RE: big pre-market reactionThere's apparently an institutional seller out of BMO... I dont know how much stock they have to go..but I get the feeling from the BMO traders that they are almost out of the way....Obviously they have already sold quite a bit, lets hope they get cleaned up and we can move on.
I am very frustrated at the company's communication on 1402. We were definitively told at the Westcoast meetings that we would have results by now and we were given quite high expectations. We were also told it was reasonable to expect some kind of JV development deal with a "signficant" Pharma co.
The whole prospect got even more exciting after the fabulous deal that Fibrogen did for a reasonably comparable drug... Pierre and co came out and said that interest in 1402 had stepped up substantially as a result of that deal... In fact, I think they said it indirectly led to JP Morgan's investment.
Unfortunately, Pierre and co have a pretty well established (HORRIBLE) track record of communication...and this situation is no different. WE have virtually NO UPDATE WHATSOEVER AND NO EXPLANATION as to why ?
From what little I can gather, I understand that they have had difficulty enrolling patients quickly enough at the Montreal clinic so the process is taking much longer than expected. I have been told definitively that there are NO results yet whatsoever, so at least we should shelve worries that preliminary results are negative.
The reason for the "re-application" to health Canada is a result of regulations. Any time you expand or change a trial, you need to re-apply... there again... no worries there.
Unfortunately, I ask the question... THEN WHY ON EARTH not come out and give the market this detail if its true... ? We are all big boys... just tell us the facts and drive on... At least it stops all of us from grinding our teeth and fantasizing about how BAD everything is ! Its just too easy to just come clean and take us along for the ride. These things arent easy, they take time... usually longer than expected... and we can all accept that... but KEEP US INFORMED in reasonable detail.
All the crap about protecting information from competitors etc has really worn thin on me... As far as I am concerned, keeping your shareholder base informed and happy is just as ( if not more ) important.
ANYWAY.... I have suggested to Pierre that the best way out of this pickle is to do some kind of JV or licensing deal on one of these two drug candidates NOW... Frankly, if the drug has so much promise... why wouldnt we have done this already ?? take some cash... take the pressure off the dilution and the need for another financing... and give the company some breathing room to succeed. Sell some of the future to secure the present...no brainer...
Meanwhile we wait.... I am getting rumblings that there is a pretty substantial stream of news that's imminent... frustrating