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Corixa Corporation (CRXA) Message Board

  • raven06480 raven06480 Aug 6, 2002 1:16 PM Flag

    Reason for the drop?

    NASDAQ is up today and crxa is down significantly. Since I only know what the tape says, I can still speculate.

    CRXA doesn't have much money left and filed an equity line of credit with the BANK of New York a few months ago to sell 7 million or so shares. My guess is that they either waited or walked the price up to as high as they could go, 6.5 and are now selling part of that into the float. Just a guess, but they have that line filed and it is to be sold sooner or later. And they will have to sell it sooner or later.

    The next ODAC panel isn't for a while. These are listed on the FDA web site but without looking I would guess next year early. I also think the possibility that Bexxar will be approved is very low, it has already been 3 trips to the fda and I cannot see how one more will make any difference. In My Humble Opinion only, be well.

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    • Raven here are your posts contradicting yourself "the price is capped no they're running it up" Whatever works to cast negativity on the stock for that day We've all seen it before Fact is you were wrong. We can all read it for ourselves in yesterdays press release.In your own words here it is.

      I don't know about uneducated but I can read a chart. The last 5 days crxa has been pretty rangebound between about 5.22 and 5.78 with most daily swings of about 40 cents. I guess someone good at scalping 20 cent hits could be making some money.

      Corixa has an equity line of credit for 8.2 million shares to be sold by bank of NY presumably into the float above 5. Since they are running out of money and room, I anticipate that they will immediately cap or knock down any upward move. It is simple, they have to. In my uneducated opinion, good night.

      CRXA doesn't have much money left and filed an equity line of credit with the BANK of New York a few months ago to sell 7 million or so shares. My guess is that they either waited or walked the price up to as high as they could go, 6.5 and are now selling part of that into the float. Just a guess, but they have that line filed and it is to be sold sooner or later. And they will have to sell it sooner or later.

    • 26 is young and the prognosis is not good.

      The situation with Corixa and Bexxar reminds me of the situation with Neorx and STR. Neorx had great looking clinical trials and 6 or 7 years of experience with patients with no reported data indicating significant adverse events . I bought 10,000 shares of it at about $20. Subsequently met with management at a breakout session at another biotech conference ( sorry ) and sold my stock immediately as I thought they came across as a bunch of used car salesman. I took a hit on the stock but nothing compared to those who hung around and waitied for the bad news from the FDA on longterm adverse events. Maybe Bexxar won't follow this pattern but you are absolutely right , management knows and isn't talking. Not a good sign.

    • It sounds like pancreatic cancer. The best I can say is that John Hopkins is probably one of the best places for this treatment. I wish your friend's son well, 26 is pretty young for this type of cancer.

      I am just going to continue ignoring TheGreatest. I don't see that he adds anything.

      We have discussed Bexxar before and I don't have anything more to add. Corixa knows exactly in great detail what the holdup is, they just don't feel like telling us. There was more information in the annual 10K, I read it and it seemed like there were adverse events with Bexxar. In those cases, the FDA wants to know if the clinical benefit outweights the clinical cost but without more information who knows? Corixa does but not the owners.

      I really wish that Corixa would stop gaming the system or walking the bureaucratic maze or whatever they have been doing for the last few years. Either fix Bexxar or run new trials or whatever it takes. I'm also on record as believing based on the evidence available to me (not all the evidence obviously) that this drug would be worthwhile in what is a treatable but ultimately fatal disease. Not that many people care about my opinion obviously.

      I just call the biotech industry the way I see it, it ruffles some feathers some time but this industry has caused itself huge problems by crooked companies (ca imcl, there are many others), inept managements, technologies that were too far out on the edge to be commercialized in a fair time frame (stem cells and gene therapy for example), overpromising and underdelivering, and so on. It has come back to haunt them now and for years to come in low stock prices, investor mistrust, and difficulties in getting financing. Good luck to your friend's son, good luck in your investments, and we will see about crxa. In my opinions and analysis only, good night.

    • Raven:

      One of my best friends just had a modified Whipple performed on his 26 year old son at Johns Hopkins. It's a sad situation and not likely to have a happy ending . He's undergoing chemo now after having a round of radiation. I think he had a tumor in the Ampullae but it could have been pancreatic. I can't bring myself to ask him the particulars.

