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IntelliCell BioSciences, Inc. Message Board

hwmccusker 590 posts  |  Last Activity: Feb 4, 2015 1:18 PM Member since: Jan 8, 2010
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  • IS … Harvard Apparatus (HART) in the market for a $4 M retail oriented offering … to keep the company “afloat” and the “wolves away from the door”. How could companies with such … potential have performed so awfully?

    The culprit is usually … the CEO, risk or the unrealized view of hazards of warnings and bad news not heard, listened to or learned. The annual performance sweepstakes are almost always dominated by high-risk strategies that try to hit home runs every time at bat. Although, CEOs have in the past … hit a ball out of the park … they do strike out in subsequent times leading to huge losses for their investors … when they can’t or won’t listen to those who want to help, assist and partner!

    Sentiment: Strong Sell

  • Dominick Colangelo, CEO – 20 K shares at $2.55 per share = $51 K (0.12% of latest offering)
    Michel Gerard, CFO – 20 K shares at $2.55 per share = $51 K (0.12% of latest offering).
    Daniel Orlando, CFO – 9,804 shares at $2.55 per share =$25 K (0.6% of latest offering).
    The Bottom Line: A measly amount of purchase considering the compensation levels. “Skin in the game” is a joke considering Colangelo’s 2013 total compensation was $1.4 M, Orlando’s 2013 total compensation was $585 K, and Gerard’s 2014 total compensation is estimated at $500 K+.

    Sentiment: Strong Sell

  • A question of ASTM’s 13.7 share offering at $2.55 – how MUCH of the offering was BOUGHT by the CEO, officers and Board of Directors?
    My bet ... barely or if ANYTHING! Let’s see how it closes on 9/16/14 and the quarterly filings?

    Sentiment: Strong Sell

  • But, this Board of Directors who have direct responsibility for representing shareholders or those who might be interested in its financial stability. In Aastrom’s (ASTM) case – that responsibility, respect and representation appears NOT to EXIST!
    Even if and when this offering gets completed … the representation of investors has been so diminished … the repugnance will linger for more than a LONG time!
    I quote from … The Bottom Line by Carl Icahn … “I believe that too many companies in this country are terribly run and there’s no system in place to hold the CEOs and Boards of these inadequately managed companies accountable!”
    I’ve made my case hopefully investors will LISTEN?

    Sentiment: Strong Sell

  • The “word” is the Aastrom (ASTM) offering of $35 M (???) has been ... PUT OFF until ... WEDNESDAY for PRICING in a strictly institutional DEAL – i.e. ONE CLIENT??
    After the entire scenario of meetings and hullabaloo … NO ONE STEPPED UP!
    In the military they call it … "No JOY” i.e. … ASTM has been unsuccessful! ... TODAY (?). Is there a lesson … disclosure and rapport with investors!. Also MIGHT someone be PROTECTING their INVESTMENT!

    Sentiment: Strong Sell

  • UP +$0.27 to $3.91. Many traders will be “whacking” these numbers while their 3 ATM “temporary holders” will be selling into the appreciation to REDUCE their … positions

    READ ... the “study limitations” in the “published” paper!!

    Just ANOTHER case of selective DISCLOSURE – SELL!

    ASTM had their P2a clinical studies of ixmyelocel-T for the treatment of advanced heart failure due to ischemic dilated cardiomyopathy (DCM) published in the peer-reviewed journal Circulation Research.
    In an article entitled "Safety and Efficacy of Ixmyelocel-T: An Expanded, Autologous Multi-Cellular Therapy, in Dilated Cardiomyopathy," results showed that treatment with ixmyelocel-T reduced the incidence of major adverse cardiovascular events (MACE) in patients with ischemic DCM.

    • In 2 separate open-label studies, a total of 61 patients were randomized and
    • 59 were treated or received standard of care. The combined results among ischemic DCM patiendemonstrated that patients treated with ixmyelocel-T experienced fewer MACE events during follow up compared to control patients.

