When the music fades ...
(I wrote this yesterday, but wanted to read all the posts to see what I was missing). This is, in part, an open letter to Mr. Leo Ehrlich.
I find the sudden turnaround in the Prurisol game plan very unsettling, only because for almost 9 months Dr. Ehrlich, the CTIX OBG, has been giving us very upbeat periodic reports on the arrival of the baby, and now he tells rushing out of the labor room, "there is no baby; but, we will have twins next year!" I suppose that he supposes that he has earned everyone's trust with extremely dependable projections of goals and dates.
What is missing is a proper rationale for this sudden change of plans. Why were you so sure that this PoC at the unidentified locale was THE way to go (and the name of a stock that rocketed up thrown in for comparison for good measure) and now tell us just when we are waiting to find out about how well it went, that there is nothing.
4 clinical trials next year is a lot of nonsense to anyone who pays attention to the fact that for all of this year you have been continually promising a mini-one one that never happened. Yes, the pills had to be manufactured, they had to be stability-tested, indeed, they had to be SHIPPED! Why is what is being promised now any more more believable or to be taken at its face value than the Prurisol trial somewhere in Europe?
They showed the old mice pictures again last Monday.
Mssrs. Ehrlich and Menon, you need to come clean on WHY you changed plans, rather than leave fans on this board to speculate about mergers, acquisitions and collaborations. Otherwise you leave the sceptic in me wonder about the worst. May be there are patent issues that you have not revealed. Or, the trial began but it did not look like Prurisol did anything. So you cut it short (after all it was all hush-hush and secret) and are diverting attention by buying a bankrupt biotech. (I don't quite believe this version myself, not knowing the timing of things. But I am not ruling it out at this point.--After doing a bit more search: Polymedix filed for Chapter 7 at the beginning of April. So the company may have been cooking this up for a while. But then, why were we blindsided about the PoC trial in Europe?)
All of a sudden we have a much longer pipeline. Well, the bankrupt company we have now acquired also had a long pipeline. You have to have something come out of the pipe for pipelines to be meaningful. What can you do with Brilacidin or anything else that Polymedix could not? Polymedix went under because it was overwhelmed by debt, all 6.5 million of it, which the impressive Phase 2 results of Brilacidin could not overcome. Well, it is not as if CTIX is flush with cash. Did CTIX prefer the short cut approach to the Prurisol study because it has no cash concerns? If Polymedix investors did not see glamour in the Brilacidin results when the Phase 2 topline results were announced, what has happened since then to change anything?
Someone like me did not invest in CTIX for Brilacidin and ten other potentially meaningless compounds. You sold us on Prurisol and Kevetrin. After all the scene you set through the year, isn't it fair to ask that you show us the results, or explain WHY the plan changed so abruptly?
For myself, I have written $1 billion off the anticipated value of this stock. I am forced to think there is something wrong with the Prurisol story until and unless the company has something believable to report about it.
So, it is just Kevetrin. I am hanging in there for this one.
As I have said on this board before, the p21 evidence had to happen unless the pre-clinical studies were fraudulent, and there was no reason to think they were. Now the real question is dosage. How high can it go? They are actually going up in baby steps as far as dose is concerned. I am fine with that, because there is progress and something is happening in the direction of showing results. So far it looks good. I will wait to see what happens because there is something here.
But on the Prurisol front, at the moment, it looks like Ehrlich and company did something unmentionable to the fans of CTIX.
