Scientists in the Candy Store
PARS is emerging from a the 'Scientists in the Candy Store' phase of their organizational development. This phase was marked by trying to taste too many different kinds of scientific opportunities, without having adequate controls and discipline. Additionally, a pharmaceutical development company has little control over the tortuous timeline to get a new drug to market and they universially underestimate the cost/time/effort/difficulty to accomplish this, and are also too optimistic about Murphy's Law, as the additional Phase III Lotemax study for Uveitis illustrated [note this was totally beyond PARS control, but still part of reality].
That said, and with a severly depleted resouce base, they have made a disciplined [although extremely painful] recovery. They are focused, disciplined, and have added strength in the financial controls arena. They mae several painful decisions and now need to execute the plan as laid out by Dr. Aviv.
I've been in PARS since 96, and have added to my position on at least 11 ocassions. I remain convinced they have an outstanding business model which will bear fruit for those patient enough to endure. Their pipeline is well balanced, and really quite amazing for a company of this size. As previously stated PARS is my #1 postiion in my portfolio, and while I have at times been impatient with the speed of events, PARS is primed to be a very successful [although undervalued] company. |
