 of our stockholders (who should be commended by the way) wanted to know more about the 175 Million share increase and a discussion took place. PL did a decent job of explaining how they basically have calculated the cash needs over the short and long hauls and that they need to plan on a variety of scenarios to make sure they have everything they need. IMO he gave the company line, stock answer and did it well. However, he was asked then why can't you ask for 50M now and 50M later or some other smaller ASk then what we are now faced with. It was then that SK stepped up and took control of the meeting, he first said that he understood the concern and said that we all want the same thing BUT they now have to start planning for success. that there is a possibility that the trial is stopped early during the second look-in (he mentioned this a few times during the meeting) and that they have to be prepared for commercialization which is a very expensive process. IMO, having listened and seen SK over the last few years, he has come a LOOONG way…he was very professional, and spoke frankly and confidently. He sounded like a CEO!
Dr. Jeff Hutchins - Always a good speaker IMO but no new INFO to speak of
Dr, Gerber - I have posted on him prior. 100% on the intricacies of Lung Cancer, Look for an article to be published on BAVI attaching directly to the tumor. Last 2 Slides were the BAVI focused slides. Blazed through them. (North - are you trying to get your hands on these? )
Q & A - Period (the things that stood out to me)
(I have to paraphrase throughout this - but the other attendees PLEASE help me with any inaccuracies or if you heard things differently)
1. MSK Collaboration - Preclinical or Clinical? Answer - the collaboration will contain both preclinical and Clinical aspects on an on-going basis.
2. Are there cancers that don't respond well to I/O, how do they determine what studies to pursue? Answer - they are looking to start trials that why think will offer them the biggest Differential between control and with BAVI arms. As an example, SK said that in Breast cancer patients/tumors with the highest mutations respond best (sorry for the non-scientific interpretation).
3. Additional study readouts prior to Sunrise Unblinding…why is this important?
Answer - they are trying to have as much data available as they can prior to Sunrise unblinding. SK said that they view this data as being "supportive from a regulatory standpoint" This played into the decision to go with AZ versus Opdivo. He said that not only did the save substantial money with AZ but the DATA gathering would be much faster. Shan confirmed this by saying that "time is money".
4. Is the IDMC able to ask for a look-in or can they view the data PRIOR to the scheduled look-ins for efficacy? Answer, No the only thing that they can do is stop the trial for a safety problem. they do not have access to data other than that is it may cause "operational bias" SK gave the impression that there was little to no chance that the triall would be stopped at first look-in as it is for futility only. (he did say offhandedly that maybe if ALL the BAVI patients were alive and therefore all of the events were the control arm that they might suggest stopping, but that is not going to happen). He stated again that the chance for an early stop could be the second look-in and at that time they would determine what to do. They have the option to keep going with the trial to garner further data and complete the study. IMO it sounded like that is what they are leaning towards…no stop even if they can. (MY INTERPRETATION BASED On SHAN who was sitting right next to Garnick).
5. Why don;t we seek a BTD on Breast? Don;t you guys realize how that would effect the stock price…we could sell our ATM shares at $2 or $3 versus $1 today.
Answer - Garnick stood up and said that in his opinion, BTD is meaningless. It was designed to ease the pressure off of the FDA and that our Fast Track designation gives us everything that we want and could get from a BTD. The questioner then pushed that from a perception and PPS standpoint, a BTD could be huge. SK agreed that "who doesn't like the sound of a BTD" and they are not ruling anything out and if the opportunity would arise that would fit applying for one, that they would consider it.
6. the poison Pill is expiring this Spring, what are you going to do?
Answer - we are aware and are meeting on the topic as we speak, we are determining what to do.
7. Why are the PR's written so vaguely? They are written in Scientific Jargon and the average investor does not get it and/or does not get excited about the company?
Answer - SK - this is great feedback and we will look into writing our PR's in a more accessible way. IMO Here again SK said that we all want the same thing here (PPS to go up).
8. I have to ask about getting a partnership to boost the PPS, is this a unicorn or is it a real possibility? Will the Full Enrollment PR be a big deal or is it meaningless? Throw us a bone please!
Answer - Sk thinks that the enrollment is a big deal because not only does it prove that we can get the job done BUT it starts a timer ticking. As each month goes by the pressure of 1st look-in, then 2nd look-in, is looming. this is the only time that Worsely spoke…he said that he is seeing the interest ramping up and that as we get closer that he expects the pressure to make deals from potential suitors to pick up substantially.
FWIW - I came to the meeting a bit pissed but hopeful. I walked out feeling that they have it handled and they have a plan. No i was not drinking the Kool-Aid, it was Passion Tea…seriously
I apologize for the long rambling post but I wanted to get everything in - For those that attended, PLEASE Feel free to add, change or edit as you see fit.
I truly hope this in some ways will help!
thanks!
Copper
