Just went back though my notes on the Rodman & Renshaw 9-10-12 and the Reuters 9-7-12 conferences. Both were focusing on the two "Prioritized" Phase II in progress on SGI-110 and AT13387. MP470 was already being left out of the party. As another poster said, if you were investing here for MP470, you should have sold.
I'm here super long and didn't even consider MP 470 as one of my top 5 reasons for investing in ASTX:
1. Dacogen (current revenue and POTENTIAL EU AML APPROVAL today or by mid next week);
2. SGI-110 (aka 'super dacogen' w/ longer lasting effects);
3. Pyramid compound development platform that came with ASTX purchase by SUPG;
4. AT 13387 (getting lots of hype); and
5. Dr. Jhoti, who I hope will replace Manuso sooner than later.
Not sure on Manuso's timing. Getting the bad news out before we hear from EU on Dacogen? I believe Tuesday is the deadline for a decision (67 days from July 20 CHMP positive opinion ltr.)
Manuso has always said he will abort any trials that do not shine brightly and hiccup. The man is simply standing in his truth. Reducing expenses and keeping to a professed discipline, very rare on wall street.
Other than his high salary/benefits package, Manuso has been generally conservative with SUPG', er ASTX's money. We have over $100 mil in cash equivalents, no debt and he stated at Rodman conference they have no intentions on seeking markets cash (dilutive).
Yes, timing??? I think this is a gift before the EU approval. Somebody wanted to drive it down and make some quick money early next week, and possibly on some puts they cashed in when it went under 3 today. Pretty slick...
I agree with most of this. Timing isn't an issue for me as they told us weeks ago that they would be putting most of their efforts into 2 other trials so it makes sense that 470 would go to the back of the line.
Announcing now creates a good entry point for cousin Bruce and mms who needed more shares to cover shorts. They are just saying thank you to old friends! The coming approval news will push it right back up.