Theratechnologies Inc T.TH

Soleus

[scarlet1967]

BRIEF-Soleus Capital Master Fund, L.P.- Have Engaged, And Intend To Continue To Engage, In Communications With Theratechnologies Inc Board

11/28/23 - 05:57 PM ET - Reuters

Nov 28 (Reuters) - Theratechnologies Inc:

* SOLEUS CAPITAL MASTER FUND, L.P.- HAVE ENGAGED, AND INTEND TO CONTINUE TO ENGAGE, IN COMMUNICATIONS WITH THERATECHNOLOGIES INC BOARD

* SOLEUS CAPITAL MASTER FUND, L.P. REPORTS 10.5% STAKE IN THERATECHNOLOGIES INC AS OF NOV 27 , 2023 - SEC FILING

* SOLEUS CAPITAL- CONTINUE TO ENGAGE WITH THERATECHNOLOGIES’S BOARD REGARDING POTENTIAL APPOINTMENT TO BOARD, A CANDIDATE DESIGNATED BY SOLEUS CAPITAL

* SOLEUS CAPITAL-MAY ENGAGE INVESTMENT BANK TO HELP THERATECHNOLOGIES EXPLORE STRATEGIC DEAL LIKE SALE OF SOME/ALL ASSETS AND/OR CHANGE OF CONTROL Source text for Eikon: Further company coverage:

[palinc2000]

  Maybe that will put the rest the conspiracy theiory that the Financing was done to keep directors ffom being booted out  

[Trogarzon]

I don't understand what you are saying.  On the contrary, having been aware of Soleus intention they gave away 50%% of the company. Litteraly gave it away.  For what, they supposedly had the cash on hand to respect the Marathon deal and growing sales.  Supposedly.

[Trogarzon]

Hope they can find a buyer for something more in line with the legacy drug value.  Something North of 8$.

[palinc2000]

  Just over 3 k shares  in after hours trading and up only a couple of pennies   Just over 3 k shares  in after hours trading and up only a couple of pennies

[palinc2000]

Shaking the apple tree is my take on Soleus filing

[scarlet1967]

They obviously want to be involved however the question is " if not all" what they are referring to by selling some assets? Are they talking about commercial Or R&D assets? To me it sounds like these larger institutional investors all want to have more control of THTX by having their board members which again to me it seems like they are not satisfied with the current board and how

[Trogarzon]

Find one shareholder apart IQ that is satisfied of the way this company was managed in the last couple of years.  This IQ deal left a bad taste.  Left the feeling someone is trying to steal my money.

[SPCEO1]

Here is the full thing from Soleus' 13D filing: The Reporting Persons purchased the shares of Common Stock beneficially owned by the Reporting Persons (the “Shares”) for general investment purposes based on their belief that the Shares, when purchased, represented an attractive investment opportunity. The Reporting Persons may, from time to time, depending on prevailing market, economic and

[scarlet1967]

Soleus had over 9 million shares or so so they must have sold a big junk prior to offering and bought some 2.5 million at most likely lower prices! How the heck did they know about the latest offering weeks or months before?  

[Trogarzon]

Soleus never had more than 10% of the company.

[scarlet1967]

Do the math, 10percent before dilation and 10 percent after 

[scarlet1967]

On November 14, 2023 - Soleus Capital Management, L.P. filed a 13F-HR form disclosing ownership of 0 shares of Theratechnologies Inc (CA:TH) valued at $0 USD as of September 30, 2023. The entity filed a previous 13F-HR on August 14, 2023 disclosing 9,325,511 shares of Theratechnologies Inc. This represents a change in shares of -100.00% during the quarter. The current value of the position is $0

[palinc2000]

The 9 325 511 shares were solit spit into 2 331 3317 shares after the consolidation and they purchased over 2,5 million shares from the Offeing ,,,Had they not bought additional shares their holding would have been reduced to 5 per cent or so

[scarlet1967]

Thanks for clarification.   

[palinc2000]

So the Filing from Fintel is clearly wrong imo....Soleus did not sell theirholdings of over 9 million shares

[Trogarzon]

Maybe they bought in the deal to keep their say in the futur of their investment or what's left of it.

[Trogarzon]

They turned activist and want to create value from this wreckage.  My humble opinion.

[Lee430]

This makes sense to me as obviously they need supervision, honestly I am exhausted with Thera and would simply like to see it sold for something close to a fair value.

[Mannequin]

Obviously you give Soleus a seat at the table. They know people. It's in their interest. And it MUST be in our interest, because it's been a complete cluster F for the past 2 years.  

[Lee430]

I probaly should have added that I don't have confidence in Thera's negotiating skills for a sale or partnership deal so hopefully Soleus will fill that need to protect their investment and ours. 

[Trogarzon]

So there you have it, maybe they can get a majority of shareholders to agree with them.  It's going to be pretty challenging for this BOD to convince me otherwise.  Show me the money.

[Trogarzon]

Somehow refreshing to see Soleus had enough of this BOD unfriendly attitude towards it's long time shareholders. I don't think they work for me the shareholder.  In fact I think they've been working against me since the Pause.

[Trogarzon]

The company should adress this with a PR I suppose.  That would be normal no.  Either embrase this initiative or advise against it.

[Trogarzon]

If Soleus put Guy Levi on the BOD it will be a major asset for Thera.  This person was John Paulson biotech expert back in 2015.  This guy can find a fit for Thera since Mr Marketing and his sidekick can't.

