Hi rwwine, apologies the tardy reply, things have been a bit busy.
As already voiced here, I too am highly disappointed in management.
I am wholehearted not a fan of Abby. And to be fair while new to the role and getting adjusted to it, her demeanor and tone strike me as someone who trying to convinced others that she knows what she's doing when really she not clear/comfortable at all.
Clearly her decisions have not gone down well in general, what with those 2-3 directors resigning, and then this decision to partner after the management being steadfast in their decision to go it alone up to her arrival.
I realise that launch requires funds, but I think raising some capital but keep all the profits is a much better situation than partnering at this late stage and taking maximum 40% of the profits if they plan to getting a commercialization partner involved.
I am also concerned by her statement " Given the challenging economic environment, to date, we have not been able to raise adequate funding to support our full pipeline and enable a more robust launch of omidubicel, if approved"
I mean, companies in much worse circumstances have been able to raise, and one would think with this first in class therapy for a huge unmet need, just before approval and with all the data in, it would be easier for them to raise. Either this is a lie, or this is just Abby's incompetence, especially after having created a situation such that those 2-3 directors resigned at the same time.
The go-to-market strategy is well defined in terms of centres and the product has obvious benefit. I just don't get this, except if Abby, being as young as she is, has no real interest in properly running the company through the next phases herself, but just get a partner to do it for her as she doesn't know how to handle this.
Then perhaps as you say just line it up for a buy-out and the she can make her money and disappear from the picture. Horrendous selfish conduct if so.
Also killing off the other pre-clin pipeline products and firing one fifth of the staff to extend the cash runway to focus on omidubicel launch I would understand in normal circumstances, but doing that just to extend the cash runway by 1 quarter, wow, sounds like such a great idea.
All seems ridiculous to switch gears at the last moment.
Also having mentioned this partnering (division of profits) and lack of ability to get funds, they crater the stock.
It will take months to find and negotiate with any partner. And with one 1 more quarter added to runway, they are going into any negotiations at a definite disadvantage.
I don't get why they didn't just wait for approval, which at a higher baseline would have upticked the SP to potentially 4 times where we are now. Then at the higher SP do a raise (which I am sure they would be able to do with a just approved product), and then announce they are looking for a partner at a position of strong advantage.
Again Abby I think is in way over her head.
As far as what to do going forward, I mean heck, with 3 weeks to go before approval what more can they do to mess this up?? Yeah for sure buy and run to the PDUFA, but probably sell on the news too, as they will definitely raise straight after (but now at a much lower price point, stupid), because I doubt they will have a partner lined-up within 1 month of the announcement that they are seeking for one.
And if they can raise after the approval, they could definitely raise before the approval, like one month makes a difference??
Or worse based on her communication of difficulty raising above, then what if after approval they still can't raise, and still don't have a partner? So what, they are expecting to make sufficient sales in the 2 months after approval to keep the company going?
So yeah, buy, get to PDUFA then out, then let it drop again with dilution then buy in before potential partnering or buy-out.
Apologies, but all seems a bit ridiclulous.
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