Mosaic ImmunoEngineering is a nanotechnology-based immunotherapy company developing therapeutics and vaccines to positively impact the lives of patients and their families.
Message: Scathing article on PPHM. Carl Johnson is the Chairman.
"Misleading" is used a lot in this article
"Little value in Peregrine pharmaceuticals"
"Management talked up being approached by over a dozen big pharma companies to partner with Peregrine. Even during the Q4 2012 earnings call on July 16, Peregrine hyped the potential for accelerated approval."
"The company's lack of a conference call to explain the problem leads us to believe that the errors are so substantial that the whole trial is likely invalidated and the results do not cast Bavituximab in a good light. Peregrine has done what it tends to best: disappoint shareholders."
"Additionally, we believe Peregrine's attempt to fault the third-party vendor this late should be viewed very skeptically for several reasons. In our opinion, if there did exist such problems, they should have been very transparent to anyone familiar with biotech development."
"The Phase II data was littered with red flags".
"Additionally, we noted the huge amount of censoring in the Bavituximab arms was another red flag. As The Street.com's Adam Feuerstein revealed today, the company wasn't entirely honest with investors"... and for the company to tout the median OS data without stating this was highly misleading
Peregrine's data flub should not be taken lightly by investors. This is just another misstep from a company with a long history of misleading investors. Just a few months ago, management suggested it would consider applying for accelerated approval. During the most recent conference call, this was not mentioned at all. With cash well under $18M, Peregrine seems destined to run out of cash by April 2013. Bankruptcy is a real possibility.
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