Garbage and buy back at +-$2.30? Seems like the pattern is up to +-$2.80, then back down to $2.30. Had a feeling this company was a takeout target when I bought in, but getting bored with nothing happening.
This management team needs a paycut! They go out and raise $20mil through diluting the company stock at a shameful offer price and then plan to pay themselves (top 4 execs) $2mil a year in salary which is disgusting for a management team at this stage in the companies product developement. Does this company really need a corporate lawyer making $600K a year? I also own stock in PCYC and when they were getting low on cash, instead of selling out the company for peanuts through a public offering at a 15% discount to the share price, they did a rights offering, allowing current shareholders the first opportunity to purchase additional shares at $1.28sh. and look where they are 9 months later. Also check out the management salaries below. The companies success should be directly tied to the managements compensation and at this point these people don't deserve what they are gettting.
KEY EXECUTIVES PCYC
Mr. Robert Duggan , 65 Chairman and Chief Exec. Officer $ 0 $ 0 Dr. David J. Loury Ph.D., 54 Chief Scientific Officer $ 265.00K $ 0 Dr. Richard A. Miller M.D., 59 Co-Founder and Consultant $ 121.00K $ 0 Mr. Leiv Lea , 56 Consultant $ 97.00K $ 0 Dr. Joseph J. Buggy Ph.D., 43 VP of Research $ 192.00K $ 0
I gotta admit, the pay packets seem a little heavy at the moment. More options less cash might well be more appropriate...
Certainly, I have another investment where a counsel is being paid inordinate amounts too - in that case I personally wrote to the CoB asking whether the company even needed one. Maybe it's corporate policy these days to have a CMA expert on hand at all times ?