| | | I have to agree with Galt, and while that doesn't mean I fundamentally disagree with all that the Twins are proffering, this company is not well-run. No, it's not the David & Cindy $hit show, but look at the numerous gaffes and self-inflicted wounds (the CRL, and then the RTF, and the financing at $3 when the stock was trading @ $4.50 (and nobody has ever been able to articulate a cogent rationale for that transaction)).
Why hire Adcock to be the CEO a company that is at a critical phase of its development? The guy is clearly third-rate, and would not even be at a lower tier position in the executive suite at a "real" pharma company. Why no earnings calls with analysts?
It's as if PSS is doing everything he can to thumb his nose at the institutional investment community - but then as Galt points out, kicks us in the head via dilution instead of finding a way to lessen its frequency and impact. And he should shut up on the tweets; all of the self-aggrandizing breast beating there just makes him look as if he lacks gravitas.
I'm hoping that he's doing more than playing footsie with the Saudis (a/k/a "establishing collaborations"). For some time now, the House of Saud has sought to find ways to diversify the kingdom's wealth away from being so dependent upon oil, and biopharma would be a salutary and worthwhile risk. PSS isn't making a lot of friends at the FDA, so he may just have to establish his beachhead there if he wants to build a global company. It has the money, and the current successor to the throne (Crown Prince Mohammed bin Salman) and his closest advisors are deathly afraid of Islamist fundamentalists gaining a foothold there; much of his effort to modernize the kingdom is geared toward a broader economic and commercial base being a bulwark to that. Being a biopharma mecca could be an element of that strategy. |
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