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Palatin Technologies Inc. Message Board

  • GerMark1 GerMark1 Jan 27, 2000 8:49 PM Flag

    FDA Submission...What's up with that?

    I know that PTN submitted last fall for the
    imaging device and expected an early 2000 approval. Any
    news on the approval? I know that the FDA can take
    their sweet time. Sometimes they request more
    information. Anyone heard anything?

    M

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    • There's no particular message. I was just trying
      to respond to some of your concerns about Quilty's
      qualifications. I personally found the information reassuring but
      I don't think the information I posted is going to
      change anybody's mind.

    • There's no particular message. I was just trying
      to respond to some of your concerns about Quilty's
      qualifications. I personally find the information reassuring but
      I don't think that what I posted is going to change
      anybody's mind.

    • You obviously put in some effort and I thank you for it. What's the take home message here?

    • The following information was taken from MedChem
      Products' 10-Q dated 8/09/1995. Quilty was the CEO of
      MedChem Products from July 1994 to November
      1995.

      On July 29, 1994, the Company purchased
      substantially all of the assets and assumed certain liabilities
      of the Sure-Closure product line from Life Medical
      Sciences, Inc.

      On May 24, 1995, the Company
      announced that the Board of Directors had approved a
      definitive agreement for a stock-for-stock merger of the
      Company into C.R. Bard, Inc. Under the terms of the
      agreement each MedChem share will be valued at $9.25,
      subject to adjustment under certain circumstances and
      will be exchanged for Bard shares.

      On August 1,
      1995, Edward J. Borto, who may be a stockholder of the
      Company, filed a putative class action naming as
      defendants, the Company, members of the Company's Board of
      Directors and Bard. The plaintiff alleges, among other
      things, that the Company and members of the Company's
      Board breached their fiduciary duties to the Company's
      stockholders by agreeing to be acquired by Bard for grossly
      unfair and inadequate consideration and in a manner
      which is coercive and fundamentally unfair to the
      Company's stockholders. The complaint seeks declaratory
      relief, preliminary and permanent injunction of the
      Merger and the Option, unspecified compensatory damages
      and costs and disbursements. The Company believes
      that the claims asserted are without merit and plans
      to defend against them vigorously.

      The
      following information was taken from MedChem Products' 8-K
      dated 6/07/1995.

      Opinion of Financial Advisor.
      The Company has received the opinion of Hambrecht &
      Quist LLC ("H&Q") dated May 23, 1995 to the effect
      that, as of such date, the consideration to be received
      by the stockholders of the Company pursuant to this
      Agreement is fair to such stockholders from a financial
      point of view.

      MEDCHEM NEWS
      RELEASE

      WOBURN, Mass.--(BUSINESS WIRE)--May 24, 1995--MedChem
      Products Inc. NYSE:MCH) and C.R. Bard Inc. (NYSE:BCR)
      Wednesday jointly announced that their boards of directors
      have approved a definitive agreement for a
      stock-for-stock merger of MedChem into Bard. Under the terms of
      the agreement signed Wednesday, each MedChem share
      would be valued at $9.25 subject to adjustment under
      certain circumstances. MedChem shares closed at $6 1/2
      Tuesday; Bard shares closed at $29 3/8.

      Edward J.
      Quilty, MedChem president and CEO, commented, "We believe
      that this merger with industry leader Bard is in the
      best interests of all concerned shareholders,
      employees and customers alike. MedChem shareholders will
      receive a premium in recognition of the value of MedChem
      products such as Avitene(R) and Avifoam(TM) Hemostasis
      products, Sure-Closure(TM) wound closure devices and
      Gesco(R) catheters. The significantly larger resources of
      Bard will allow these products to reach their full
      potential in synergy with Bard's complementary product
      lines."

      For its most recent three-month period, MedChem
      reported revenue of $9.4 million. MedChem's shareholder
      equity was $55.2 million as of March 31, 1995. MedChem
      has approximately 11 million shares outstanding on a
      fully diluted basis.

      Bard President and CEO
      William H. Longfield commented, "This merger brings a
      variety of complementary products to our surgical
      products group. MedChem's products deliver significant
      healthcare benefits to both patients and
      physicians."

      MedChem develops, manufactures and markets technically
      superior, cost-effective specialty medical products.


      C.R. Bard Inc., with headquarters in Murray Hill,
      N.J., is a leading multi-national developer,
      manufacturer and marketer of healthcare products.

    • The following information was taken from Life
      Medical Sciences' 10-K dated 3/31/1997. Quilty was the
      CEO of Life Medical Sciences from March 1992 to July
      1994.

      The Sure-Closure System was invented at the Rambam
      Medical Center, an affiliate of Technion-Israel Institute
      of Technology in Haifa, Israel. The Company entered
      into an agreement with Technion dated June 28, 1992
      (the "Skin-Stretching Agreement"), pursuant to which
      Technion has assigned to the Company its worldwide rights
      to its patents, patent applications and know-how to
      develop, manufacture and market products relating to the
      Sure-Closure System technology, and Technion assigned the
      Skin-Stretching Agreement to Dimotech.

