Hope you all don't mind, but didn't feel like retyping this to make it specific to the SI Cytogen thread (just my two cents on the recent state of affairs):
Whew! Dan -whatever did you do to become the "black sheep" of the Yahoo! Cytogen board??? Been away for awhile and just now have caught up with the most current posting. Incidentally Rod, we'll soon be almost neighbors. Bought a little piece of land on the Maine coast and am almost finished building my little cottage-by-the-sea. So now instead of watching the sun set over the Olympics, I get to watch it rise over a bunch of beautiful little islands in the Atlantic. Henceforth you can call me "Maineac Investor." Why the move? Couldn't handle it when Proteomics labelled me "clueless in Seattle" Decided the only way I could get over that shame would be to move to a place as far removed from Seattle as possible, hence Maine. Actually I think, distance wise, Key West is farther (we're talking contiguous 48 here, sorry Dan), but what the hey? Now She/he/it can refer to me as "meaningless in Maine." What do you think? Has a certain ring to it... :) As for those touchy few who have recently populated this board and find it a major violation of societal mores to post off-topic messages -- you know where the "next" key is, don't you?
Anyway, after reading all the posts, I've come to the following conclusion. We all seem to completely overlook the fact that Cytogen is THIRTY SEVEN cents away from being officially labelled a "penny stock" and delisted from the NASDAQ exchange.
In reality this company has, is, and will be perceived by the street as a penny stock for quite some time. There has been some recent talk here of the need for news, of the need for analyst reviews, institutional ownership, etc... There has been continued talk about the current management, some discussion about how to properly value the company (I believe as a developmental entity), and of course lots of discussion related to financing (Incidentally miketyson, et al -- pulleeze stop showing your ignorance by being ignorant of the very facts you accuse others of being ignorant of. And enough vitriol about Dan S. Even if he was wrong, which he isn't, he wouldn't deserve the treatment. He has, over time, contributed quite a bit to our understanding of Cytogen (is such a thing possible???). Besides, I have found that folks who live in Alaska are, for the most part, pretty decent individuals. Trust me on this...) There also appears to be a movement afoot to elect "one of our own" as a board member. Oh yes, and that bit of "cloak and dagger" work by one C. Greco, hmmmm...Did I overlook anything? Probably...
First, to those who continue to cling to the notion that current management should be given a chance, that they are not to blame for what's wrong, and that given the proper support, they will improve the situation. Please, please, please. Open your eyes, and review the history. Current management (I include Mr. Bagalay, et al, as well as the BOD collectively in my definition of management because that is in fact who runs the show) are the same people who have been directing Cytogen's fate for many, many years. They are the folks who spent untold millions of shareholder's money developing products that no one seems to need or want. They are the ones who arrange financing deals that cause the near collapse of the company, and yes folks, they are the very same ones who hold their shareholder's in complete contempt. How many times were we promised to be kept informed, and how many times has that happened??? What to do about it? Beats the hell out of me. They control the company, and the bulk of the shares. Those who want to elect an outsider to the BOD - I admire your efforts, but have serious doubts that what you propose is doable, again for the same reasons. "Them" or their proxies control too many of the shares. But do carry on. Who knows, maybe this will be one of those rare instances where justice just may prevail.
To those who hold out hope for analyst coverage or new institutional ownership. Dream on folks. What analyst in his/her right mind would write about a company whose share price is currently a lofty ONE DOLLAR AND THIRTY SEVEN CENTS? Think about it! Most institutions will not touch a stock under $10 unless there are extenuating circumstances, and I have yet to discern that there are in the case of Cytogen. Ain't gonna happen people. We're talking reality here...
To those who argue that Cytogen is not being valued correctly vis a vis its perception by the street as a company with products as opposed to being a developmental biotech. Uh, uh. Not anymore... And this, in my mind, is one of the major problems Cytogen faces. The company is no longer percieved by the street as a developmental biotech, because it isn't. In fact, in the land of biotech, it is actually a grandaddy, having been around for quite a long time. Cytogen's problem is that it has sucessfully developed three drugs and has got "squat" to show for it for whatever reason, and remember folks, the street doesn't care about reasons (read: excuses) it cares about results, and unfortunately the only successful results Cytogen seems to have is the ability to shepheard drugs through the FDA approval process. All the other "stuff" which is "really" Cytogen's future, GDL, proteomics, etc, etc, just isn't going to make it, and speculating on it is meaningless at this point. Again, let me emphasize, Cytogen's perception by the steet is that of a company that spends gazillions of dollars developing stuff that no one wants or needs. And please, take note, I said perceptiom (not reality - this for the benefit of those who plead Cytogen's case by bringing up the suffering of the individuals who can be helped by drugs such as Quadramet. Sorry, call me callous, but the reality once again is if the street doesn't care, then no amount of suffering is going to have any kind of impact). So what to do? Again, beats the hell out of me... If the stuff they have really works, is indeed needed, then folks need to be made aware of same. How do you do this? Its called marketing. Does Cytogen understand this? Obviously not. Its a company run by doctors and academics. That is not an operative word in their vernacular. So what to do? Vicious circles anybody...
And then there was the financing. Dan, I think you've done it. You're coining of the term "vultures" has become an official stock market term. I looked it up in the most current stock market dictionary and there it was -- Vultures: Those who prey on desperate companies the likes of Cytogen Corporation. :) Those who don't think the most recent financing deal has not, is not, won't be having an adverse impact on the price of Cytogen stock -- I've got a wonderful new neighbor in Maine who's got stories that you all will definitely believe!
So... in my simplistic view of the universe, it is my humble opinion that there are only one of two things that will significantly raise the value of Cytogen stock: 1. Its current product line begins to show revenue generating growth. 2. Another entity either financially partners, or buys Cytogen or its components. Anybody want to make a stab at discussing which if any, of the above two options will happen? Not me...
P.S. For the benefit of those who say we oldtimers bitch and moan too much, and if we really don't like the way things are going, then we should sell -- For the record, as stated previously, I am, unfortuantely, long on Cytogen. And yes, very dissatisfied, but I won't sell, because at this point in time, it just doesn't make sense to do so. I will wait 'till December at which time I will have a helluva tax write off for many years to come, or a miracle will have occurred, and I will have the wherewithal to purchase one of those beautiful wooden sloops I've seen cruising the waters off my new-found home.
I wish you all a pleasant evening!
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