I am kind of pissed at myself. I thought about lightening up on friday when the price hit $0.40, but I stopped because of the old idea about smart money or leaks with buyers on friday. Today's news is diasappointing, but as Dew points out, the good news is that GTCB did manage to buy some time to get us to the FDA decision. But we needed to get more of a cushion, so reducing cash burn should still be on the plate even if it is more symbolic than effective now at this late date. Remember, the stock price was at $0.28 about a week ago, so the drop from $0.40 to $0.25 sucks, but isn't that much worse than a drop from $0.28.
Did Cox say anything about lowering the cash burn and cutting executive salaries, or is he still in denial? I do think Cox has to go because he never even raised this issue, which should have been done more than a year ago. Cox has to go because GTCB didn't make a priority for getting a deal in Japan. Cox has to go because the LEO deal turned out pretty bad. I understand they needed a partner and LEO gotten before EMEA approval. However, LEO had all the cards GTCB was at their complete mercy. LEO did nothing to move rATIII sales forward and I haven't heard about any sales figures. Maybe LEO set the price too high or maybe they didn't have the sales team to push rATIII. But either Cox is responsible for aggreeing to the terms of the deal that left GTCB with no leverage, or GTCB had leverage but Cox didn't use it to force LEO to move faster, especially with regard to the all important DIC trials.
I am glad that LEO is out and LFB will take over their role. The negative is that the DIC trials have temporarily stopped recruiting patients so lets hope that the deal is completed quickly and the DIC trial recruitment takes on new urgency. I also hope that LFB moves quickly to get rATIII label expansion into pregnant women with HD deficiency in Europe. Did Cox even bring this up as a priority in Europe, or his he clueless on this front as well?
AI
