Sunday, June 28, 2020 9:17:27 PM
As a biotech investor for many years I've seen a lot of things done to support the completion of a trial, I don't think anything that L.P. has done has exceeded what I've seen elsewhere. Certainly we have a lot of shares outstanding, but she's done something that many others haven't, taken the trial to it's conclusion without taking on a partner who in many cases acquires the drug, leaving the company with milestones and royalty income, and a fair amount of money up front. As I see it, with 5all the masaginations LP has taken the company through, we still own 100% of the drug, and while I believe we may take in a partner after TLD, I doubt if that partner will get over 30% of the company, and I believe we'll see a share price of $5 or more in doing that.
Those who know me know I've been involved with IMGN essentially from the time it went public. I still believe in it's potential, but I've hated the fact that it has time after time monetized drugs and greatly limited the profit potential on their approval. They haven't diluted that much over the years. SGEN, who's technology is probably no better has a much bigger market cap, but they diluted for funds, but didn't totally monetize products with potential. I would much prefer having the position we have here than the position IMGN has taken in most of its drugs. IMGN does have a couple drugs that are still wholly owned, but they've openly said they'd like a ROW partnership, keeping the U.S. for themselves, I can live with that, but prefer if they were where NWBO is. I do believe that a BP partner will assure we're well represented for distribution and sales around the world, and will supplement our manufacturing capability if necessary.
In short, LP has gotten the job done. Others might have done it differently, some perhaps better, some worse, many may have partnered, or sold years ago. She's not perfect, but she has taken us to the verge of tremendous success, and we have sufficient funds or the ability to raise them, to go all the way. I admittedly have only been involved for the last couple years of this ride, I can see the frustration of many who've been here much longer, but I like where you are more than where long term investors in IMGN are, here you own a blockbuster product about to reveal blockbuster results.
Gary
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