14c is not enoughAlong with many loyal and long term shareholders, I don't agree to this 14c offer. For $42M I
would have let got the Belleville plant plus $25M in cash for example. That would have left this
biotech with $9M on the table, so a lot of time to find a more acceptable deal for the remaining
assets (the IP, MCNA plateform, the Montreal plant and $50M in tax attributes). Don't forget that
MCNA did very well among the worst case patients, those with not much alternative left besides a cystectomy. Even though the P3 trial was small, I figure the chances of getting the thumbs up from the agency were good enough to submit knowing that there is a huge and unmet medical need for those looking for an alternative to a cystectomy. Although the 6-18 score looked decisive, I figure that we were very close to get a positive recommendation. I think we could have won 7+ more "yes" votes with a somewhat more persuasive trial (see the link below) and/or if the label had been "For use only for those patients who are not eligible or who refuse cystectomy". That would have made all the difference between a $42M and a $420M biotech in my opinion. I don't understand why Ipsen or somebody else don't offers $100M (US$76M) for example for the whole package. Imagine, they would get the MCNA plateform, all the IP, 2 plants , and $50M in tax credits for about $66M, so basically the MCNA for free. I'm still hopeing that someone sees the tremendous opportunity here and that we get a sweetened offer before the vote. I'm not throwing in the towel.
https://www.bioworld.com/content/telesta-therapeutics-mcna-gets-thumbs-down-joint-fda-adcom-nmibc-0