Thanks Vip. Form 144's filed 6/27 (20k shares) and 7/4 (25k). Found them today after finally getting some time to put my Procyte hat back on. Glad to see there is a board here to discuss this company.
For what it's worth, I thought I'd share some observations from the annual meeting back in May:
1) After a decent slide presentation by Clifford, they commenced w/Q&A. First question out of the gate (from one of many, let's call them "displeased" shareholders: "Why are you selling shares Joe?" His answer, and I paraphrase here as I did not take it down verbatim: "I don't have to reveal that. They are my shares and I can do what I want with them. (pause, stepped away from podium, stepped back) But if you really want to know, I bought a fabulous George Segal sculpture with the proceeds." Mine was not the only jaw to hit the floor.
Clifford then stepped forward and said he was "buying shares". (I have heard he bought 20k in April but have not confirmed). After about 5 more questions, Ashley stepped forward and aggressively ended the meeting, suggesting they break into groups for one on one questions. It was so strange. Most people (I'd say there were about 125 there) left. I stayed to talk with Mr. Clifford.
2) The company has 17 patents and has commenced to date 20 clinical studies.
3) Jack Clifford is the life blood of this company IMO. He spoke with true confidence and seemed passionate about the challenges facing Procyte. He seemed very well respected by the management team.
4) He called the company previously "de-focused", and emphasized a strategy of focusing on 2 to 3 products only. The two he clearly is emphasizing are graftcyte and osmocyte. His focus for the company are in his words "niche" markets.
5) The IB and tricomin products are slated to be partnered out. They cannot afford Phase III trials on them, although they show immense promise.
6) They are continuing to add contracts for their manufacturing plant.
7) Just FYI, they handed out a newsletter called "The Patient Investor" that is bullish on the company. I didn't know there was any ind. research being done and it was heartening to know somebody else followed this thing.
A few personal comments on Ashley: the reckless behavior toward the company both at the meeting and in his sales of shares is IMO shameful. I don't know how any reasonable person could read this other than an attempt to sabotage the company.
They offered to place the shares privately. I have attempted to get a handle on his motivation through their IR but clearly, what can they say?
Per IR, the senior mgmt. team will be on the east coast next week presenting to brokers. A reverse split is not being "entertained" by the board "at this time". I personally expect it, and I hope they do it. I have gone through it before and although short term it tends to weaken a stock, long term it gets brokers back able to sell it retail.
Sorry for the length, hope it wasn't too redundant from others on the board.
All the best to fellow PRCY shareholders,
Coha |
