Mosaic ImmunoEngineering Inc (CPMV)

[Neverending]

Your New CEO, Steven King, was up for an award!! >>>>>
He can sure boost a share price...but make sure you sell the pop....this time.


https://www.thestreet.com/investing/stocks/your-vote-counts-who-is-the-worst-biotech-ceo-of-2012-11782309

Your Vote Counts: Who Is the Worst Biotech CEO of 2012?
Readers get to decide which of the CEOs from BioSante, BioCryst, Peregrine or Cell Therapeutics deserve the dishonor.

Steven King, Peregrine Pharmaceuticals:

Clinical trial failure happens all the time in biotech and is not enough to land a chief executive a "worst" nomination. Peregrine's King, however, isn't just an innocent victim of bad luck. Under his leadership and in public, Peregrine shamelessly hyped and promoted bavituximab in the months leading up to the September lung cancer data results, promising investors that "exceptional" data was sparking interest from potential partners. Privately, however, King directed the company to sell millions of dollars in company stock through opaque, backdoor and highly dilutive financing deals.

For a few days in September, King looked like a genius as investors considered the possibility Peregrine had a blockbuster lung cancer drug on its hands. Bavituximab appeared to double survival in second-line lung cancer patients. The unprecedented data from a mid-stage study seemed entirely implausible but there they were, presented during a plenary session at a well-respected oncology research conference.
Peregrine shares traded for pennies, literally, in July. On Sept. 21, with investors buzzing over bavituximab, the stock hit $5.50 per share.

And then, it all blew up. On Sept. 24, Peregrine threw out the bavituximab lung cancer results due to "major discrepancies" in the conduct of the study. The doubling of survival attributed to bavituximab turned out to be a hoax. Peregrine blamed an independent contractor for messing up the conduct of the study, but of course, investors rightly nailed Peregrine for the fiasco. The value of Peregrine's shares cratered to pennies. The company's credibility suffered even more.