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OncoGenex Pharmaceuticals, Inc. Message Board

  • tnk.shorting tnk.shorting Feb 12, 2013 11:31 AM Flag

    Dr K's Q

    "Tnk.shorting: can you demonstrate a connection between this event and the pps decline? If you followed OGXI over a long time period, this fluctuation in pps is normal."

    To correct you, absent a catalyst, fluctuation in pps in a thinly traded biotech is normal. However, when an event such as an SEC filing (or a "non event" as you oddly characterize it) precedes a 10% drop in the pps, most objective observers - not to mention investors - would posit that a cause-effect relationship might exist. The day before OGXI released the terms of the CFO's sweetheart severance agreement (in consideration for her agreeing not to sue the company), the stock began selling off on twice the normal volume (see Yahoo's historical prices.) Since then, it has bled down from $13.50 to the $11s for "no reason" that you can imagine??? Please ...

    I'm not comfortable with the atmosphere over there. OGX-427 excites me (not as sanguine about OGX-011's prospects), but the way Cormack is spending the money he raised from the last secondary (on sweetie's "consulting" fees) undermines management's fiscal credibility - which is of paramount importance for a company that relies on investor confidence for cash flow. By all means, feel free to imagine that the selloff is all a big coincidence. However, I believe someone decided that Cormack's behavior upped the ante too much, and decided to reduce their exposure to an investment which was already risky enough.

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    • Regarding K's other statement: "The pps of this company is driven by its drugs and the pipeline. Today 427 announced to be tested in Phase II as second line therapy for bladder cancer. 011 in prostate and lung, 427 in prostate, bladder. These are the real events to watch."

      I agree completely. The office romance and hush money were an unnecessary and costly distraction - hence my angry posts.

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