I agree. Not a negative but the hypothesis needs further testing, so no cause for celebration, either. The road may be shortened if the FDA allows OGXI to modify the ENSPIRIT and/or AFFINITY trials (to validate the Synergy hypothesis) which Scott Cormack has stated they are trying to do.
If "Boxie" is Boxcar, it's odd that you'd even associate me with him as he attacked me here many times for having the audacity to be critical of Cormack and OGXI. Boxcar even attacked me for relaying - just for relaying - Dirk Hausseker's prediction that Synergy would fail (talk about shooting the messenger!) Of course, when Synergy did fail, there was no mea culpa by Boxcar.
Darkout, you can call me a basher, you can call me a bagholder, but please don't call me Boxie! I can call you Darkout, right?
I'm wondering if Michelle Burris (CEO Scott Cormack's significant other and OGXI's former CFO) is still on the payroll. When the Cormack-Burris office romance was made public in February 2013, Burris voluntarily resigned as CFO but was given the well-paid position of "financial consultant" instead. No red flags were raised at the time because Cormack elected not to appoint a replacement CFO, so I assume most investors believed Burris would simply continue her CFO duties under the new title at no extra cost to the company. However, since that time:
- OGXI has hired a replacement CFO
- Synergy failed (insiders nevertheless accepted bonuses for the milestone)
- Teva dumped OGXI
- Shareholders were massively diluted
- The company was forced to relocate because it could no longer afford its HQ
- Cash is running low (thanks to Cormack's decision to raise capital at $4/share instead of at $10/share which is where OGXI was trading before Synergy failed.)
Now that OGXI has hired Burris's replacement, and given the company's poor cash position, has Burris been let go or is Cormack still allowing his lover to remain on the payroll?
As some old timers here may recall, Dirk gave SYNERGY a thumbs down prior to readout. I got numerous thumbs down here for relaying Dirk's negative tweet, but Dirk ended up being right. Since I never was a custirsen believer, I actually bought more OGXI shares on the basis of apatorsen's potential - which is why I'm not happy about Dirk's latest tweet about OGXI,. Does anyone know what "recent data" Dirk is referring to?
Dirk Haussecker @RNAiAnalyst 3h3 hours ago
@WilliamGerber1 @redacre beware $ogxi, recent $ISIS data support that very hard to get knockdown in tumor cells (unlike microenvironment).
IMO, today was not good news. It appears that the trial failed (overall HR too high). As with SYNERGY, they drilled down into the data to look for benefits among subgroups, and they found what they were looking for. The benefit they found may or may not be real. However, I'm not sure how they'll know for sure without another lengthy and expensive trial. Who's going to pay for it?
I'd like to see more data - specifically, PFS and OS data expressed in months: How much longer did the treatment arm and subgroup survive? If the benefit of Apatorsen was short-lived, who would want to invest in a Phase 3 trial?
Fortunately, there are many more Phase 2 Apatorsen (and a few more Custirsen) trials that can still move the ball downfield in the event of good news. But as for today, I'm not sure why Needham felt this was a reason to encourage investors to buy. I'm already long OGXI, but won't be buying more or selling until management gives us a more complete picture of how the Borealis-1 patients fared.
Only shares Cormack sold were for withholding taxes on stock options. But Cormack is a liar - just like you. I gave up trying to post my transcript of the conference call since Yahoo censors won't let it in for some reason. However, anyone who listened to the cc was promised an "exciting presentation" at ESMO with details about how sicker patients " did, in fact, live longer on custirsen as we talked about in the prepared statement." As the PPS shows, the ESMO abstract did not corroborate Cormack's representations. Played again..
For those who don't frequent the ISIS board, you and your many aliases are Darkster, and, no, you never posted any messages about selling OGXI at $22. Not sure who's the bigger liar: you or Cormack.
I posted Cormack's statements in another thread, but, for some reason, Yahoo didn't let them stick. Trying again:
Cormack's prepared statement on conference call:
Final data from the Phase 3 SYNERGY trial will be presented next month at the ESMO conference. Over the past several months, we have been working closely with investigators to thoroughly understand these results, Our subsequent exploratory analysis suggests that patients in the SYNERGY trial who had the worst poor-prognostic factors and received custirsen treatment appeared to have lived longer. This supports our belief in evaluating custirsen in patients who typically have a poor prognosis and are exposed to more treatments prior to treatment with custirsen such as patients in the second-line chemotherapy CRPC AFFINITY trial.
Chad Messer: "Alright, great, thanks, [I'll] look forward to seeing that data."
Cormack: "Yeah, it'll be an exciting presentation, and we'd love to do some follow up, obviously, after that data that is available [is] in the public domain, and be able to speak to it."
I'm scratching my head as I try to reconcile what management publicly stated on the 8/7/2014 conference call with the anti-climactic ESMO abstract, Is more information forthcoming? Following is my transcription of the SYNERGY-relevant portions of the conference call. Can anyone corroborate Cormack's statements?