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Corixa Corporation (CRXA) Message Board

  • genedocteur61 genedocteur61 Mar 14, 2002 7:08 PM Flag

    The Merger and the Effect on Bexxar

    We need to remember that the merger between Coulter and Corixa closed only a little more than one year ago. This has had to take a toll on the regulatory process with issues of integration and the downsizing that occurred last spring. Balls could have been dropped and we will never know..

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    • Dr. Arnold Oronsky was on the Boards of both Coulter and CRXA. He also was associated with Gillis at IMNX. Mike Bingham who is now CRXA Vice-Chairman was the CEO of Coulter and is the reason Bexxar filing is hopelessly fouled up. Under his leadership Coulter put together a first filing which was turned down a year prior to CRXA - CLTR merger. The senior management of Coulter had no idea on how to submit a successful filing and their money partner SmithKline keep trying to advise them but the relationship between the two was so bad there was a constant threat of litigation. CLTR tried to find a savior for over a year before Oronsky and SmithKline insisted on CRXA making the buy. Gillis was sold a bag of goods which he wasn't aware he was getting. Bexxar is a good drug and needs to be made available to those who suffer with NHL. However, because of the incompetence of Bingham, his Business Development VP and his CFO at Coulter, I doubt whether we will ever see Bexxar succeed. I personally feel sorry for the CRXA management team.

      • 2 Replies to igotnews2002
      • I heard a long time ago that the management team at Coulter was "inexperienced" (since Coulter is dead, I will not speak ill of same) and had fouled up a lot with Bexxar.

        I find this a little puzzling, after all, I could have done a more Professional job. Not that I'm necessarily that good, the simple name of the game is hiring experienced clinical trial and regulatory staff. Anyone on this board (well almost anyone) could do the same thing. There is a large floating contingent of experienced people with the relevant experience going from clinical trial to clinical trial.

        Given the lack of success with 3 trips to the fda, I suspect that the clinical trial was flawed and that the fda wants it done over again. If talk and filing papers would have done it, it would be done by now. While Coulter dropped the ball the first time, Corixa has had the ball for 2 years and hasn't moved it very far either. If new clinical trials were needed, they should have either started them a while ago or scrapped the project.

        I notice from our departed CutandPaste guy that Corixa has had a layoff. I certainly don't remember them announcing that although until recently I didn't follow this company closely. Only my analysis, not optimistic at all, be well.

      • If Gillis is an unwitting dupe, as your message implies, then we would be in worse trouble than we thought. But I tend to believe that Gillis wouldn't let Corixa get steamrolled unless he was a true believer or SmithKline promised a buyout if things went south. But, of course, he goes home with his multi-millions either way, so it's possible. As far as feeling sorry for the Corixa management team, they all reviewed the purchase and approved the plan, so they are as culpable as the Coulter group. If Coulter was as doomed as some of you imply, than due diligence in this transaction was pretty lame. The CFO didn't perform in any case and probably the in house attorneys. If Corixa used outside counsel and an outside accounting firm to review, than they are also cupable, especially if the reviewing accounting firm was Ernst & Young, who sign off on their SEC filings and receive part of their income from Corixa to start with.

    • if i remember right, crxa can back out of the merger if bexxar isn't approved......!!!!!!!!!!!!