My husband and I have held stock since 2001. As of the special shareholders meeting last summer (we listened to it), they are still holding on for financing of MCT-125 Phase llb and making sure they stay afloat with very conservative and targeted expenditures of money on strategic fronts. Jerry Newmin said it was a very tough time, and we know that, but they continue to try to cut a deal. They started a relationship with Maxim Biotech in March 2009 to do research on the cells while they also produce reagent tool kits to sell to the industry in general for liver cell study, to help raise funds to keep going. Barbara Corbett, Investor Relations, still answers emails, but not immediately at times. She has always responded to me within a reasonable time. They still have their offices in RI, now in Woonsocket, I believe, personally, to be closer to Dr. Chang and his business with his new company, Stemgent which is in Cambridge as I remember. I think this is a very long term wait to see if they either find the funds or get purchased. I don't think Dr. Chang or Jerry Newmin want to see MCET sold, and they will keep looking for funds or partnerships to complete the MCT-125 Phase llb trials in England. They have said "the end of 2010 following regulatory approval." We are still waiting for funds and a scientific partnership for that. If we get them, I think it will be in short order that we get MCT-125 through Phase llb and Phase lll. I remember that the responses to the drug were very good and were experienced pretty quickly, like in a few weeks. Then it will probably be sold to the highest bidder and move on to the other drug candidates. They are also focusing on MCT-175 which also relates to MS, since both drugs could bring the earliest and best success. They are putting the other candidates on the back burner, so to speak. We came so close in 2007 to getting the $25 million that would have rocketed this company. I believe MCET will find it again. They are keeping a very conservative and low profile and working diligently behind the scenes. Serious science going on with no fluff PRs. I'm glad of that. We authorized more shares to allow for paying La Jolla Cove for funding us, other deals, and some incentive programs for staff. I think nearly 500 million shares were authorized in total and the outstanding are now about 280 million. It was hard to see the outstanding shares grow so much, like from about 175 million prior to the new authorized shares until now, but this is how a lot of biotechs are able to get the job done. MCET is also working with the Emmes Group to develop a capital formation and partnership strategy. It seems to me that they started to seriously regroup and focus in the latter half of 2009, which I'm glad to hear.
I am still impressed with the science and patents and just keep my TD Ameritrade alerts set in case anything happens. The stock price just bounces around from .01 to maybe .015, as folks churn it to make some money. Not much else to do but wait and accumulate if you have faith and a little extra cash.
Hoping this will be the year we see some dreams come true for all involved and invested.
Here are links to two Yahoo posts from last July which are Barbara Corbett's reply to one of the posters. Pretty well sums it all up.
Here's a place to check up on the latest PRs - http://www.multicelltech.com/newsroom.html . I think they are in the "run silent, run deep" mode and so we will not hear a peep out of them until something material happens, that being either patents approved or something about achieving milestones in the MCT-125 approval process.
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