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SciClone Pharmaceuticals, Inc. Message Board

  • a65232389 a65232389 Mar 14, 2013 5:07 PM Flag

    "an outstanding effort"

    I guess Gary is continuing his "outstanding effort" and working hard to get his $100K incentive for filing the 10-K (also known as 'just doing the job'). There's plenty of blame to go around to Blobel and probably others for the incredibly botched NovaMed acquisition; incompetence if not negligence in the due diligence process; the apparent channel stuffing to fool investors that Zadaxin sales were growing; and, to top it off, the auditors walk out. I can't recall the last time auditors just quit on a company. Yes, truly an outstanding job as CFO. BTW, here's Gary's going away package from the January 7, 2013 8-K.

    "The Company believes Mr. Titus has made an outstanding effort in his position and has determined to provide incentives for Mr. Titus to stay with the Company, and provide for a smooth transition to a new Chief Financial Officer.

    On January 5, 2013, the Compensation Committee of the Board of Directors approved additional compensation arrangements for Mr. Titus to provide incentives for him to remain with SciClone through May 31, 2013, and to reward him for his continuing efforts and performance. Provided Mr. Titus remains with the Company through such dates, he will receive a payment of $100,000 when the Company files its Form 10-K for fiscal 2013, and a payment of $100,000 if he is still with the Company on May 31, 2013. SciClone has also agreed that, provided Mr. Titus stays through May 31, 2013, the Company will, for up to six months, continue to pay Mr. Titus an amount equal to his monthly compensation until he has a position with another employer. In addition, if Mr. Titus stays through May 31, 2013, he will have up to 12 months thereafter to exercise his then vested options to acquire SciClone Common Stock."

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    • This has nothing to do with Gary. Take off your US-colored glasses. There is a huge opportunity in China but also many challenges that make occasional hiccups unavoidable.

      Great buy if they can get Zadaxin back on its long-term growth trajectory. The filing delay is minor nuisance.

      Sentiment: Buy

      • 1 Reply to makingmoneyinbiotech
      • China opportunity is being botched. Need competent management. Past year's growth for Zadaxin was a sham - just stuffing the distributors with inventory. Blobel and Titus used every press release and opportunity tor the first eight months of 2012 to pump the fictitious Zadaxin sales growth and then dumped over a million dollars worth of their stock at $7. They should be investigated for stock manipulation and trading on nonpublic inside information. And let's get competent management.

 
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