HedgeFundHouse here. Will not be on ST for now. But here's what Clarke sent me yesterday. Shorts are toast in here.Verbatim:
Regarding your specific points, I struggle with the appropriate way to respond when they are generally antagonistic. You will need to make your own decisions about your investment portfolio and your position in Pulmatrix, if you have one. I am bullish about the company moving forward and I can tell you we have a committed team and employee base working hard towards our company goals.
To address your specific queries, I’m not sure what failure you are referring to. As you may or may not know, forging strategic relationships with other biotech or pharma is complex and takes a significant amount of time. We are pursuing all opportunities and we will announce publicly as appropriate.
The S-1 filing should be self-explanatory. We are a development stage biotech company, clinical trials cost money, and we have publicly stated we will be raising capital to support our Pulmazole Phase 2 which is targeted to start this Q. We will not play into the fear mongering shorts and quants who try and prey upon other investors on a S-1 filing.
We have no control over the trading volume or activity in the stock. None of us are involved in any trading of the stock and this would all be public information. The dubious actions by those trying to play microcap stocks is not something that we can influence. However, in the last few weeks that you cite, we have regained NASDAQ compliance which is very important for the company. What we can do is stay focused on delivering Phase 2 data and anticipate appropriate shareholder interest and inflection if our data readout hits our target endpoints.
There is no secret behind the departure of Dr Hava or Dr Roach; all in the public domain. Dr Hava is at a company called MeteraRx. Dave helped mature our platform technology and get our pipeline to clinical stage which was an opportune time for him to consider what was next. After devoting 12 years to the company, he wanted to take a chance to be employee number one at a startup. We wish him the best and still talk often. Was for Pulmatrix, we have a very strong roster of scientists within our R&D group and with our consultants and my own background as former CSO at Pulmatrix, we are very confident in our capabilities.
Dr Roach moved onto Clementia Pharmaceuticals. Where Pulmatrix is now, focused on our lead clinical candidate Pulmazole, we determined strategically that our needs were better served with a Medical Director versus a full time CMO in the interest of maximizing our operational facility. Dr Roach is staying on as a consultant for Pulmatrix and Dr Hava is still engaged as well and we’ve built some efficiency into our burn rate. When the time is appropriate, we will fill one or both of these positions as our corporate needs dictate.
In the future, we may consider a shareholder letter or periodic update.
