I still don't know why this arrived off timing, but based on the markers for the 180 days it seems very likely that the delay for this showing up was the Nasdaq's doing.
The powering was minimal to fit the budget, the budget did not exist to fit the trial design.
The scientists were working with minimal resources provided to them by management. It wasn't Ashley Bush who should go and promote the company to raise the capital necessary to conduct Imagine, that's Kempler's job. The trial was under powered because it was underfunded by management. The CEO is at fault for everything, especially in such a small company.
There really is no management though, just Kempler and Ms. Angus. Kempler does not have proper management in place. The CFO at Prana is a revolving group of part time outsourced labor. Same with IR, outsourced and part time, and the opposite of dedicated. The head of business development left and was not replaced. I think Kempler is a boat anchor tied to PBT2 and this has real repercussions for shareholders and people who would benefit from PBT2 being on the market.
The FDA issued Draft Guidance yesterday which could redefine how wound care products are treated by the FDA.
Here is a snippet;
MiMedx, Osiris Drop After FDA Draft Guidance Released
2015-10-29 16:25:30.997 GMT
By Sasha Damouni
(Bloomberg) -- MiMedx Group down as much as 21%, Osiris
down as much as 11%, after release of FDA draft guidance:
Homologous Use of Human Cells, Tissues, and Cellular and Tissue-
* Draft says: “The basic functions of amniotic membrane
include covering, protecting, serving as a selective barrier
for the movement of nutrients between the external and in
utero environment, and to retain fluid in utero. Amniotic
membrane is used for bone tissue replacement to support bone
regeneration following surgery to repair or replace bone
defects. This is not a homologous use because bone
regeneration is not a basic function of amniotic membrane.”
* Announced in federal register this morning; public hearing
planned for April 13
* NOTE: MDXG is distributor of human amniotic tissue; OSIR’s
Grafix is a placental derived membrane for acute and chronic
I've seen CEO's fail at trying to spread awareness about what they're doing/what potential their company has. This isn't even that, Kempler makes literally no effort to improve the status of Prana. When has he ever spoken anywhere about Prana? The NY Academy of Science over 2 years ago, or was it 3 years ago. I know because he wouldn't answer the questions I had the moderator ask him. So that doesn't even count IMO. And he keeps incompetent contracted IR in place that does not even do the bare minimum required.
I think I was the first person to mention this legitimately so I feel compelled to reply. The correct term is Deficiency notice, it is the first step of Nasdaq's "Delisting Process". How it is supposed to work, after 30 trading days below $1 the NASDAQ begins their process and issues a notice to the company 10 Days later. I recently found out that the company, in this case Prana, has 4 trading days to notify the market of the notice. Technically today would be the fourth day. NASDAQ is pretty generous about issuing extensions if the first 180 days is not enough time. I do agree with your sentiment that there will be a drop after the PR, which is why it is smart to discuss it prior to becoming news, but I also do not expect Prana to be delisted in 2016. Kempler would have to do everything wrong to cause that, though I think he is capable, I still do not expect it.
Good presentation by Tanzi, I thought he dropped more useful info about PBT2 and Prana this year than last.
This is selling ahead of the delisting notice, which should arrive as a Form 25 tomorrow. They will have 6 months to trade above $1 for 10 consecutive days in order to prevent the delisting