COMMENT —— Conjecture only:
— Relistened to the conference call for the 3rd time -- trying to tease out the nuances.
— The history here: 1, 2
— It appears that bidding for Prometic's products did not reach hopes/expectations. Why?
— About suitor bids and evaluation: fiendishly complex, multi-stage. Many parties must be satisfied, at the negotiation level, and at upper levels (boards of governors, senior management, corporate strategists)
— Regardless, and despite confident promises, no partnerships resulted after 5 months. In my opinion the potential of Prometic's products is clear and should have attracted suitable bids.
— This, in combination with Prometic's failure to attain FDA approval for Ryplazim, was the final straw for Thomvest, with its massive investment in Prometic.
— Laurin was replaced by Simon Best:
"Prof. Best has been the Chairman of the Prometic Board of Directors since May 2014 and has over 30 years of global life sciences expertise with a focus on business development, strategic planning and product commercialization. He has served as CEO of several biotech companies and as both Vice-Chair of the US Biotechnology Industry Organisation (BIO) and Chair of the UK BioIndustry Association (BIA)." ________________________________________________
While composing this comment, the following appeared on Stockhouse:
"Bye bye Pierre
The scuttlebutt has it that there were multiple parties interested in pbi4050 partnerships for IPF, NASH, and there was even interest in CKD. More than one Term-Sheet was on the table but PL refused to sign them wanting larger upfront cash payments and larger royalties on future sales.
In the end, PL wanted more of everything than any company was willing to offer. When PL failed to get a partnership deal signed (coupled with the Ryplazim launch FDA setback) Thomvest had enough of PL and forced PL out as CEO as Thomvest felt it was more important to get the first partnership deal signed to move PLI forward as a company than it was for PL to hold out for larger sums of upfront cash and larger royalties payments on future sales.
Thanks to PL’s stubbornness to make a partnership deal the pipeline for IPF and NASH is setback by 6 to 8 months. Merry Christmas to you too Pierre.
I don’t think my 2020 target year has changed though as Alstrom looks to still be on track, and if/when approved in the U.K. under their Early Access Program this stock should skyrocket on their validation of pbi4050 as treatment of heart, lung, liver, and kidney fibrosis, as Alstrom is the worst of the worst for these fibrosis indications." The Stockhouse post is consistent with information posted, above.
Jim
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