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TOPIC: Hedrick, allround handyman?

Hedrick, allround handyman? 09 Aug 2019 15:37 #13120

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On August 9, 2019,  Alan Lins notified Plus Therapeutics, Inc. (the “Company”) of his intention to resign  from his position as Vice President of Finance and Controller . His resignation as Vice President of Finance and Controller will be effective immediately.    Mr. Lins’ departure as Vice President of Finance and Controller is not due to a dispute or disagreement with the Company or the Company’s auditors.
 
On August 9, 2019, the board of directors of the Company appointed Marc H. Hedrick, M.D., the Company’s President and Chief Executive Officer, to serve as the Company’s principal executive, financial and accounting officer effective immediately.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Hedrick, allround handyman? 09 Aug 2019 22:39 #13121

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Interesting the recent departures have been from the financial side.

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Hedrick, allround handyman? 10 Aug 2019 06:26 #13122

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Maybe it has something to do with the accounting treatment of the approx. 10 Mio of Goodwill and Intangibles. In my mind- in view of the departure from the CCT business AND the total collapse of the market cap, there should not be any doubt that these balance sheet items should be fully written- off resulting in a non-cash charge to income which exceeds the market cap by many multiples.

Anyway- we should know fairly soon- I guess they have to report on Q2 before the end of August. :grin:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Hedrick, allround handyman? 11 Aug 2019 09:48 #13123

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The guy hasn’t been around that long and he already sees the handwriting on the wall. Hedrick is now taking on financial duties along with managing? This is becoming more of a side show that appears like bilking scheme for Hedrick to milk his outrageous salary for as long as he can.

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Hedrick, allround handyman? 13 Aug 2019 10:02 #13127

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I think there are not too many "qualified" people left in the company and maybe with the current cash position, the company does not need to raise extra cash right away - otherwise, PSTV would sink to $ 1 - 2 /per share level (just like CUR).

On the company new website, there is a photo of the San Antonio employees - they all look temps.

ATNX has two oral taxo's ready to file NDAs - people are not excited with this type of cytotoxic agents. I think finding a partner for liposomal taxo would be very, very difficult. People are not interested in me-too cytotoxics.

So, how much does the whole company worth now (if the $ 10 million debt is excluded)? My guess is $ 1 -2 million (about the same as what was paid). If so, the PPS, may go down to as low as $ 1 - 2, with 1 -2 million shares outstanding. My guess.

I think the only hope now is to sell the entire PSTV to a small unlisted overseas pharma. To enabling a US listing and the AZA assets, maybe Hedrick can get a deal, if the price is right.

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Hedrick, allround handyman? 13 Aug 2019 14:07 #13128

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Right now, imho, the question is can Hedrick get the quarterly report out in time ?

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Hedrick, allround handyman? 13 Aug 2019 14:13 #13129

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franshei wrote: I think there are not too many "qualified" people left in the company and maybe with the current cash position, the company does not need to raise extra cash right away - otherwise, PSTV would sink to $ 1 - 2 /per share level (just like CUR).

On the company new website, there is a photo of the San Antonio employees - they all look temps.

ATNX has two oral taxo's ready to file NDAs - people are not excited with this type of cytotoxic agents. I think finding a partner for liposomal taxo would be very, very difficult. People are not interested in me-too cytotoxics.

So, how much does the whole company worth now (if the $ 10 million debt is excluded)? My guess is $ 1 -2 million (about the same as what was paid). If so, the PPS, may go down to as low as $ 1 - 2, with 1 -2 million shares outstanding. My guess.

I think the only hope now is to sell the entire PSTV to a small unlisted overseas pharma. To enabling a US listing and the AZA assets, maybe Hedrick can get a deal, if the price is right.


Welcome back franshei, your logic and insight is appreciated even if it’s pessimistic.

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