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ZIOPHARM Oncology, Inc. Message Board

  • dblueblip dblueblip Apr 30, 2013 10:23 AM Flag


    Hagop walked w/ $3.2M of your money over two years; he never made a single seminal decision impacting the company either way. He probably never made a single decision for that matter.

    JonJon, your esteemed leader, pulls in some $3.8 M total accrual comp over 3 latest years including better part of $1M in new option grants in 2012 (for a job well done, apparently). Nice work if you can get it! Of course, under whose tenure was the flawed Ph. II Pali trial that led to bad and expensive decision making costing ~$300M in market cap and potentially leading to the comprehensive failure of ZIOP? Oh, that would seem to be your esteemed leader.

    Then there is Mr. Bagley. He earned at a rate above 1/2 of the leader and netted some $716K in 2012, the year he was "terminated."

    BTW people are only "terminated" for cause. Richard was terminated, booted from the board, but still wangled a consulting gig. No, this is not some boy's club, or is it?

    The new finance guy, Jason, pulled nearly $1.5M total comp in 2012 for being the numbers guy and keeping the books in order. He's 34. You think you need to pay a CFO of a small biotech living on its last 3 quarters of cash $1.5M in total comp? 1 million? $500,000? He pulled close to $300 K in salary and bonus! He's a big winner in ZIOP!

    If you look at the transportation reimbursement and related "gross up," you can see JonJon has a budget approaching $6K + $2K per month. Every month.

    No one is really managing the store at ZIOP, and it is beginning to show. Notwithstanding their reputation value, this BOD is weak and inadequate to the task IMO.

    Separately, what investor in their right mind would be buying ZIOP at $1.73??? given the balance sheet, need for massive dilution, and dearth of significant milestone advancement for the next couple years?

    ZIOP has a limited early stage portfolio approaching at best Ph. II. Pali is DOA, and the company needs AT LEAST add'l $100 MM (IMO) minimum to stay in game. Kirk will own it cheap or fold

    Sentiment: Strong Sell

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    • $100M minimum to stay in the game? Please....phase 2 melanoma data is expected as soon as July. A single phase 3 trial does not cost $100M. If the melanoma study fails, then your estimate may be close because everything else is very early.

    • Thanks for your great input. We will all go ahead and sell now. est of luck, and thanks for the well explained input on the scientific value of the company. Guess you wont be here anymore. We will miss you.

    • Is this true and complete: "In conjunction with the introduction of the new reporting structure, Richard E. Bagley, President, Chief Operating Officer and Director, is leaving the Company and stepping down from the Company's Board of Directors" -- or is it in fact true and much more accurate to say, as in recent filings, Bagley was "terminated"?

      The press release at the time thanked Bagley for his service, while the 8-K filed at the same time, in July 2012, did note, specifically, his "termination" ("Under the terms of Mr. Bagley’s equity awards at the time of his termination, all of his shares of restricted stock and options that were not vested as of the date of his termination would be forfeited, and he would have 90 days from the date of termination in which to exercise his vested options. However, in connection with Mr. Bagley’s termination...")

      Given their avowed propensity for "the truth" and in light of subsequent performance, I'm just wondering why the press release for public consumption would avoid the word "termination" -- indeed as "stepping down" implies a voluntary move -- with the truth buried in the 8-K, as it were? Indeed, the press release took pains to note, "...both Mr. Bagley and Dr. Thornton are expected to remain available to ZIOPHARM on an advisory basis." Why?

      They did work hard to sugarcoat the real news that Bagley was fired (e.g. terminated) from both his executive positions and place on the board. --ALL IMO--

      Separately, what public company in its right mind does not separate operating responsibility from financial responsibility? Bagley was COO and CFO and Secretary or some BS. That is insane! What Board would tolerate that if not a pushover board? What CEO leader would accept the status quo for years? And why would he accept the status quo?

      Investors in ZIOP, myself included, turned out to be dolts.

      Maybe because ZIOP is committed to the truth when the truth is in its best interests??? Just saying

      Sentiment: Strong Sell

      • 1 Reply to dblueblip
      • #$%$ Bagley was pushed out because Kirk wanted his people inside. Plain and simple. The only part of your post I agree with is that the BOD sorely needs an upgrade. We don't need a couple of VCs there with Kirk's wallet behind this. Can we write in Dr. Sam Broder's name! Seriously, Kirk is now fully in charge. I assume Jon Lewis' wings have been clipped re: operational decisions. That is expected after Pali's failure in STS. My only question re: Pali is does SCLC program (MATISSE) have any value to a third party?

        Going back to my bunker to lick my wounds.

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