Replies to post #69443 on Biotech Values

[mcbio]

Feuerstein (Street.com) should have a field day with this one as he believes they are a fraud as well. I've never followed INGN very closely so I don't know what all the negative buzz is about.

[DewDiligence]

INGN to cease trading on Nasdaq:

http://finance.yahoo.com/news/Introgen-Common-Stock-to-be-bw-13761528.html

>>
The December 5, 2008 letter from the [Nasdaq] Panel indicated that in light of the company’s filing for protection under Chapter 11 of the U.S. Bankruptcy Code, and Introgen’s expectation that it will not meet the continued listing standards by March 3, 2009, the Panel has no basis for the continuing listing of Introgen’s shares.

Introgen does not expect to appeal the Panel’s determination and therefore expects that its shares of common stock will be delisted effective at the open of trading on Tuesday, December 9, 2008. As a result, the company expects that there will be a very limited market, or no market at all, in which its securities are traded and as a result, its stockholders will likely find it difficult to sell their shares of Introgen’s common stock.
<<

[microcapfun]

INGN goes belly up ...

How in the world can declaring bankruptcy be good for shareholders who will lose whatever they have left of their investment!?

>>“In light of our current financial state and recent market conditions, the company believes today’s actions represent the wisest alternative for our shareholders, creditors and other stakeholders,” said David Enloe, Introgen’s president and CEO.<<

Hang on ... I think I've got it! Anyone still holding INGN shares, after all that's gone down, is obviously a clear and present danger to themselves and their family's financial well being (not to mention a complete nincompoop). By declaring bankruptcy, the company is putting such people out of their own misery - by preventing them from continuing to average down in the future!

Sort of like mercy killing, I guess.

micro

[DewDiligence]

MultiVir—yet another gene-therapy company—files for IPO:

http://finance.yahoo.com/news/multivir-files-registration-statement-proposed-122300751.html

Caveat emptor! MultiVir is the reincarnation of Introgen, one of the foremost biotech scams ever (#msg-33947783).