This is the most frustrating investment I have ever been in. And I have invested in frauds before. PPHM is not a fraud but IMO we have some very unethical behavior going on.
So why are the wonder drugs that BP is salivated at trading for $23 mil when mgmt has spent $157 mil on development since 2005. (Take $85 mil Mkt Cap less cash and Avid at 3 times sales) Why is PL so giddy when he sells the technology off for $21 mil ($1.11 per share) or 13 cents on the dollar?
And these guys are about to award themselves options for a job well done?
So how can they pull this off before our very eyes? The secret is having no institutional interest which requires the careful placement of red flags. Or being very stupid and in either case, they should go. I think it’s a combo.
Let’s start with the BOD. See my previous posts on this one. Do you think any institutional underwriter will discover the three amigos lack of biotech experience and their track record of other winners like Patriot trading at 4 cents a share?
Add in the going concern clause. They had two years to solve this problem but did not. And they repeated over and over how important it was. But they have no problem selling shares at $1.11
Throw in CJ as the chairman as the ultimate clue. Should we appoint a monkey or will CJ do? Well we would have to find a monkey and CJ is already here.
Add in the stealth pr machine. Let’s sell the company off bit by bit and not tell anybody what we have.
Do you now get it? What gets them to change? They have circled the wagons with securities lawyers as the BOD. (Another clue)
What will get them to change? The moral compass seems to be broke. Maybe fear? Does the good doctor want his reputation sullied when a shareholder lawsuit hits the fan? (I know some folks are very angry and have the balls and resources to go that direction).
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