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Biotech / Medical : Immunomedics (IMMU) - moderated -- Ignore unavailable to you. Want to Upgrade?

To: stockdoc77 who wrote (38489)	1/6/2017 11:47:55 PM
From: drtom1234	4 Recommendations Recommended By Bioinvestor erippetoe ladyPI patlawche11 Read Replies (2) \| Respond to of 63291

You don't think companies interested in 132 haven't already had some "feeling out" talks with Venbio? I suspect it would take very little time to negotiate European and Asian rights to 132 with a board and CEO who actually know what they're doing, and are interested in making a deal that would be good for both companies, not "winning" a deal. Another possibility; if the company does get AA, I would imagine they could get a line of credit to help them get through any time it took to make a deal with BP. My point is, the situation is not as dire as your post tried to make it. Venbio is clearly the better management option here, regardless of the circumstance.

To: stockdoc77 who wrote (38489)	1/7/2017 10:34:48 AM
From: weatherproof	5 Recommendations Recommended By allatwwk dorightbythem drtom1234 erippetoe ladyPI Read Replies (7) \| Respond to of 63291

I went into the CC with venBio with one goal in mind. It wasn't to review all that is wrong with the status quo. We already know that. In fact, some of the grievances that venBio lists may have been garnered from this very board. I wanted to understand why a NY hedge fund suddenly took such an interest in our little diamond in the rough. I know of their past affiliations with companies who were staged to sell to big pharma and wondered if that's what would happen here. While I did not expect them to offer me a business plan, I did want to be convinced that their motives and expectations of what a fair return is would be aligned with my own as a long-term shareholder. I also posed a question that spoke to IMMU's immediate need for cash and there was no elucidation on that subject. VenBio's refraining from comment until they "get a look under the hood" doesn't necessarily work for me. I'd be hard to convince that with a starting point in the lower $2's (and I note the recent rise in pps and absolutely attribute it to the mere consideration that venBio may be an answer to the current shareholder-unfriendly BOD and ineffectual management team), getting 4 or 5 times that, and succeeding yet again in putting together a sale to one of their affiliates (look at the investment in venBIo funds coming from the likes of Amgen, for instance) wouldn't be a huge feather in the cap of venBIo. One question for us long-termers goes to whether or not $8 or $10 would represent a fair return, NOT simply in terms of the ten or twenty years that we've been in this issue, but in terms of what a successful IMMU-132 should attract in value on the open market. I don't know that things will play out in such a way that results in a relatively quick sale of IMMU. That said, consummating a partnership for IMMU-132 didn't seem to be anything close to a foregone conclusion for venBio, and out-licensing IMMU's number one pipeline asset wouldn't be consistent with endeavoring to sell IMMU outright. What I am saying is that we retail investors have become activist investors in our own right. We have to remain involved and diligent in making our voices heard, even as our audience potentially becomes venBio's new slate. Our work isn't done at that point. My fear is that our voices will become less significant relative to the alliance most likely in place already amongst big pharma, institutional investors, and venBio. Once venBio gains control, we've outlived our usefulness for them. I don't delude myself in believing venBio gives a flying crap about my interests. I can only hope that what serves their interests aligns with mine. Therein lies the crux of the issue at hand. Do we continue putting our faith in the current BOD and management team at IMMU when decades of history show us that they have little regard for shareholders, and little ability to execute on a business plan? Or, do we take a leap of faith on and unknown entity/NY hedge fund that proposes a new slate for the BOD who individually and collectively have impressive resumes? It dismays me greatly that we find ourselves at this crossroads, but it is the characterization of the former that compels me to vote for venBIo and hope for the best.

To: stockdoc77 who wrote (38489)	1/7/2017 3:01:08 PM
From: duwhee	Respond to of 63291

Not picking on anyone personally, just using ideas as a springboard for discussion. "How would they go about negotiating that and how long would that take?" The question asked is a good one, but buried within is part of the problem: If I was to believe DrG, I might have thought negotiations for Emab, Vmab were in place with multiple interested parties from the day(s) IMMU got Vmab and Emab back. Of course maybe those opportunities were squandered even with Dhingra onboard, but selling rights to something for anything is better than nothing. Lets say IMMU had sold rights to Vmab for 2.5M up front (with a good back end to the deal) back when Takeda defaulted. Who knows where it would be today, except we would know one place it would not be; which is on the shelf. "I do in fact think that Vmab and Emab cannot be sold for much, they may some day have value, but in the present circumstance I don't see any prospect of a bidding war" I agree. All the more reason to settle for what you can get upfront, and get a good deal on the back end if and when something pans out. Again, if they'd have partnered years ago we'd be further a long, and we wouldn't be looking at a shelf filled with stranded assets. Idaho and others have been describing their view regarding running IMMU as a business, which in simple terms would keep its promises, and move its assets out of the pipeline by selling or partnering. The word pipeline is used for a reason, and it connotes flow. IMMU runs its pipeline like a sewer line that is all clogged up and has no outlet anyway. A well run company runs its pipe like a water distribution line, water goes in the line at a cost of $10 and out of the tap at $30. A very hot and well run company runs its pipe like a jet fuel distribution line