Re: JAV
"What happened between then and now to drive the stock price down (besides the overall bear market in micro-cap biotech)?"
Bladerunner, imo, the co. has been caught in a downdraft that includes the bear microcap biotech market, with the lack of progress in meeting its own stated goals keeping the sentiment bearish for investors who have specific interest in the long-term prospects.
Dyloject approval in Great Britain was modestly delayed, first quarter revenue for GB dyloject was only in the $50K range, a shortfall even in the modest expectations. We're still waiting on approval in Germany. PMI-150 P3 trial has started, but again, there was some modest delay in the trial initiation. The co. added skilled mgmt with Driscoll and Kiernen (both well established players in pharma), and a private placement was done to provide enough cash to keep us independent through the PMI-150 trial (but with the attendant dilution). Mgmt has been clear they are looking for a partner, but that deal has yet to materialize. The sentiment that I've read from other posters on other boards is that mgmt has yet to find a partner that is interested in a deal good for JAV.
Too little is known right now about whether the co. is building out their sales force in GB and preparing for the same in Germany. They have set a high bar for Dyloject sales in Europe (something like $120 million by 2010 if memory serves) and this may also become a disappointment.
That said, Dyloject is still poised to become a new standard for post-op pain treatment and PMI-150 is a very strong candidate for post-op and breakfrough pain that is non-opiate.
I'm trying to remain patient, but the co. is trying all of our patience!
Short interest has reached almost 10%, several posters elsewhere think that this is hedging of long positions, but I'm hoping for a short squeeze. All the longs deserve a good runup and recovery. If they announce a good partnership deal, we should get to $10 range.
FWIW anyway,
aj
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