You and Profitsin seem to be right - thought Sparvax was a slam dunk - all they need is to prove they can make it in the US - how could they screw this up???
Wednesday Pharmathene / Siga is on the docket - any good news there is a good exit point.
Wow Jacat - blast from the past ... I know you were short PIP at around 1.60, it went down to around 1 when you proclaimed, "I am now long PIP." You must have done well - so what is your move now?
I for one like Teebrane's commentary - he does a lot of research and occasionally comes up with something that I have overlooked.
Hi Vanlo - let me explain and then I will shut it - yes I know how to read, it is in the understanding ... So PIP says it was a merger of equals. I voted no long before Prescott advised as such (posted my f** no weeks ago) because I felt it was not a merger of equals - it seemed like PIP bought Theraclone and over paid nonetheless. So yes, I read what they said, but didn't believe it. If it were truly a merger of equals, why would PIP have to dilute 4x (or more precisely issue 4x more shares than currently outstanding) to pay for Theraclone. The stock would have went way down while Theraclone and PIP execs lined their pockets. It was a clearly a win for them at the expense of PIP shareholders. Thanks to Prescott for doing their due diligence.
Nope - an email from your mother - she said go f** yourself. Die Jour (Die Today) yeah - sounds like a plan #$%$ hole.
Just got an email stating the merger has been terminated! Let's see how the stock reacts - I assume it won't move much, maybe a drop then a recoup???
Let's call it for what it was - PIP bought Theraclone - not a merger, not anything else. The info that was given to shareholders was spotty at best - not happy with the management team at all!
Yeah - so I voted. One of the votes asked if we grant PIP the ability to raise 175M in additional shares (to use for the merger with Theraclone). That would dilute us 4x. The choices I got were yes, no or obstain. If there was a #$%$*k no button, I would have selected that.
4x - really???? No wonder we are stuck where we are. F- the merger - merge if you want after the settlement. Not a good deal IMO. I read everything - just think PIP is worth more with the birds in hand + the tax considerations (and yes, I am saying the win over Siga is a bird in hand - too much money was already bet on PIP getting at least 1/2).
How are you voting Tee? It seems the short timers would all vote no and get that potential $8 in their pockets - but long termers may vote yes thinking PIP is better with Theraclone.
I only have PIP in significant quantities - think VC Parsons comes out with a ruling in November, and by 1Q 2014 we have a final judgment.
For the third quarter of 2013, PharmAthene recognized revenue of $3.5 million compared to $6.7 million for the same period in 2012. Revenue in the third quarter of 2013 was primarily derived from development contracts with the U.S. government for the Company's biodefense product candidates. The decrease in revenue in the third quarter of 2013 is largely attributable to the substitution or completion of specific activities designated under the SparVax® contract, as well as the postponement of certain activities arising in part from the Food and Drug Administration (FDA) clinical hold initiated in August 2012 and subsequently lifted in May 2013.
Page 465 has an outside opinion to the fairness of the merger from PIP shareholder perspective, and it does include SIGA 50% revenue stream as per Parson's ruling - but I really don't get it. It does not look like a merger of equals to me - Theraclone does not make enough money (and has a loss).
I understand why they did it - PIP, IMO, is now a much more reputable company (it now has a really exciting pipeline - but that pipeline is years away (years and years of dilution IMO)), so, I just think they overvalued Theraclone.
The combined company plans to issue additional equity securities in the future, which may result in dilution to existing investors (see page 55).
Yeah - as soon as Parsons rules - I AM OUT!!!!
PIP's US Federal net operating loss carryforwards of approximately $134.3 million will begin to expire in various years beginning in 2021. Theraclone’s U.S.federal net operating loss carryforwards of approximately $41.2 million will begin to expire in various years beginning in 2024. These limitations, in turn, could result in increased future tax payments for the combined company, which could have a material adverse effect on the business, financial condition or results of operations of the combined company - (PIP will be paying higher taxes too).