Bulldog, I think you have raised several good points and have described the frustrations of many long investors in TCLN/PPHM. Regarding your point about how many who post already see the potential of the PPHM technology, perhaps your questions give insights as to why a revisiting of the technology development status as of now can be helpful. I found Jazz's summary to be a helpful primer for new investors and refresher for long investors. I posted some thoughts about the importance of PPHM's technology development under formation over the last couple days. The gist is that, there are signs that the set up work, e.g. the foundation work, that PPHM has been establishing for the last few years is finally showing readiness to move pps to the next level. We know that there is a natural formation of PPHM technology development that needs to occur to bring trials to Phase 2. We also know that there are many forces that can sandbag or table success.
What is the business plan approach that PPHM has been implementing? I would summarize it as retain technology rights while forwarding their technology through trials building shareholder value, then negotiate partnerships/deals with a higher valuation basis. That has involved doing private placements so that the operational fund raising doesn't require sale of the very tech that PPHM is seeking to enhance in value. Most parties can also agree that PPHM is not financially structured to continue that private placement strategy when pps is so far below a buck. Those following PPHM can also agree that there are valuable PPHM properties that have been targeted for development that are due to report on same over the next year.
Why is the pps at 39 cents? It doesn't really make much sense, does it, considering that 30 million shares were placed at a 75 cent cost basis just six months ago? Even valuation of the DTRA agreement, discussions being stopped, doesn't explain the revisiting of the pps to historic lows, since as E and others have frequently noted, the dollar amount on an annual basis ($9 million) only works out to a few cents per share.
Contrary to other views expressed about the odds of pps recovery, I note that the pps has been pushed below $1 with NASDAQ delisting concerns three times previous to this during the period I have been holding shares and all three times, pps recovered above a buck plus moved to valuation in the $2 to $4 range. That is "3 for 3", so talk like, what are the odds that pps will rise above a buck again, don't spook me. What would cause me concern is if the technology development doesn't deliver cause for the pps to rise again. Since all indicators are that Bavi and Cotara are working and trials are progressing, I am, for now, presuming PPHM will deliver a "4 for 4". Of course, no change from status quo over the next several months will raise concerns that PPHM will deliver, but timing needs to appropriately be allowed to play itself out.
My observation is that the PPHM technology appears to be forming up to exhibit its best development progress status since the timing when Cotara/TNT was set to be launched for small lung cell cancer treatment in China. Do you agree?
So, what was the reason for key PPHM managers receiving the option to buy shares at a 39 cent cost basis? What milestone was achieved that triggered the arrangement? Did Terry's inquiries really lead to management granting more options at a cost basis that better fits current pps?
Your critiques of management are based on citing no partnering deals of significance having been achieved by this management team, but the business plan hasn't reached the point of Phase 2 trial result reporting that is the milestone at which shareholders might expect such deals to carry the best value. Will the Phase 2 trials needed to deliver as promised occur in a manner that reasonably is associated with good PPHM management performance? My view is that we should know within the next few months. If PPHM walks between that "rock and hard place" of needing more funding, having no major Phase 2 results to show for the last funding and no indications that more funding will resolve that development gap, your critiques of management will be validated. If PPHM management delivers per plan such that the market responds with a pps more reflective of a biotech company with a promising new platform of treatment for viruses and cancer, poised to start Phase 3 trials, then management would deserve kudos. What will investors be thinking if pps moves up into that $2 to $4 range again on news, then PPHM does a private placement that establishes funding to set up the company so that it can either achieve a buyout at a respectable price or proceed into Phase 3 trials on its own? How far does PPHM need to go with Bavi and Cotara development before a BP finally is willing to pay PPHM and its long investors appropriate value? What sort of performance will Avid deliver if serving its new customers and one or two of them decide it is in their interest to make a bid for their production capacity so that they no longer need to list that as a concern on their financial statements?
Best wishes and IMO.
KT
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