    Heart failure (HF) exacerbation was the most common MACE. Relative to the control patients, ischemic DCM patients treated with ixmyelocel-T also experienced an improvement in symptoms as measured by the New York Heart Association classification system.

    The Bottom Line: The P2b trial replicated … PREVIOUS results. However, they are INSIGNIFICANT for such a small study which is just REITERATING a safety trial which always seems to be EFFECTIVE particularly when using the body’s own cells ! What are the statistics for comparison?
    Read the "Safety and Efficacy of Ixmyelocel-T: An Expanded, Autologous Multi-Cellular Therapy, in Dilated Cardiomyopathy,"

    A couple of observations: Open label – only people getting therapy had a bone marrow aspirate and underwent a catheter procedure (i.e.: the patient and doctors know). With very small numbers, a few events either way changed the outcome –

    Sentiment: Strong Sell

  • As I stated on Monday’s pre-open -Harvard apparatus (HART) is … grossly overpriced and is over-pumped! A further definition was needed; HART was spun-out of Harvard Bio (HBIO) with $15 M and assets of the RegMed business. The initial capitalization was from HBIO and a fund raise was anticipated .
    The Q1/14 net loss was $3 M, or $0.39 per diluted share, for Q1/14 compared to a $2 M net loss or $0.26 per diluted share for Q1/13. The “unfavorable” year-to-year quarterly net loss comparison was primarily due to an increase in non-cash stock-based compensation expense related to the initial stock option grants made to employees and directors at the time of the spin-off from HBIO in 11/13. Non-cash stock-based compensation expense was approximately $1.2 M for Q1/14 compared with approximately $100 K for Q1/13.
    With SG&A running ahead of R&D they pay themselves … very, very well for a start-up, oops – a spin-out!
    WHAT supports a $9.49 share price and a $74.14 market capitalization – the “whiff” of a potential, the$12.6 M in cash , a very HIGH SG&A, a small R&D budget, a 2015 IND filing, NO trial status? HART has had its FIRST IND meeting with the FDA as part of Q1 results yet … no word has been heard about proposed global clinical trial design for its HART-Trachea product?
    Its technology has been used in 8 human trachea transplants to date approved under compassionate use exemptions, but NONE of their products are yet approved by ANY government regulatory agencies. SELL

    Sentiment: Strong Sell

  • ASTM paid $4 M in cash and $2.5 M in a promissory note to acquire the CTRM business, which includes 3 marketed products in the US and the EU with manufacturing and production centers in the US and Denmark.

    The Bottom Line: The prisoners' dilemma is a recognized example of a “game” analyzed in game theory that shows why 2 purely … "rational" individuals might … NOT cooperate, even if it APPEARS that it is in their best interests to do so.

    The 3 marketed autologous cell therapy products acquired by ASTM are Carticel® Epicel® and MACI®. Although deficiencies were NOT mentioned nor included in ASTM’s “perfunctory” release but, were noted in its subsequent 8K filing with the SEC ASTM … it has no issued patents or pending patent applications relating to Epicel, issued patents relating to Carticel are scheduled to expire by 8/16 in the US and by 2022 in Europe, while issued patents relating to MACI are scheduled to expire by 8/18 in the U.S. and 8/17 in Europe. Furthermore, ASTM added that the patents they do own “may be subject to increased competition and (our) opportunity to establish or maintain product revenue could be substantially … reduced or … eliminated.

    Two of the most prominent RegMed analysts commented … “what were they thinking” and the second stated “this is a case of a “typhoid” stem cell deal that could “infect” the RegMed universe!
    It fits with ASTM's usual “radio silence” concerning the "MURKY" ... and full specifics of the ... MATERIAL effects of the deal on-going!

    Sanofi dumped a “dud” with NO liability. A further question evolves … has Sanofi also dumped the Forest City – 2 ½ year lease of the Sidney Street manufacturing site obligation … that’s about $3 M a year. ASTM had 3/31/14 had $8.8 M with a Q operating expense of $4.6 M and now having spent $4 M of cash with promissory note of $2.5 M.