      In September 1993,
      the Company commercially introduced its first
      product, the Sure-Closure System, a device designed for
      the mechanical closure of tissue deficit wounds. The
      Company built and supported a direct sales organization
      calling on surgeons. As a result of a strategic decision
      to focus on the development and commercialization of
      its proposed products based on its platform
      technologies, on July 29, 1994, the Company completed the sale
      of its Sure-Closure System to MedChem. The assets
      sold included substantially all of the Company's
      assets, properties, claims, rights and interests related
      to the Sure-Closure System, other than accounts
      receivable. The transaction provided for (i) the payment to
      the Company of $4 million; (ii) the assumption of
      certain liabilities, in an amount of approximately
      $644,000 related to the Sure-Closure System and other
      accrued expenses; and (iii) a 10% royalty on net sales of
      all current and future Sure-Closure System products
      to be paid to the Company through June 30, 2004.


      In connection with the sale of the Sure-Closure
      System, Technion and Dimotech agreed to the assignment of
      all rights and duties, under the Skin Stretching
      Agreement, to MedChem, relieving the Company of any
      obligations under the Skin Stretching Agreement. MedChem was
      subsequently acquired by C.R. Bard in 1995. The Sure-Closure
      System is currently marketed by Zimmer, following their
      acquisition of the Sure-Closure System from C.R. Bard in
      October 1996.

      I found the following info somewhat
      interesting:

      The Company also leases an aggregate of approximately
      3,500 square feet of office space in Princeton, New
      Jersey. In September 1994, the Company sublet this space
      for the period through July 1996 to MedChem. In
      August 1996, the Company sublet this space to Palatin
      Technologies, Inc. through July 1997.

      At one point in
      time, Life Medical Sciences was on the NASDAQ national
      board:

      The Company's Common Stock, Units, Class A
      Warrants, and Class B Warrants have traded separately on
      the National Association of Securities Dealers
      Automated Quotation System ("Nasdaq") Small-Cap Market
      under the symbols CHAI, CHAIU, CHAIW, and CHAIZ,
      respectively, since September 22, 1992. On May 3, 1996 the
      Common Stock, Class A Warrants and Class B Warrants were
      approved for quotation on the Nasdaq National Market(R)
      tier of The Nasdaq Stock Market under the symbols
      CHAI, CHAIW and CHAIZ, respectively.

    • At your instigation, I had a brief look at Quilty
      based on his resume on the Palatin web site. He says he
      was a top dog at MedChem Products on the NYSE, but I
      could find no such listing. He also worked at Life
      Medical Sciences, which purportedly trades on the NASDAQ
      national board, but the only company I could find with
      this name was on the bulletin board, last trading at
      13/16. (symbol:CHAI.OB) Caveat emptor.

    • a couple of posts ago,we at MBIO have a pitiful excuse for a CEO. He too has had a long illustrious career in the health care business.

    • You believe what you want and I'll believe what I want, and vote accordingly

    • First of all, let me say that I don't feel
      comfortable answering questions about Quilty because I have
      never met the guy and I don't know what his motivations
      are. Second, I don't think I'll ever be able to
      address all of your concerns and I'm not sure some of my
      answers will be satisfactory you. As this board well
      knows, it's easier to raise red flags than to shoot them
      down.

      I don't know how successful Quilty was in his
      previous jobs. Whether those companies are still around
      and how they are doing. Or if he cashed out of them
      and left investors holding the bag. I'm not sure I
      can find any answers to these questions for you but
      I'll see what I can dig up. However, the fact that
      other companies wanted to hire him as their CEO
      indicates to me some measure of success at each
      company.

      Jumping around a lot. Depends on how you look at it. I
      suspect he was taking advantage of opportunites to
      improve his position. Something you or I would probably
      do if we had the chance. I also like to think that
      the experience he gained running other companies has
      helped him bring Palatin this far.

      No scientific
      qualifications or education. He's been in the health care
      business for 25 years. Besides, and this is not a knock on
      doctors, but I'm not sure medical training is the best
      qualification to be a CEO. Besides, whenever he needs medical
      expertise, he's got plenty of medical professionals working
      for him that he can turn to.

      IMMU being
      embraced while PTN is being shunned suggesting insiders
      know something. I'm not an insider but I think the
      uncertainty surrounding this merger is depressing the stock
      price of both PTN and MBIO. The more things are sorted
      out, the more likely investors are to buy
      in.

      The history of reverse splits. When you buy a stock,
      you buy a percentage of a company. What's important
      is that percentage, not the number of shares you
      own. 1 for 10 splits or 10 for 1 splits don't change
      how much of the company you own.

      Why should he
      stop after he turns MBIO shares into 0.525 shares of
      PTN? The reverse splits were done to meet listing
      requirements. He did what he had to do. If he hadn't done it,
      then we wouldn't be here talking about it.

      As
      you have already found out with MBIO, investing in
      small biotech companies can be risky. There are no
      guarantees. Assess your risks, use your best judgment and
      vote as you see fit.

    • You didn't mention how successful Quilty was in
      his previous jobs- are those companies still around
      and how are they doing? Did he cash out of them
      leaving investors holding the bag? Jumping around a
      lot-red flag. The man seems to have no scientific
      qualifications or education, yet he is running a biotech-another
      big red flag. IMMU (which I view as one potential
      competitor) has been embraced by investors in this mini
      biotech boom, while PTN has been shunned-huge red flag
      suggesting insiders know something. Finally, a history of
      reverse splits-why should he stop after he turns my MBIO
      shares into "0.525 shares" of PTN?

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PTN
0.91+0.06(+7.69%)Sep 2 4:00 PMEDT

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