Peregr, You found another "red flag" area with the Ronin BOD candidates and PPHM confidential documentation, so I looked into the July 31 PPHM announcement where the PPHM Board filed with the SEC their announcement that they are seeking an Avid President and adding to the group of BOD to seat "up to" seven members. I pasted in some relevant segments from the filing below that provide context for a PPHM valuation note I am posting separately.
Have you examined the Ronin director candidate background info posted by others over the last few days? I am curious if you have concerns about the Russian industry advisory role associated with one of the Ronin supported BOD candidates? I recall that PPHM had been implementing trials that included cancer patients recruited in "Soviet" Georgia just before the occupation, such that implications from the occupation were discussed on this message board for a while. I recall Affitech technology was acquired by a Russian interest (Affitech helped "humanize" the Bavi family MABs), so there is a bit of a historic technical and business basis for a PPHM and Russia connection, not just hype. Long time long's may recall the details better than I and should feel free to correct lapses in my memory.
Best wishes and IMO.
KT
Excerpts from July 31, 2017 PPHM filing with the SEC, bold highlights added:
Avid was formed in 2002 to service the attractive commercial bio-manufacturing market. Over the last 15 years, Avid has become a leader in implementing disposable bio-manufacturing processes at commercial scale for large molecule API manufacturing. The Company has achieved a premiere customer list, excellent regulatory track record and strong competitive position from which it can capitalize on favorable industry growth trends. In fiscal year 2017, Avid generated revenues of over $57 million and achieved a five-year compounded annual revenue growth rate of 31%.
“Avid has experienced remarkable and steady growth over the last several years, and we are taking steps to ensure that it remains well-positioned to take advantage of the growing demand for biologics and biosimilar drugs,” said King. “We have a clear strategic plan and proven track-record in our CDMO business, as evidenced by our investments in the state-of-the-art Myford facility, our progress securing new customers and expanding our services offerings, and our recent record financial results. With the addition of a new dedicated President, Avid will benefit from a leadership team focused solely on executing its long-term strategic plan of driving growth, diversifying its customer base and optimizing its operations and facilities.”
R&D Business Update
Continued King, “At the same time, we are actively evaluating strategic options for advancing our R&D business. We are working with researchers at some of the leading research institutes in the world and have seen renewed and encouraging interest in the bavituximab program from influential key opinion leaders. We believe recent promising clinical data from our bavituximab program, in addition to our other R&D assets, strongly supports continued advancement of the pipeline with the goal of providing patients with new cancer treatment options. Leveraging the scientific expertise of key opinion leaders, we will apply great rigor in assessing additional investments and identifying the best way to move our R&D programs forward.”
“As we recently noted on our fourth quarter conference call, Peregrine is at the start of a transformative journey, which includes exploring strategic alternatives,” said King. “We are focused on enhancing shareholder returns as we capitalize on long-term opportunities available to Avid and pursue the optimal path forward for our drug development franchise. The search for new Board members and a new dedicated leader for Avid mark the first in a series of planned strategic actions that will strengthen the position of Avid as a more independent and potentially as a completely independent entity with a focus on revenue growth and increased profitability. We will also continue to explore the best strategic alternatives for the R&D pipeline in order to maximize value for stockholders.”
Peregrine will be working with a nationally recognized executive search firm to assist in identifying highly qualified candidates for the Avid President and Board of Directors positions. The Company intends to appoint a President to the Avid business in the coming months and include the identified directors in its slate of nominees for election to the Board at its next Annual Meeting of Stockholders.