    Sentiment: Strong Sell

  • hwmccusker hwmccusker May 1, 2014 10:45 AM Flag

    There is NO CFO at "new" unit - just a junior financial analyst

    Sentiment: Strong Sell

  • Extrapolating and parsing from the Zacks report … too, too many ifs and ATM’s BORROWING usages have to be sold into the future, just NOT today!
    ASTM “did not report meaningful revenues in either” Q4/13 or FY13; the net loss in Q4/13 totaled $2.9 M, or $0.65 per share. Loss was driven by $3.3 M in R&D and $1.6 M in SG&A. For FY13 the net loss totaled $15.6 M, or $5.18 per share. Loss in 2013 was driven by $15.1 M in R&D and $5.9 M in SG&A.
    ASTM exited 2013 with $8.1 M in cash and investments which was based on an At-The-Market (ATM) financing facility in place with MLV, LLC dating back to 6/11. It allows for the sale of registered securities up to $20.3 M. From inception of the agreement ASTM has DRAWN DOWN $5.2 M. Subsequent to 12/31 through 3/6/14, ASTM has DRAWN DOWN another $5.4 M in gross proceeds utilizing the ATM. Cash as of the end of 2/14 stood at $10.8 M. ZACKs expects ASTM to utilize the remaining $9.7 M via the ATM in the next 1-2 Qs. If … ASTM’s the data are positive, this could give the company an opportunity to raise additional new capital at significantly higher market prices.
    My other BIG concern is … there isn’t a “resident” but, a “traveling” CEO and the loss of “key” executives with “institutional” development and R&D knowledge which diminishes prospects within the manufacturing ranks!
    The critical limb ischemia (CLI) program “diminished” after a partner ran for the hills.
    The “big elephant” in the room is still Eastern Capital – how long can or will they “hang-in”! They are being abused!
    I also have an issue with an “insular” Board of Directors – why have 3 CEOs left the company?
    Where is “definitive” news or clinical data versus an “interpretation” on Seeking Alpha? We are all aware of their recent history of their “posts”. I don’t value on “hope” – NO “Emmys” here! An opinion is based on one man’s judgment, synthesis is based on facts and conviction is based on more than – one article. Clinical data is “dated” … where is the “latest” update?
    Everyone has an “opinion” – I deal in FACTS!
    How can you access a fair value with the ATM borrowings such as they are? Wait until they “try” to access the capital markets with ATM “overhangs”!
    SELL and RUN as fast as you can!

    Sentiment: Strong Sell

  • ONVO has performed its first 3D Liver tissue delivery and also introduced updated guidance on the timing of its product launch. Organovo had planned to launch its 3D Liver tissue product by the end of December, but now expects to commence the commercial launch and start generating revenue through a services model prior to 12/14. ONVO anticipates that preclinical toxicology testing services can command prices in the high tens of thousands of dollars per compound for standard screening for liver alone. ONVO is UP as usual on large volume whether it is positive and negative but, it is still under 1/2/14’s $11.29. Great trading platform as traders “inhale and exhale once the high kicks-in”. Let ONVO run for a few days and then SELL on this news!

    Sentiment: Hold

  • ASTM didn’t and probably … couldn’t raise money during its last run-up but it still pilfers its long standing retail investors … even more. SELL if you still have a stomach lining left! I noticed ASTM did NOT note the remuneration of the ATM in the release; selective disclosure? "As consideration for its commitment to purchase shares of Common Stock pursuant to the Purchase Agreement ... ASTM ... agreed to issue to Lincoln Park up to 96,126 shares of Common Stock (48,063 shares issued to Lincoln Park upon execution of the Purchase Agreement and 48,063 shares to be issued, if at all, immediately upon the filing of an additional registration statement to cover any remaining shares not covered by the Initial Registration)".
    ASTM closed at $3.42 DOWN -$0.29 or -7.82% and is further DOWN -$0.07 or -2.05% to $3.35.
    When is enough … for this charade? Interesting notice it has … “no limitations on use of proceeds, financial covenants, restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages”. We all have our opinions!!

