Senesco will make two presentations on SNS01T for blood-borne cancer care at the 55th American Society of Hematology (ASH) Annual Meeting and Exposition to be held from December 7-10. It will provide an update on the current results of the Phase 1b/2a trial. It will also make an oral presentation of new results with SNS01-T in non-clinical studies. The abstracts to be presented include “Phase 1b/2a Open-Label, Multiple-Dose, Dose-Escalation Study To Evaluate The Safety and Tolerability Of Intravenous Infusion Of SNS01-T In Patients With Relapsed Or Refractory Multiple Myeloma, Mantle Cell Lymphoma, Or Diffuse Large B Cell Lymphoma" and "SNS01-T Exhibits Significant Anti-Tumoral Activity In Models Of Multiple Myeloma and Non-Hodgkins B Cell Lymphoma and Induces Cell Death In Malignant But Not Normal B Cells". In case the results come in better than expected on the safety & efficacy fronts, then the stock could start a sustainable upward movement. The results in the pre-clinical trials were extremely encouraging, and the cohort 1 & 2 results were also good. However, the dose in cohort 3 and 4 are much higher, and hence it will be interesting to note the tolerance by the patients and the associated side effects. The efficacy is likely to be better at higher doses, but tolerance / side effects will hold more importance than before. Analysts have pointed out that the stock is undervalued compared to other development stage companies. The fact that insiders have put in money in the company at a much higher price than the current market price of the stock indicates their confidence. Chairman Harlan Waksal's investment at $26 is significant as he has the relevant experience in the biotech sector to understand the potential of SNS01T. He is surely confident of the prospects.
I am not so sure about the confidence of harlan Waksal. How confident was he at the last shareholders meeting, or was he even there? I am curios to know how involved he is with the current cohort and why he is so in the background of the company instead of out front cheerleading? I am a bit skeptical of his behavior and despite his heavy investment, to my mind, with his wealth, it is the same amount that you and i have put in in relative terms.
I think too many people expect the same from Harlan as his brother Sam. It was Sam that has the history of fund raising, raising money for start ups and cheerleading companies. Harlan role with Imclone was to oversee the clinical trials (COO), not lead from the front.
For a short period after Sam was in trial, Harlan stepped in as CEO in june 2002 but resigned completely from the company in 2003 when Sam was sentenced. The stock rallied on his departure. He ended up with close to 3.2 million shares (I believe just under)..that is 224 million dollars on the sale of imclone.
He stepped into the role with Senesco because Chris Forbes asked him too. He did do a good job of getting rid of the past CEO's toxic debt financings and he did the company a huge favor by securing a line of credit to get rid of the toxic debt backing it with his own personal assets. He does bring experience in biotech to the board, but he is not Sam who can sell anything and has proven to raise money on a dime.
Despite being invited into Senesco, he preferred to step in at a Krill oil company overseeing manufacturing and clinical trials (going from memory what his exact duties were). Point being, he is not the lead guy, a CEO.. a quarterback. He has a good steady hand and whilst Sam and him started Imclone (Harlan actually joined later) what we lack in Senesco is what Sam brought to the table.
5 years after Harlan left the company, Imclone was sold.
He has his merits, and brings a success story (although he left 5 years before the big sale) to the table, but I get the impression that many give him to much credit as a leading guy. (Really feel like Im piszzing on him...im just trying to highlight Sam versus Harlan..as it seem many peoples expectation of Harlan is more related to the role Sam played in imclone).
Think im just venting...we need Sam's personality, with Forbes family fairness to all shareholders. (They are known for it)