Inovio which was formerly Concord Energy, United Safety Technology, BTX Inc., Genetronics and numerous other names is really VGX Pharmaceuticals? Is that the brilliant spin? Let's sweep Inovio's sordid history under the rug and let's go with the thesis that Inovio is really VGX.
What do we know about VGX? It was founded in 2001 as Viral Genomix and then changed its name to VGX Phrmaceuticals. In 2005, Inovio acquired an equity interest in VGX. In 2007, VGX's lead drug, PICTOVIR a/k/a VGX-410c failed in P2 and further trials were discontinued. In 2009 Inovio held a 19.65% equity interest in VGX and the two companies agreed to merge.
VGX is what you are crowing about? You might have a better case arguing that Inovio is really Concord Energy.
Inovio now owns a 30% interest in VGX International, a company that was founded in Korea in 1976. Its lead drug for the swine flu is in P1. It has taken VGX 37 years to get a drug into P1. VGX and Inovio are a match made in heaven. When the swine flue makes a reappearance 40 years from now, it will be huge for INO!
In Oct. 2011, the following announcement was made:
" -- Inovio Pharmaceuticals, Inc. (NYSE Amex: INO), a leader in the development of synthetic vaccines against cancers and infectious diseases, announced today that it has entered into a product development collaboration agreement with its affiliate, VGX International Inc. (KSE:011000), to co-develop Inovio's SynCon® therapeutic vaccines for hepatitis B and C infections.
Under the terms of the agreement, VGX International will receive marketing rights for these vaccines in Asia, excluding Japan, and in return will fully fund IND-enabling and initial phase I and II clinical studies. Inovio will receive payments based on the achievement of clinical milestones and royalties based on sales in the licensed territories and retains all commercial rights in all other territories."
What was done here was no different than what Bain Capital/Wall St. does everyday. In short, On the way from Vancouver to San Diego to Blue Bell - the old GEB became ONCS. All the IP went to Blue Bell, the old GEB business (now renting IP from Blue Bell) carried on as ONCS. The VGX IP merged with the GEB IP under INO Pharm with most of the scientific advisory and Corp board merged. Any skeletons from Vancouver to San Diego to Blue bell and from Korea to Blue Bell were shaken out leaving good will exchanges or contracts to carry on. The remaining diamond is INO Pharm. I think the IP ties to Tampa still exist but not sure. You ma be entitled to cherry pick facts...but not your own history.
Baine will wish that they could have pulled this one off.
So weak. Bashing while not relying on facts is so much more effective than the stunt you just tried to pull. Seriously, though. Playing toward an investor's fears and emotions will get you much further than appealing to their intellect when you don't have solid ground to stand on.