I think they do not want to sell, and want to partner. I do not think it is about pay check or they can not get a fair price to sell, I suspect that someone like Roche would much prefer to buy versus partner..
I think it is about their reputations. I think they want control and to have developed a major drug. I think it has been that way since they dismissed Dr Langecker. That is why I think the vote was very needed, I believe it may have at least partially woke them up. But they still seem intent on digging, which is what got them in this hole to begin with. Last time I looked when you have dug a hole and you continue to dig, it is harder to get out.
It was an excellent presentation but at least from a scientific standpoint it was something almost every owner probably knows, the drugs have an excellent scientific basis. Trials(and science) have been indicative that it works well in large tumor patients. That was the NSCLC results and why they ran the ATC which is the extreme in tumor size. I mean if we did not believe the drug works why own the stock, obviously owners have little faith in management, as reflected in the vote.
The points that were more interesting were the subtler points. The interim analysis will be every 20 patients, which is what I thought, but people here kept saying the first would be after 40 patients. Second they believe they can recruit it very fast, getting to final data by mid next year. I'll add something they would not say, because it would be risky. If earlier interim analysis are anything like what happened in the pr-OC part of the earlier trial (they could be better with measurable tumors) they might need to stop it early for efficacy.
I hope this puts pressure on a possible partner or buyer to step up because I still want them to sell it now!
Most of shares today went off at 68c.at the end it dipped under
Yeah most of the shares went off slightly above .68 but as I said I was nibbling. I put in my order before open for 6K shares at .6800 figuring I probably would get them early and maybe buy more lower. I spent the day watching as a lot of buyers stepped in front of me at just slightly over my bid. Then I saw a 24K bid come in at .6800 and waited patiently to see what would happen. They didn't start to hit the .6800 bids until the last 10 minutes. As soon as they filled the .6800 bids it almost immediately went down to .63. I never managed to get another order in.
In ATRS I had an order in below the market but I figured it would not get hit since there were 2 bids above me for 100K shares. So I grabbed a couple of shares early. The volume on the close was huge, 10M but they still didn't hit my bid but I managed to grab a couple of shares, after the close, at below the close. ZIXI dropped early and I ended up filling 2 lots.
All in All I I've gotten back all the shares I sold in MATN and some of the shares I recently sold in the other 2 stocks, to have extra cash on hand. If Brexit causes a continued decline I still have ammo.
I agree that funding(partner or Sale) is the only thing that might get MATN above $1. I do wonder whether there is any chance they may have gotten a grant from GOG and what that might due to the price. Oh well I really don't expect much from the investors conference so anything positive will be a pleasant surprise.
I was nibbling on 3 stocks, including MATN, today. 2 were getting knocked out of a Russell Index (MATN and ATRS), the third was ZIXI which was down compared to the index so was having its weight reduced. Added back some MATN at .68
Actually those offerings combined with a plan to run a Phase III, are why they are in the position they are now. No ability to raise almost any cash, the owners voting against them, and barely enough resources to get to an interim analysis if everything goes right. Actions have consequences. When you flood the market, undercut every investor and you do not obtain enough funding to come close to running a Phase III which is your plan you basically make your company a joke in the market. Even if you have assets which have a lot of value, unless you are willing to sell those assets.
As to number of shares, try multiplying how many shares are out by 240 and dividing the price by 240 and adjust for splits. A reverse split is just an accounting gimmick, a cosmetic fix!
Pharma you are clueless.
Even Jeff Nelson agreed that this trial should have been planned and started a long time ago. So get a clue. They should have been planning for a trial based on the fact that the SOC might change. It would have been simply to have planned on a Phase II moving into a Phase III against either SOC. They wanted to run the other trial even thought it was a stupid idea.
As to whining about them raising money. They flooded the market with shares. Why do you think the price is down here, if is as you claim (and I agree) the drugs have good science and great potential. They used death spiral type funding in 2014 and 2015 with no understanding of supply demand curves, the law of supply and demand and Investor psychology.
As I said to the BOD, while Dr Schwieterman in my opinion has said and planned all the right things, it is like locking thee door after the horse is out. They need to put the company up for sale to the highest bidder.
I picked up a couple of shares yesterday at $.75, I had been hoding back but the OS allowed me to justify picking up a couple at that level, still looking to pick up a little more but I do not need to buy, so I can afford to be very patient.
Because a PIII will take years to get any data at all and they can not even fund a PII. When they planned the PIII it was a horrendous decision. It showed they were not thinking of Timeline, Funding, or creating owner value. They should have planned this trial initially and started it a long time ago.
I have a pretty good size position. I originally bought in 2011 but only had a small-moderate position. I had sold all but a 1000 shares by late 2012 and had a very good profit. I started buying back a little of what I sold too early as it came down. In any case at this point I need above about $1.20 to make money overall. I sold about 15% of my holdings on the rallies and if they take it down into the Russell 2K at the end of the week will likely buy back what I sold and more.
They should become cash flow positive as several of their products(via Teva) hit the market or gain a little more share. I believe that will send it up significantly but obviously not everyone thinks so, otherwise it would not be down near $1.
"At the investor event on June 27, new analyses will be presented from a more recent (November 2015) and more mature dataset from the GOG-0186I Study in patients with recurrent ovarian cancer, including analyses to further define the patient population most likely to benefit from treatment with CA4P. Given the preclinical data and the mechanism of action of CA4P, Mateon believes that CA4P is likely to have the greatest effect in larger tumors, and therefore performed additional analyses on data from patients with “measurable disease” and on those with larger tumor volumes.
Results of these analyses are listed below. "
Right, not a lot of liquidity, when almost no one can sell the shares they own. You almost have to buy today to be able to sell. Even shorting would be severely limited since I doubt there are any shares to borrow. I suspect only the market makers can sell.
I did not even believe the press release when you posted about it, so what do I know. Some crazy musings.
1. It is a foolish attempt to change the image. Given the owners vote, it certainly will not change their opinion so it will do nothing.
2. There is some fundamental reason. Say a merger with a company that wants to be listed, has cash and is willing to merge into the company but feels the name is a drawback.
3. They have some scheme that is based on the fact that it may be illiquid after a ticker change.
4. Something I have not thought of at this point.
Strange I found it through Google but now Google no longer shows it and the only way I can get there is through my history. I guess it may not be intended for the public and I should avoid it.
I guess it depends on your broker. I am a long only Investor but I did find a tool for interactivebrokers (not my broker) that shows they have 1.1 Million shares available to short. Last time I checked it was 1.2M shares so someone may have borrowed some.
I don't know, an increase of less than 400K on a 18Million share day when the price basically doubled from the open to the high does not seem like a big increase to me. Heck even I sold about 4% of my holdings. I have bought back about half of what I sold and I am watching to see if they try and sell it down. I probably will end up buying back more than I sold.
Unfortunately kicking the can down the road is a favorite tactic in business. A very stupid one but a favorite tactic. IMO it is still to early to tell whether they have taken the owner's vote seriously. Even if they had a contingency plan for the vote, it may take some (weeks not months) time to execute.