Biopharm, a Pharma would need to earn a Board seat by bringing forward an offer so outstanding that the Pharma warrants a voice in operation of PPHM. We should not underestimate the value that this PPHM management team is creating through this latest cluster of ongoing trials. If the Pharma gets a Board seat, they will carry advantage over other competing Pharma that may have interest in Bavi, Cotara or Avid applications unrelated to what was spoken for by that first Pharma. I suspect that at this stage of negotiations, it is premature for PPHM to yield a Board seat unless there is a second tier of agreement that will come to pass upon achieving certain milestones that effectively buys out the company or takes controlling interest.
Consider, you don't invite a competitor onto your leadership team until it is firmly established that common interest has been achieved through negotiations. Otherwise, that competitive Pharma leveraged valuation for PPHM I posted about earlier may get bypassed, which absent a "knock your socks off" deal from the first Pharma, would indicate incompetent PPHM current management or an indication that the PPHM technology isn't as solid as we longs are inclined to believe.
Beware of parties that posture that PPHM give up a board seat as a condition for a deal. If the seat isn't freely offered by PPHM management as a positive boost for PPHM share holder valuation enhancement, we should anticipate that Board seat will seek influence contrary to PPHM long investor interests.
Best wishes and IMO.
KT
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