News from Insite:
I talked with Sandi the controller today and would like to update you all on what's happening. Here's the gist of our conversation. Please note that these are my interpretations so I may imply things she didn't intend. I do my best to keep my enthusiasm in check. :-)
Here's the scoop.
1. There are things in the pipeline that are VERY interesting and maybe we will find out more at the annual meeting. This is near-term pipeline as I understand it. Great to hear this isn't just a one-trick pony.
2. There will be an additional Phase II trial of 205 to a generic glaucoma patient group that will be bigger than the existing phase II trial was. Should go about 6 months. Instead of only testing steroid induced glaucoma, it tests patients with all types of glaucoma. Tests an "expanded indication". A big deal. So I don't know when Phase III trials will begin, but things are looking good. If they can treat all glaucoma patients with 205 we're in heaven.
3. ARVO meeting went great with 33 papers on TIGR presented. Lots of talking to influential doctors, businesses, etc. which helped the discussion on where they are headed. Last years meeting focused on glaucoma, hence the press release. No press release this time, though terrific meeting.
4. Insider Buying: Kumar wasn't a buyer because they are being very conservative regarding the SEC. Since he has information that could be considered inside info, he was precluded from buying by corporate counsel. Window was open to buy but only directors required to report. They are erring on the safe side.
5. Research Report: Probably out just after the meeting. I said will it be positive? Said from the conversation, it was clear that the analyst concurred that the stock was undervalued, but will not know for sure until the report is out. This info has already been reported on the ragingbull thread so i thought I'd ask her about it. Can't actually see someone going to take the trouble to start this company with a "sell".
6. 205 Milestone payment in '99. It is based on certain efforts "that we're doing now". Sounded like it would come sooner than later. August? Me guessing. Payment in cash and they issue shares. Formula is predetermined but common stock price a factor. maybe they get it for 10% less than stock price. Hopefully it is 30% more.
7. Selling. There are only (!) 320 preferred shares remaining (each share worth 1000 common). 200 have filed to convert which means, given the volume, (this is me talking here) they probably sold. The conversion to common stock can mean 1) they convert and hold or 2) they sold common and file to convert. Guess what they probably did? Although it killed the stock rise, I'd rather see those preferred shares gone before the 900 deal. These are folks that have owned it for YEARS (p.s. to make you feel better, this company went public at $11.00)
I suspect that between the annual meeting and the research report we'll see an upward move that may be sustained and substantial. Hope the institutional guys move in soon! Happy to be here first.
By the way it looked like an institutional buyer showed interest in purchasing 100K shares on Friday. At least that is what it looked like from this site I found on Money.com:
partners.thomsoninvest.net
That's all folks. Questions welcome. Be interested in input from you folks here at SI.
Awashonks |
