Here is my line in the sand….
In the event management is unable to secure a partnership by time the proxy vote is distributed, I am voting against this regime. King and company simply don’t deserve another year, no more next month’s next years ect…. From my perspective, they no longer deserve any benefit of the doubt for another year of guiding the company. As it stands today, they have failed miserably to have the share price and market cap remotely reflect what the perceived value of this company has going for it.
Management’s obvious disdain for the retail shareholders by their actions who have supported the company is absolutely appalling. The latest smokescreen of needing to wait until the frivolous lawsuits have resolved is questionable at best. Now they are attempting to divert attention back to preclinical hopes.
Let’s reflect on the Stephen King conference call battle cry’s for any newcomers and those with long term memory shortcomings:
We went from:
Deciding to settle the China lawsuit by giving all the financial benefit to Epstien and receiving 50% stock ownership in Medipharm along with the 100% rights for Cotara. Can anyone please show me where the equity position in Medipharm shows up on the Balance Sheet? Regarding Cotara, King lolly-gaged the platform along until it became ultimately a non- issue….much like Oncolym….
Remember Oncolym….one of Kings first evecutive orders was to buy Oncolym back for $200k upon taking over the helm. There was no business reason to purchase it back…correct me if I’m wrong long term longs.
Fast forward to the most recent party line dejure regarding Cotara….While questions were raised as to why they haven’t partnered Cotara at the conclusion of Phase II….King gave the impression that …”Our potential partners are waiting to see what the Phase III parameters are before partnering”. 7 months later, it appears that his statements were misleading if nothing else. As it stands, Cotara….both phase III protocols have led to absolutely nothing in spite of the great results achieved in the most recent patient group in India.
The fact is, we have a CEO who Is grossly adequate at promoting, selling what out platforms have to offer and unable to secure any viable partnerships besides the two stellar Dias and Stanton deals that have served as just another cruel hoax in a long series by PPHM management. He has no…repeat no credibility. Nor should he given his track record….saying dumb things like expecting a marketable product by mid 2012 was reckless at best.
They led us on, by their words, that everything is going well with the governmental hemeroragic virus trials with the government. Shareholders were led to believe this Duke Paper was going to be a game changer….the bird flu bavi aerosol was is the making…and “Animal Rule” was looking good.
They also touted false hopes of biosimilars. We almost had 2 new board members…
From my perspective, King has this false perception that PPHM operates in a vacuum…that there is no sense of urgency and no other outfits that are racing for viable products but us. I am fearful that his arrogance, greed and incompetence could possibly lead to Bavi following a similar path as Cotara and Oncolym if our platforms aren’t transferred to a competent BP.
Take R84 for example, Kings inability to promote “the next generation Avastin” ended in a crap deal to an underfunded company. The rights have been passed around more times than a joint at a Grateful Dead concert and as it stands, shareholders probably will never benefit in the event this compound makes it to the finish line as ownership to the rights are probably in question as the compound resides in Russia….I’m sure shareholders can rest assured that our financial rights are protected by our stellar board….see the China outcome as a benchmark. I believe the R84 antibody has enormous potential….but PPHM management screwed this one up as well….dealing it out for basically nothing.
Shareholders are consistently left in the dark regarding matters that should be shared. I realize that “they” can’t take questions from every loon that calls in but in essence King is the master at basically hiding under his desk and says as little as possible to avoid blame or answer reasonable queries.
Let’s evaluate our CFO:
Twice he was quoted as saying: “We will not consider selling shares at these prices”…twice he lied.
When we were kicked off the Russell by a 300 share literal last second 7 cent drop as the final trade of the day….do you think he would stand up and fight for the companies standing…..
Once leading up to a Russell he decided to dilute, which resulted in us getting kicked off. The timing inexcusably retarded.
How much skin in the game to these guys have? They historically hid behind this “windows” argument. They dilute, grant themselves more shares that more than offset the dilution to retail shareholders and go on their merry way. Retail shareholders should be livid regarding their attitude.
These aren’t the kind of folks you want representing retail shareholder interests. They probably go to bed laughing at retail shareholders. They should be ashamed.
Now they give the impression that they can go forward with a Phase III lung cancer trial on their own and enroll 600 participants. From the outside, this looks like a half-baked bluff given they can’t even enroll the tiny liver trial in under 3 years.
I could go on.
I am hearing posters saying they will give management until the end of the year to partner. Given the above history…do you really trust this regime to look out for the retail shareholders’ interests for another year if they don’t have a partner and a change in the BOD by proxy time? I don’t, and can’t imagine given management’s attitude towards companies retail shareholder’s.
While Teknuloof’s poll may have exposed some overt optimism….The share price estimates and dates for the most part weren’t that far out of line if we had a competent CEO negotiating a deal. Even with the frontline line and pancreatic trial misses… the 2nd line results remains head and antlers above anything out there.
Bottom line, I desperately want our compounds in the hands of a well funded BP that will move them forward with a sense of urgency and see how it pans out. If there is no partnership by time the proxy comes out, I hope the vote against management wins and we start hearing valid buyout offers that benefit shareholders and potential patients.
At the rate management is going…..everyone but them loses.
I think this board is awesome and that long term retail shareholders deserve better than the treatment this current regime has exhibited.
All IMHO….
