For the following reasons:
Management badly fumbled through QTR II CC.....sounded like novices
Abstral net sales disappointed $2.3M QTR II compared to $2.2 QTR I
Abstral net sales would have been $1.4M in QTR II had it not been for a one last minute order for $900k. Management warned this could negatively impact QTR III net sales. Management now guiding toward low end of estimates. However, management said Abstral sales are going great!!!
Paid $5M for Zuplenz when they can't get Abstral to breakeven at $3.5M sales per quarter. This means in QTR II
Abstral burned through $1.2M in cash.
Do the math; $8-$10M per qtr cash burn rate, Abstral break even at $3.5M, paid $5M for Zuplenz license could mean equity offering to get Neuvax off the ground if approved.
Full NeuVax enrollment projected for end of 2013 now projected to be 2014.
I don't believe management is being forthright and I no longer trust them. My gut says sell and that's what I just did
Good luck to you all....like me I know you've invested your hard earned money into GALE and for your sake I hope this works out.
I don't see a reason to bash this guy... he was forthright, and spoke his mind. We all buy and sell shares at our OWN level of comfort, and not others. Cut him some slack, and wish him well. His logic was pretty good, too.... I'm still in because I personally believe in the science, although Ahn has ZERO credibility from this day until he is laid to rest.
Sentiment: Strong Buy
Well thanks for your shares... As I have read all of your not one single positive post in 3 months you must be total relieved of having to of held such a miserable position with all the lost potentials that never came though. But that,s your life,s choice as for the rest of us longs who now enjoy your vanquished shares they are worth more than $254 dollars and climbing not because I said so but the market has established that is a very expected value in our sector. So run on home to a gas and oil sector stock where you feel more at home and leave us soon to be millionaires to worry about how poorly galena management has performed or not!
Peace in your future without gale-
Sentiment: Strong Buy
Abstral sales will be down next quarter.
The break even amount is about $7M quarterly.... marketing, manufacturing, sales expenses, plus an allocable portion of the overhead. It's unlikely that amount will be reached before the patent expires in 2019.
Ahn bought other companies rejects for $27M ($7M for Neuvax, $15M for Abstral, $5M for Zuplenz) and had the DreamTeam pump them to a valuation of $800M while insiders bailed.
Everything that Ahn bought is worthless. Why hold a bag of other companies worthless rejects?