OPEN LETTER TO KEN BERLIN
Congrats on your new job. Here is some perspective from a shareholder who has suffered through Moore, OConner and Lombardo.
1. FORGET ABOUT DILUTION.The number one problem with previous CEOs here is that they think there is no penalty for lack of execution because we can always dilute. At this price, dilution isn't dilution...it is selling the Company for peanuts. If you access that 30 million share authorization at these levels, you are in effect selling ADXS for $90 million. Better to hire an investment bank and get a real sale price. Best of all, do a cash deal partnership for big $$.
2. NO REWARDS FOR NOT DELIVERING. The ADXS culture under OConnor became one where failure to execute didnt prevent RSU grabs and massive option awards. Set hard targets for your execs, and NO options. Merit raises not "consultant" recommended raises for all.
3. Deepen the partnership with Amgen. It is easier to sell a second helping to someone who already likes your cooking. Figure out a way to get the $400m in AMGN payments accelerated, like maybe giving them a HOT indication or two. OConnor blew this deal, fix it.
4. Cut costs, run a lean ship. There are way too many EVPs and SVPs and Directors, many of whom are overpaid. This is not Merck or BMY. You dont need EVP level salaries when the people making them are Manager level hires. Spend the money like it is coming out of your own pocket. For example, is Noelle really needed, or would an outside part-time PR firm be cheaper.
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