Proteon Therapeutics, Inc. (PRTO)

[Leonard McKinley]

The simple fact is that this management has screwed up royally. Management got another shot at their P3, and with the cooperation of the FDA actually redesigned the endpoints to their benefit. This action was highly suggestive that the FDA wanted the new P3 to succeed and hoped that it would succeed. Yet, the company failed abysmally. After such performance, it is obvious that this management will never be able to raise funds again, and has lost all credibility.

Now, the Company is trading at a price of NEGATIVE $10 million of Liquid assets net of debt. Thus, the market is saying that the remaining intellectual property is of no value, and management will simply blow through the Liquid Assets that the company holds. This is entirely possible given the already demonstrable incompetence of management.
Then, we are told that the Board will hold meetings and eat donuts and drink coffee while they figure out how to steal more from the shareholders. The lawsuits are inevitable here. The only way out of this disaster is for management to get on with selling the company post haste. Fire everyone to conserve cash, including the CEO, and let the Treasurer auction the company to the highest bidder. Then we will find out if the remaining IP is of any value. Management is nothing but negative value.