RE:RE:RE:RE:RE:Can't log in at agoracom...Hey Jkj, thanks for reposting narmac's great post. It is a good one!
A couple of years ago I was posting about how upset I was about Don's compensation of $800,000/yr. At that time no one agreed with me. I was flammed. People posted that this compensation was "standard" for a biotech CEO. Well now I am seeing a different perspective immerge.
I have no problem with the $800,000 or double that. However, it should be based on a base salary of $200,000 and the other $600,000 should be based on achievement of specifically defined milestones with exact objectives and timelines. Of course this brings up the very fundamental problem of the board and organization structure. If Don's compensation structure was changed to performance based we would never see such a flippant and dismissive presentation that we saw on Dec 15th, 2016.
I like LongRVXers reference to the Phoenix project by IBM with the Canadian Gov't payroll system that IBM is developing. It is a disaster with thousands of hard working Canadian civil servants are being underpaid, over paid or not paid. Many have had to take out loans to support their families and the gov't is not compensating them for the processing and interest charges they face. LongRVXer noted that the people in charge are being rewarded with performance bonuses!!! How outrageous!
I am now seeing posts upset by the $800,000 package. Why? When I saw Don's RVX presentation on Dec 15th my opinion was of very significant disappointment not because he didn't deliver on a new licensing contract! I was disappointed because I sensed the presentation was just thrown together by whomever. Don did not care one bit. He just wanted it done and he may as well do an update after a required AGM. That saves him another interruption.
To ledenfrog I like your persistence on the deal issue. However, my advice to you is don't ever, ever, ever count on Don delivering on what appears to be a "commitment" (and I am not going to get dragged into whatever the exact wording was ppt vs verbal). I've been around for 9 years at least and I saw Don's presentations go from "high school" level to "more professional and dismissive".
I'm remaining long on RVX because of the science. However, what seems evident to me at this stage is that there is not yet enough scientific credibility at RVX and Zenith to put them in a position of negotiating power regarding the kind of valuations that both companies are requiring (and if they (RVX and ZEN) are demanding it is a clear signal that they know what they have. And in that case it reassures me to stay long). Don essentailly stated in the Q & A and post presentation discussions that he is not even reaching the senior levels of BP...hence the reason to stay on the road at scientific and investor conferences.
This company is really about Dr Wong and now the incredibile team of scientific talent he has been able to attract to be involved in their many indications including cancers, CVD, CKD, various orphan trials, etc.
I really appreciate a post that BDAZ did at Zenith Agora re the chemical analysis. It was beginning to bridge complete abstraction of the Zenith pre-trial test graphs to a user friendly expression of the significance of zen3694 and mCRPC. Thanks. My take is it looks very positive.
Also thanks to BDAZ for correcting me re Don's comments re the mCRPC trial and zen3694. I was under the impression that the only data to be available was the first phase with zen3694 on it's own but if I understand it Don's comments (data will be available in a couple of months) actually applies to the zen3694 + enzalutamide phase of the trial. Hope I got it right because that seems far more positive than I expected.
Happy Winter Solstice! Funny that winter is here and it is a +2C day!!!
Cheers
Toinv