Leading a company is a hard job to do, to be sure. No one can expect a CEO to execute perfectly. But, the reason Michael H. Tardungo should be fired, and should never again serve as an executive in a publically traded company, is not because he tried hard and just got a bad break. If I thought that was the case, I wouldn't be writing this. Mike Tardungo should be fired because he fails to meet the necessary level of integrity, intelligence, honesty, capability, and self accountability to bear toward the advancement of a company in my opinion.
Michael Tardungo, in my opinion, either criminally knew that Thernodox for the liver cancer indication was not as promising as he said when he bandied about the term 'cure,' or, MORE LIKELY he allowed a culture of arrogance and blind optimism to guide his actions. I mean guys, the trial WASN'T EVEN CLOSE - and this guy in communication after communication insists that they have strong evidence that Thermodox works, and that it may be 'curative.' What evidence? I mean, let's get real here - the sample size on the Phase I trial was absurdly small, Are you meaning to tell me Mike and the gang we're so freaking dumb as to ignore a very basic statistical / scientific truth that you need larger sample sizes to be able to draw valid conclusions? Refusing to take the shelf reg, making up a BS reason for cancelling the Cowen conference, waiting to the very last minute to communicate to investors, saying the 'fundamentals are strong' after the stock plunges 33% on Jan 16, just two weeks before total implosion. Well, you get the idea.
I believe Mike thought he was capable of pulling this off. Unfortunately, as this failure demonstrates, it looks like Michael H. Tardungo did NOT have what it took to pull this off. It's disgusting he gets paid well over a half million a year to fail miserably. I predict no matter how long Mike runs Celsion or god forbid another company, I don't think he has it in him to deliver returns to shareholders.
MT, Church, Borys, Raj Prabakar... these are names you should never forget.
It wasn't even close....
I think management was lying. Management should have known from phase 2 trials whether it would work or not. They pumped it anyways, and it worked because the stock took off from low 3's all the way to the 9's on that pump.
Sentiment: Strong Sell
Stop and do a little research on who was exactly "pumping" jack wad. IT was people with medical degrees and first hand knowledge of the trials and technology. Now you the vulture is pretending to have a life on this board, when no will ever care to believe your unresearched chicken #$%$.
Couldn't of said it BETTER!!!
Especially about the part when everyone was questioning about Canceling Cowen. They knew and they probably knew prior to signing the mysterious "timing" of the deal with Hisun.
Just being Stupid Enough to not do a public offering when the stock was so high is a sole reason to Never, Ever Run a Publicly Traded Company.
That was just DUMB and now look what happened.
I hate to say it, but this sucker is going down folks, enjoy your 17% gains and take profits before CLSN management can rob you blindly.
GLTA ... A former Shareholder who feels was lied to and cheated by Celsion.
You know that's sad and I learned something in biotech this year. When companies cancel their conferences it is normally not good news. PPHM cancelled their conferences and it ended up having misleading data. Now CLSN, and then INO cancelling conference and doing dilution next day. Don't be fooled when a company cancels a conference it is normally not a good thing.
Sentiment: Strong Sell
Seriously though. Michael H. Tardungo, in my opinion, needs to be fired ASAP to protect the shareholders. I believe he either lied to shareholders, or lied to himself - one or the other. The gap between expectations and results should not have been that large... I suppose a third alternative is that he is an absolute fool. Either way, he should be fired.
Side note, Davis Cupper... absolutely brilliant. I've learned an excellent lesson from him, which I will hope to apply for the next 50 years of my investment career... Make sure to win no matter what :)
An additional reason Michael Tardungo should be fired - as if we needed more - can be found in his actions (or more accurately, lack thereof) after the implosion. Shareholders are still in the dark, with no word whatsoever as to why anyone should have faith in the company. If you look at the ratio of executive compensation to total cash in clsn's bank, it's sickening. If management was serious about doing whatever it took to make their shares worth something, they should have immediately announced cost-cutting measures, including exec compensation, to shore up their credibility. It will be interesting to see how their 2013 compensation shakes out.
Again... I want to make it absolutely clear, these opinions are not based on the simple fact that the trial failed - or even that it failed miserably. That happens in bio. The reason Michael TARDungo should be fired is due to some unknown, but absolutely present, combination of arrogance, stupidity, recklessness and greed. Remember... he was thanking shareholders for their "support" in the last CC.... not offering a shred of sympathy for the sheer size of the emotional bubble he built and popped, vaporizing millions of people's hard earned money.
He owes remaining shareholders a "path forward" for the company, a reason to remain shareholders or even to invest more. He needs to tell people how long it will be before the company can reach a satisfactory outcome on another P3 trial (presuming current P2 shows positive results) and therefore achieve some sense of profitability. He needs to tell shareholders how much money it will take to get to that point, and what they intend to do to make up the shortfall.
The CEO needs to resign or show the way ahead. He can't sit hiding in his cave.
My complaint is if he would of used the shelf offering at $5-$7 PPS prior to results everyone would have said thats normal and smart and he could have buffered the stock holders down side by adding cash to the books and now PPS would be worth more having limited the loss sadly just like HEB did thats why there stock didnt drop that much after negitive adcom because cash on hand dictated PPS even after neg results.. This was a HUGE MISTAKE it hurt both the company and stock holders... WHY ???? It didnt have to happen like that.. he did not follow NORMAL practice that is followed by every other Bio with catylist event
Sentiment: Strong Sell
Answer: The Mgm't was wreckless, they put it all on black and the ball landed on red.
It never had to happen the way it did, Mgm't destroyed any chance of survival after failure.
I love how Hisun cancelled their agreement with CLSN over the weekend but CLSN had not filed anything telling us that.
Just re-read the last CEO letter, and listened to the last few conference calls.... Still just absolutely disgusted with Mike's unfounded exuberance. I don't care if he actually believed the trial would succeed.... he's a fool. And I'm a fool for believing he wasn't a fool.
Again, I want to reiterate the problem here IS NOT the fact that the trial failed. It happens. The problem is that Mike is not fit to lead a company.
.... sample size. Ugg. Why didn't I trust my gut on the small phase I sample size? I just didn't believe Celsion would light $200M on fire and subject 701 patients to a new drug if they didn't know something beyond the phase I trial. Mike needs to be fired.