Replies to post #279193 on Innovation Pharmaceuticals Inc (IPIX)

[kfcyahoo]

"Leo appears to be of the contractor mindset. As compared to what? He seems to view his employees that way. What way? I suspect that is why Bertolino is gone. I susect he left because he's no dope. Simple cost savings and he'll likely continue using him as a consultant/contractor. Just like Daniel Jorgensen appeared to have been let loose.

I also suspect Bertolino will be with him in San Francisco since reservations would have been booked in advance. And, it is in Bertolino's interest since he holds quite a few shares."

Dr. Jorgensen does not bother to reference ctix/ipix in his current resume. WHY?

[loanranger]

"Leo appears to be of the contractor mindset. He seems to view his employees that way. I suspect that is why Bertolino is gone. Simple cost savings and he'll likely continue using him as a consultant/contractor."
I can't help but pointing out that the Company's employees are just that...they aren't his employees.

AB was an "at will" employee ("Executive's employment relationship is at-will. Either Executive or the Company may terminate the employment relationship at any time, with or without cause or advance notice"). That's from his contract. Assuming the following statement from the 8K was true....
"Dr. Bertolino’s resignation was not a result of any disagreement with the Company."
....I believe the following clause would apply:

"3.2 Without Cause or for Good Reason.
Executive's employment hereunder may be terminated by Executive for Good Reason or by the Company without Cause. In the event of such termination, Executive shall be entitled to receive the Accrued Amounts and subject to Executive's compliance with Section 6 of this Agreement and his execution of a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the "Release"), which Release shall become effective within the period specified therein (the "Release Execution Period"), Executive shall be entitled to receive continued Base Salary for one year following the Termination Date payable in equal installments in accordance with the Company's normal payroll practices, but no less frequently than monthly; provided that, if the Release Execution Period begins in one taxable year and ends in another taxable year, payments shall not begin until the beginning of the second taxable year and provided further that, the first installment payment shall include all amounts of Base Salary that would otherwise have been paid to Executive during the period beginning on the Termination Date and ending on the first payment date if no delay had been imposed.

The treatment of any outstanding equity awards shall be determined in accordance with the terms of the Company's 2016 Omnibus Incentive Plan and the applicable award agreements."
(I think the italicized language may account for the timing.)


re: "Just like Daniel Jorgensen appeared to have been let loose."
Dr. J was CMO, a non-executive position. If he had a contract I couldn't find it. In fact he was rarely mentioned in Company filings. An 8K announced his resignation but none was issued at the time of his hiring (12/29/14).
That said, in searching for those details, I found that he did some very interesting stuff:


July 20, 2015
Cellceutix to Start Brilacidin Phase 3 Program in ABSSSI
Brilacidin
Company Reports Successful End-of-Phase 2 Meeting with FDA
"Dr. Daniel Jorgensen, Cellceutix’s Chief Medical Officer and leader of the team that met with the FDA, was pleased with the outcome of the meeting. “This was a collaborative meeting, and the FDA was extremely helpful in providing guidance on our clinical development program in ABSSSI. The plan for an interim analysis makes sense, as this is a brand new class of antibiotics.”

January 14, 2016 PR
Brilacidin Lyophilized as Cellceutix Prepares to Bring First New Class of Antibiotic to Phase 3 Trials in More than 20 Years
"With our cash on hand, our commitment from Aspire Capital, and our shelf registration, we believe we have the funding options subject to market conditions, to not only complete the Phase 3 trial of Brilacidin for ABSSSI, but also continue other clinical trials and pre-clinical research." (per LE)

February 26, 2016 PR
Cellceutix Submits Special Protocol Assessment Request to FDA for Phase 3 Clinical Trial of Brilacidin for ABSSSI
(Dr J not mentioned)

Dr J resigned effective 3/31/16.

The next time the Company said anything of substance about ABSSSI was in your interview with Dr B on 7/13/16 (2 weeks after he was hired) when he said:
"As it stands currently for ABSSSI, we have planned a response to FDA for the Special Protocol Assessment, but we are delaying its submission."


If nothing else the timeline of those things present an interesting context to his resignation.