My comments were directed to the regulatory failaure with Bexxar where the CEO and Clinical/Regulatory person are responsible. However, this company is so riddled with problems such as the inability of the CFO to curb excessive spending as well as the lack of a serious pipeline from their own research that other changes are in order. All Corixa development projects are from external sources, PVAC, Bexxar and Melacine, not to mention the Ribi adjuvants. The is no substance here and a new management team should be put in place immediately. The Board owes this to the shareholders.
Thank you for a sensible analysis and for not suggesting we write our Congressmen about the FDA. It's too late for Mr. Smith Goes To Washington. The company needs to attempt to save itself not look for some legislative Hail Mary.
There appears to be great agreement that Corixa needs new upper management. The trouble is which ones? One has to assume Gillis is locked in. One also, at this point, has to wonder if he left Immunex by his choice or theirs. The CFO is an easy call. She appears to have at a minimum let some questionable deals be made. On Corixa's website her resume says, basically, she worked at Boeing and Corixa. It doesn't elaborate on the positions she held at Boeing, so one has to assume the jump to Corixa was a promotion (she started as Controller at Corixa according to her bio). So she was unexperienced. It's time to bring in someone with some seasoning. Don't look for any other changes to the management structure soon because, as of the last annual report, the Board consisted of: Gillis (a founder of Corixa), Mark McDade(a founder of Corixa), Bigham (picked up on the Coulter deal), the Venture Capitalists that started the thing up and one or two others. It's not very likely that any of them will step up and say,"That message board full of arm chair quarterbacks is right. Not only am I going to fire myself, I think I'll fire a couple of my buddies." It seems highly unlikely. That doesn't mean there shouldn't be a change at the top, it just means there probably won't be. Which is too bad, because a company generally fails from the top down, not the other way around. Didn't they just hire a new PR firm? Look for a PR based solution instead of real change.