Frustrated,
You may be surprised that many posters on this board share your frustration in multiple areas.
My particular red button is the absolutely moronic, dilutive financing via ATM in the face of multiple better alternatives. I can't stand watching Lytle finance at the approx value of Avid. That means he is literally giving the rest of the company away for zero.
What is very strange to me is why Garnick doesn't look up from his reg book and tell Lytle "Hey Putz I just did a masterful job at the FDA that took me over a year on Cotara and you are selling it for Nothing??? What are you crazy??
Why doesn't Thorpe pick up the phone and tell Lytle " Hey putz I've just spent over a decade doing Nobel prize quality seminal research on cell surface transfers of lipids that potentiate the immune system vs cancer and virus and you are selling my work for nothing??? What are you crazy???
Why doesn't Shelley Fussey pick up the phone and tell Lytle "Hey putz I've just spent over a decade creating the premier patent position -- over 150 separate patents-- in any small biotech on the planet and you are selling my work for nothing??? What are you crazy???
Why doesn't somebody in Thorpe's lab pick up the phone and tell Lytle "Hey putz we are creating the next leap forward in "imaging". We've been working on this tech for years and it represents not only the next level in aiding surgical procedures but it has valid apps in diagnostics, prognostics, and drug development. It may be a billion dollar business opp all on its own and you are giving it away for nothing?? What are you crazy??
Even Masten at Avid ought to pick up the phone and call Lytle and say " Hey Putz at the rate Avid is growing, with the free cash flow and with a large part of a 100mm gov't contract still to come, Avid may shortly be worth much more. I have lots of options in PPHM so why are you giving all my growth away for zero??? What are you crazy???
Most of all I dont understand why Eric S. doesn't pick up the phone and call Lytle and say "Hey Putz, I'm a master of the universe and I own over 3.5mm shares of this PPHM and I've financed over 2 billion dollars for various early stage companies and I can think of 20 ways to finance PPHM better than giving away my equity for nothing. What are you crazy???
But Mr. Frustrated, that's just me and maybe my frustration will evolve as events play out. I suppose your particular brand of frustration is evolving. A while ago it used to be "We've been working on this Cotara for over 18 months with the FDA and still nothing". I suppose you've evolved now to "Well how come we don't have a deal yesterday --that's frustrating".
Hopefully my frustration will evolve also as PPHM realizes that too little debt impedes progress just as too much debt weighs on progress and creates risk. No debt and the constant sale of equity for zero is way to "conservative" to be euphemistic. (Memo to Lytle -tying debt to your clinical schedule or that of the FDA is insane. Tying debt to the inability to raise equity when the timing is appropriate is also insane. On my planet--earth--equity raises only make debt more secure not less secure.)
For all my friends and fellow long term holders of PPHM, be of good cheer in the holiday season. Under all this horse manure there is a pony somewhere. Garnick, who should know something about clinical trials, described the PPHM 2nd line NSCLC results prior to Sept 24th as the best he'd seen. There are no guarantees as to how the FDA will deal with clinical "coding errors" but there is also no way "coding errors" caused the across the board outstanding results prior to the 24th. If there were, then doctors spanning the globe would be recommending "coding errors" to their cancer patients. So therefore:
I say again to fellow long term holders be of good cheer and seasons greetings.
Best Regards,
IMOO
RRdog