    Sentiment: Strong Sell

  • I take it my mid-day comments of a 1 for 20 reverse and lack of communication negligence cut to the heart of … fiduciary responsibility of Aastrom (ASTM) lawyer CEO … with the press release of the reverse split. A vote approved an amendment to the Restated Articles of Incorporation, to increase the number of shares of the common stock authorized for issuance thereunder from 150,000,000 shares to 300,000,000 shares. No fractional shares will be issued, and in lieu thereof, any person who would otherwise be entitled to a fractional share as a result of the Reverse Stock Split will be entitled to receive a cash payment equal to the fraction to which such holder would otherwise be entitled multiplied by the closing price of a share of Common Stock on The NASDAQ Capital Market on October 15, 2013 – paying out CASH from the paltry offering and expensive executive salaries. So … are they or aren’t they changing … to a different fiscal year ? The reverse is a GOD’s gift to short sellers as the 2.08 M shares are short of the float of 29.76 M shares. ASTM closed at $0.23 UP +$0.01 and then dropped in the after-market -$0.04 to a whopping $0.19. See you at $0.15 and a 1 for 20 reverse with a soon needed financing.

    Sentiment: Strong Sell

  • ASTM was DOWN -$0.004 to $0.221 and now is UP +$0.01 to a whopping $0.23 with a CEO trip to a conference release versus announcing the results of the recent shareholder meeting re increasing the amount of outstanding share and a reverse split. Who’s afraid of what and whom before a California trip and yet another share spiral? Why alert shareholders before a presentation to an industry group with a sparse investor presence – misaligned fiduciary responsibility?
    So… what’s the bet - 1 for 20 reverse and how soon is the next financing?

  • Their CEO states NO questions will be heard or answered as he even mispronounces the product, skips words and can't even articulate the product correctly! If they could not entertain questions because the offering hasn't closed ... they should have rescheduled. SELL and RUN, don't walk! Play it, trade it - make a few cents but ... it is NOT a good LONG term investment.

    Sentiment: Strong Sell

  • The Bottom Line: Elements of progress in developing MultiStem are not as visible … until FY14 and should not be measured by a “short” yardstick of catalysts to the near term quarters. The conference call mentioned partnerships but no definitions were available as multiple opportunities exist – why get caught in a forecast that never happens. The SBIR $2.8 M grant will not be accessible until Q1-Q2/14 for an acute myocardial infarction (AMI) trial based on their P1 data. ATHX is currently evaluating MultiStem(R) in 2 P2 clinical trials, in ulcerative colitis and ischemic stroke. I have been there on stroke which is … a “black hole” of many and past failures but … the promise and hope abounds that their on target. Obesity and schizophrenia are still preclinical asserts that could render more value i.e. partnering but are still preliminary.

    The Aspire ATM utilization was high at $5.8 M high as was in Q1/13 at $2 M.

    The technical and resistance levels of ATHX are strong … but post earnings in this Q2 many reporting RegMed sector companies have experienced serious downward spirals; ATHX should not experience the same spiral.

    In these fluctuating and volatile times a margin of safety is simply the distance between making development predictions come true and more than the … needs of those predictions to come through. We can’t predict the future but ATHX needs to define the probabilities of outcomes to actual terms, as the margins of reality are not perceived by “these” development categories … giving too much room for interpretation – ATHX needs to communicate more!

    ATHX closed at $1.69 up $0.02 or +1.2% with a .... $2.25 - $2.50 target by year end. In a recent meeting in NYC, it was reported that Aspire was the largest shareholder of ATHX – sooner or later they always sell – they’re not long term investors.

    Ranked a … BUY believing ATHX has the “bridge” with the “bollard” secured!

    Sentiment: Buy

  • The Bottom Line: The operations are smoother but need focus to cost containment but clinical costs are on target. A cleaner version of the NBS should be better and forth-coming as Q3/13 unfolds! Equity based compensation as related to specific units should be consolidated as even I am confused! AMR-o1 advances as do … other subsidiary endeavors with a leaner focus of results and expectation. Cash position isn’t bad considering other comparable entities. As the 2nd half unfolds … I expect greater specificity and metrics to evolve making measureable results more attuned to financial and trial expectations!