[Mannequin]

Guy should have gotten off his as_s long ago and done something.  

[SPCEO1]

I am confused about what Soleus is up to. Their filing seems like they have become at least somewhat hostile with THTX. That would be understandable given this investment has turned quite negative for them and all of us. But they also participate in the offering to the tune of $2.5 million additional dollars and upped their overall stake in THTX to 10.5%. Now, THTX told our group when we had

[Mannequin]

AIGH Capital Management, LLC now owns 9% of THTX. Is that new?  

[SPCEO1]

It looks like they roughly doubled their ownership, likely at least in part in the offering which undermines my thought about Quebec based instituions picking up the majority of the remaining $10 million in shares that IQ and Soleus did not purchase. So, things could get interesting if Soleus and AIGH worked together with other shareholders like those on this board as they might actually be able

[mikeq113]

While it was at our expense, I am somewhat comforted by the fact that Soleus and AIGH have so substantially increased their holdings. I can't find much about AIGH, but the Managing Member, Orin Hirschman, seems to have a pretty impressive resume and extensive involvement in money management and private placements. 

[Kd5513]

I don't get excited about resumes to much. Case in point PAUL L, his resume must have been filled with "creative" accomplishments. But hopefully this AIGH guy is solid.

[Trogarzon]

Soleus bought 2.5M shares and now AIGH has 4M shares or 9% up from 1.75% so they bought like 3.5M... the other 6.5M shares could be Morgan Stanley and others.

[Kd5513]

Agreed. This board has proven every step of the way they are not up to the task. This last move of offering just shows they have no talent and trying to coast out as long as they can on our backs. Sad bunch they assembled, not a star among them, they are just looking to protect the salary and or stock options they get for bringing no value. With latest move they get another year or two of $ for

[palinc2000]

  BTW anyone holding lets say 100 000 shares or less before the Consolidation could have doubled their holdings at the same price and even lower  as Soleus got ftom participating in the Financing .  

[Trogarzon]

Just like that.  I call that a freebe.  Like Tom Vu.. Sell Hight and Buy Low.. no money down.. lol.

[Qwerty54321]

It seemed aggressive to me as well but how much of the statement is legally required?  If they are actively buying/selling stock do they need to be public on their attempt to put a board member in or their proactive attempts to engage with the business directly? Does sound like they've lost patience though. On the selling of company assets, isn't this effectively what THTX have

[Trogarzon]

Statu quo is not an option.  After they burn trough the cash they will dilute again and again.  It's time they take the matter into their own hands.  I'm happy to see them come in now and do something about it.

[Lee430]

If there ever was a company that needed an activist investor it’s Thera, my felling is that our BOD is not adhering to their fiduciary responsibility and Thera needs a new captian before it runs aground.

[Trogarzon]

They only look after themselves, their jobs, their salaries, their options.  When was the last time shareholders were rewarded or just informed.  What kind of explanation were we given for the last deal that we were imposed.  What rationale was put forward.  

[bigkagan]

Probably some news soon about the cancer trial. When the patient dozing is done the first results will start coming in, similar to MDNA trial when they reported the early results and the stock almost doubled

[SPCEO1]

They already should have six week results on the first patient and could potentially have even more than that if they signed up one or two more patients pretty quickly after the first. They can talk about any results anytime they want to as these are open label trials but since they are not in a money raising mode at the moment, I think the chances of them sharing news early is small. The next

[palinc2000]

IF and it is s big IF the clinical results come out good then you should  rejoice. If the redults are not good you should also be pleased that there is a safety net not to default on the Marathon debt You need to understand that the Company was not aware of positive results at the time of the Financing   

[SPCEO1]

It looks to me like your first two sentences show we are in agreement. It is a win big (good TH-1902 results) or win little (bad TH-1902 results but profitable operations) situation for THTX. Your third sentence indicates you thought I said they knew TH-1902 results prior to the offering. I didn't say that and never thought that. They may have had some early bad drug reaction in the first

[Trogarzon]

IQ is not a biotech specialist in any way, shape or form.  They invest in everything that moves and are half succesful at it most of the time.  Much like FTQ fund back in the days.  Nothing to brag about.  Like you said a big finger to every long time shareholder.  Just watch the politicians drop in on them like pigeon sh t if Th1902 pans out. So obvious they want a photo

[palinc2000]

You keep railing  against the last Financing which is a direct consequence of the Convert and the non dilutive Marasthon deal which you both  applauded...Had they diluted instead of doing the Convert compounded by re imbursing the Convert with Debt rather than thru equity we would have been way better off.You solution of  preferred shares with probably a cumulative dividend would

[Mannequin]

I've added as well, and kind of hopping we drop down more. This BOD is terrible, and our CFO and CEO need a rabbit to get any real credibility. 

[Trogarzon]

Soleus just told the World they aren't happy with the way this show is runned and that they're considering putting a for sale sign before anything about th1902 comes out.  That's the way I interpret this.

[SPCEO1]

I think it would be fair to also say had they sold half as much Trogarzo as they forecasted they would, then the convert would not have been a problem. In fact, it would have been a very good financing. So, the problem as I see it was not the financing via a convert but the fact they got their forecasts fro Trogarzo disastrously wrong. In fact they have pretty much gotten all of their forecasts

[palinc2000]

Over optimistic on Trogarzo??? Stupidly delusional is a better descriiption? 95% lower sales than forecasted ....   

[Trogarzon]

Anyone knows if Taimed is doing a killing with their regained Europeen rights... lol