I continue to believe that the market sees the development of B as cash flow problem and a potential catalyst for dilution. I believe this is why we saw a sharp draw back after the announcement and why we continue to fight to hover around 1.90. CTIX appeared to have established a road for developing and financing both P and K and then they surprised everyone with the new acquisition of a failed company's assets. B will cost this company a lot of money before it ever returns a dollar.
Backing up my opinion are a flurry of seemingly desperate PRs by Leo trying validate the decision. This includes the bizarre "PR" that B is worth more than we thought. I think the trepidation over B is entirely justified. While I see great promise in B another company crumbled when trying to develop it. We (the board) routinely blame Polymedix management for the failure but at the end of the day we're just echoing Leo. The trials didn't give them the results they wanted, the company folded, Leo got this drug for a song and more concerning is there wasn't a line of companies trying to buy this "billion" dollar drug. I've heard an excuse for every one of these points but excuses aside, the facts are the facts and without a positive spin it doesn't paint the rosy picture that Leo is illustrating in his PRs.
So I ask this, if the K trials are going awesome and P is simply going through regulatory formalities why shift the focus of every PR and presentation to B?
We have been told for a year that they would be reporting p21 marker results any day now and the only hint we got was that results were inconclusive and more testing was needed.
During that same year P made virtually no progress (they made the pills) as we waited and waited for trials to start. Then the trails they had pumped all last year got canceled in lieu of another path to approval.
I think share holders have every reason to to raise an eyebrow and the market to lower the SP. I've been adding to my position for a long time and I have brought many investors to this company. But i don't think the market is acting irrationally here. Quite the opposite. I think it is reacting to a chain of events that makes CTIX less attractive than even an index fund which would have returned much more for your money. If you bought a year ago today you made a whopping 5% if you didn't sell it all in the two huge pull backs that happened over that year.
I remain long CTIX and think that investors will reap big profits in the years to come but this is going to be a long, bumpy road with a lot of near-term pressure on the SP. Especially while we under perform against the market.
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