Biotech Values

[vinmantoo]

Dew,

Have you seen anything like what is going on with PGNX? Velan came in and urged shareholders to vote out 2 board members due to the woeful performance and mismanagement of the current team. Management spent $5 million to try and defeat that effort but they were handily defeated. The CEO even lost 36% of the vote and he wasn't even targeted. Velan tried to negotiate with management to bring in more professionals with experience in drug launches. In response, PGNX decides to hastily sell the company without putting it up on the open market with a $18 million penalty if management cancels, and $5 million if shareholder vote down the offer.

This whole thing drives home the point. You you are screwed if management is incompetent and greedy.