I sent an email to investor relations after market close expressing frustration with current valuation and requesting that the company reassure the investment community, and I requested that senior management add shares at the current ridiculously low price. I got this response an hour later:
Thanks for your long-term support and this email -- I shared your feedback with our executives.
Just so you know, our management team buys shares through the Employee Stock Plan, so that does not get a lot of visibility, but is issued every 6 months. Dan Browne (CEO) put a 10b5-1 plan into plan a year ago and that plan periodically sells shares automatically and seems to get more visibility than his purchases. He is a substantial individual holder. With nearly $300 million in cash, the valuation clearly doesn't reflect the potential we believe DAXI will bring to the market.
As you are aware, we have continued to deliver on our milestones and the SAKURA trial results were again outstanding. The recent news we shared on the Fosun/China deal and the biosimilar viability were also significant. We're clearly not being rewarded -- similar to other dermatology stocks that have also been out of favor.
We were on the road this week...spoke at two healthcare conferences and met with more than 20 large institutional investors. We will be active again in April. We have the upcoming BLA/FDA filing and hope to share more on the Mylan biosimilar deal in this first half of the year, as potential near-term catalysts for the stock.
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