    NBS closed DOWN -$0.10 or -1.35% to $7.30 with 306 K volume on 8/8/13 from $7.40 with 297.7 K volume on 8/7/13 and after being UP +$0.46 to $7.75 with 620.5 K on 8/6/13. Not so bad, considering the reverse and subsequent listing on the NASDAQ. . Most comparable companies in the RegMed universe are trading DOWN post earnings release – I would foresee a smaller discount to the current pricing but … notice an appreciation focus to the stock as the anticipation was marginalized by events, share pricing, volume and attraction of industry named additions to the management team and hopefully … a new CFO soon.

    Sentiment: Hold

  • The Bottom Line: They made progress but slowly ... patients enrollment in Athena continues with FDA approval to expand the scope of the ATHENA clinical program , continued qualification for BARDA, a spatter of commercial registration in Australia, Contained SG&A expenses … still too slow in recognizing product revenue – hopefully the 2nd half will be better. Regulatory approvals … are still too slow. Cash be ... problematic as they proceed through the 2nd half?

    The Puregraft® was a good deal as it drew away focus to the current focus. CYTX is adjusting 2013 revenue target to $14 M in combined product and cash contract revenue – could that be considered … guidance? The restructured term loan resulted in net proceeds, deferred payment and lesser quarterly payments – prolonging their capacity to BARDA payments and any … partnering collaborations which precludes any run to the capital markets – they still need to cut expense!

    CYTX … expects the Athena program to begin enrolling in Q4/13 at up to 10 centers, immediately following the full enrollment of ATHENA. Athena II is important to determining the optimal cell dose for heart failure. In addition to strengthening the clinical data on the utility of ADRCs for heart failure, CYTX believes having this additional data on a 2nd dose will maximize the chance of a pivotal trial. Full enrollment of ATHENA II is anticipated during the first half of 2014 and is not expected to delay the initiation of the U.S. pivotal trial planned for 2015.

    The ADVANCE trial has enrolled 23 patients. As part of a comprehensive evaluation of CYTX’s global cardiovascular strategy, resource utilization and development priorities, they have decided to … discontinue enrollment … in the ADVANCE trial once it has achieved the 2013 target enrollment goal of 25 patie

    Sentiment: Sell

  • The Bottom Line: A good but, deal … for the balance sheet but, maybe not the dilutionary affect. Cognate has provided manufacturing and regulatory assistance to NW Bio in the US since 2004, in Israel since 2008 and in Europe since 2010. Interesting … Cognate shares common ownership with NW Bio (by Toucan Capital), and as such is an affiliate of NW Bio under the securities laws. NWBO reduces its cash burn while building its operations in Europe as well as the US; while pursuing 2 major clinical programs (both DCVax-L and DCVax-Direct) simultaneously.

    NWBO closed at $3.59 and is DOWN in the pre-market -$0.13 to $3.46. It will probably bottom-out at $3.25. NWBO had a float of 16.33 m shares and an outstanding share count of 30.1 M. I won’t rate it with this event until it settles into a new-normal trading activity.

  • The Bottom Line: This transaction enables Cytori to monetize a non-core product, Puregraft®, simultaneously increase operational focus on core Celution® cell therapeutic applications and market development, and establish a strategic partnership in the development of new market opportunities in Alopecia. Under this agreement, CYTX maintains certain limited rights to Puregraft® and the related technology and receives an exclusive license from Bimini for cell-enriched applications and future development activities (in exchange for royalty payments on Puregraft® from Cytori to Bimini), which in the aggregate, represent significant market opportunities for Cytori. Additionally, Bimini will continue negotiations to acquire market rights for the cell-based aesthetics market beyond Alopecia, which are actively underway.

    CYTX closed at $2.65 and has been in an up and down pricing spiral since 7/1/13 with moderate to high volume. CYTX is a … BUY at this price as this event should sway some momentum however, as we step toward earnings - - the pendulum always swings lower and jumps post LPS announcement.

    Sentiment: Buy

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