DAR53
Here is my primary resentment with the whole Denner issue: the old Board had been cleaned up -the previous COB having sold all his HF shares in Amarin had been removed, 80% new people who had been there for only 6 months, they were all well qualified and had diversified experience & expertise in running a small biotech expanding to EU and ROW. Now, with Saint Denner, we have a CEO who openly has no clue about EU, never negotiated with a single payer government organization and a Board made up entirely of people with a single (ok, a bit of diversity) background of finance & selling a company. What is the single, most important task at hand? Negotiating single payer deals across EU. We lost KM (whose career has been exactly that) and now have a CEO and Board with zero experience in that area.
I supported getting rid of PWO. I agree that the old Board should have allowed Denner to have 2-3 reps on the Board BUT (major although ignored point) if you read the SEC documents during the proxy fight Denner DID NOT give the necessary information/make the people available ON TIME for the AGM last year and then only allowed 3 to be interviewed prior to the proxy vote. He sabotaged the process from the beginning, and with the help of his employee Lizzy, claimed that Amarin denied qualified applicants. They had a major M&A guy already on the Board (can’t remember his name, but 1 of the 3 that did the webcast) and didn’t need 3 more M&A people. A Board needs experts from various specialties. Now all we have is a group of M&A experts who are openly NOT LOOKING FOR A BO but are trying to launch in EU and there is NOBODY LEFT WHO KNOWS WHAT THE HELL THEY’RE DOING IN EU! This my concern. Scotland probably sees that Amarin is F’ed without KM negotiating and know that Denner is desperate to get selling so they will push the limits to drop the price.
Amarin has nobody with the key expertise and experience needed right now and the cc made it obvious that the company is completely winging it right now. Biotech has been going up this week but Amarin is on its way to a new low but 90% of the people on this Board are to stubborn to admit the reality of the situation = Amarin is much worse off now than they were in December.
The new Board, exactly like the old Board knows the simple, basic reality of Biotech which is: you GIA until it is no longer GIA. If nobody wants to buy you, you have no choice other than to survive the best you can and create a value that others will want to buy (which can take a year or 2). New Board is doing the exact same thing as the old, they will just never come right out and say “the old Board was doing everything they could under the tough circumstances “ because saying the opposite is what got them their new jobs.
I would be much happier (less bitter) if we still had KM negotiating (and if this Board hadn’t been so absolutely closed minded and aggressively attacking anything that didn’t agree with what they wanted to hear).
This stock is very undervalued but it is also dead money for the next year. Not worth spending time posting here when it’s summertime and lots going on elsewhere. I can contribute science, but the science is solid and nothing new to report (although the European Atherosclerosis SocietyAGM is about to happen and that should be interesting)
PS: BBI had a good, respectful, intelligent response to an earlier post I made but I apologize for not having the time to reply