      As for the greatest, I'd say Ignore him or just don't respond. I don't think either one of us is gloating about a potential failure of this company nor are we asserting ( I speak for myself ) that it's a certainty. It isn't a good bet to put your money in an industry, biotech, that has been devastated with a company that has an unremitting track record of failure and a management that explains nothing to its shareholders. It might work. Could work. It's a bad bet.

    • FYI, PanCan. Need more workup but if possible a Whipple should be done by an experienced oncological surgeon. Probably not as most cases are too advanced at diagnosis and the 30 lb loss is not a good sign.
      CA19-9 aka CEA is useful if not 100% reliable.
      Gemcitabine is only first line. 5FU 2nd line but it is so weak that a combination such as 5FU + radiation or better enroll in a clinical trial would be best. With treatment 1 year survival 15-20%, 5 year maybe 8% on average.

      Equity Line of Credit. I indicated that the 7.2 million share overhang from the equity line MIGHT BE THE CAUSE OF THE RECENT DECLINE. Note the word might. If they didn't dump then it isn't. Now consider this. This company is running out of money. They have had a long string of major failures, melacine, bexxar, PVAX (I count this as a failure, obviously they are pursueing it but just as obviously not very diligently, amevive probably doesn't help). So they establish the share selloff plan. They need the money and the shares are meant to be sold. So sooner or later they will be sold and we will know after rather than before the fact. So it wasn't this week, so when?

      The other reason for the drop is that reportedly the ODAC meeting for September late was published and Bexxar wasn't on it. Maybe that was it. It is both puzzling and telling that Bexxar wasn't on it because it has been known for months that CRXA was taking advantage of a FDA procedure to just jam their package into ODAC over agency objections.

      My further speculation. The FDA might not be too happy with Corixa, I have gotten that impression from their continual gaming of the system rather than fixing Bexxar and initiating new clinical trials. It could just be that they said, "OK, we have to let you go to ODAC but we don't have to make is ASAP. How does 2003 sound?" If Bexxar isn't added to September than this becomes more likely. FWIW, ODAC is known as the toughtest review panel in the FDA, I'm on record as predicting that it won't work. IMHO, be well.

    • Speaking of not being very bright. Raven asking for help with a patient on a message board after he says he put the poster on ignore . Don't bother responding I think the press release speaks volumes of your opinions and position you've taken with this company.

    • Raven, Treat your own patients! Now lets talk about the equity line of credit you've been spewing about.NOW, unless Corixa just put out a fraudulent press release, that equity line of credit is confirmed as untouched thus far. I'm not here to tell you I told you, so but to enlighten others on this board that everything posted here is not always gospel as to the reason a price might be going up or down.

    • And we all know what goes on in sessions with analysts and the CEO now don't we? Iamthegreatest knows not of what he speaks. He may have a medical degree but that does not in and of itself confer any special knowledge about Corixa. Every time someone with an opinion expresses such he or she is assaulted by this supposed expert. His/her identity as iamthegreatest tells you much about the incredible ego of this person and the posts confirm lack of insight into this company. I post to share my opinion and associated knowledge with others as I have followed this company for a long time and have a solid insight into the products and the technology and their relevance in comparision with other competitive approaches. If you don't care to hear what or others say you have free choice. But please deal with facts and cease the name calling.

    • I have been following the latest exchange with GREAT interest (well not really). After the first 2 posts by IAMTHEGREATEST I could tell he knew nothing and didn't seem very bright and he hit the ignore bin. I only see his reflection in the other posters.

      MBBF49a has been a long standing and valuable poster on this board and one of the few I look forward to reading. He has called crxa right more times than anyone including me, after all I still own a few shares.

      TTC...ACT is way out of line. The ignore feature works, use it. There is very little traffic on this thread and putting one or two posters on ignore should be attainable. If you can't figure out the ignore button, don't bitch to us.

      I don't believe TheGREATEST is an MD, I don't even believe he is much of a day trader. However, perhaps I'm wrong. Hmmmm, maybe he could help me with a recent case as a consulting clinician. Patient mid-fifties presents with persistent abdominal pain, recent marked (30 lbs) weight loss, digestive disturbances. A cat scan reveals a 1 cm mass on the pancreas. The obvious diagnosis is PanCan.
      So what blood test should I use to confirm?
      What is the next step. Operation? What is it called and where can it be done?
      What are the first and second line chemo regimens? What is the 1 year and 5 year prognosis?

      Thanks for your help, I'll have the patient's insurance company bill you for your consultation. In My Opinion Only, be well.

    • Thank you both for confirming our impressions of you.

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