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  • Investigating Prospect Capital's Q2 Lending Activity [View article]
    To get the biggest bang for the buck for SHAREHOLDER's money, the company needs to aggressively repurchase the stock and these deeply discounted values and at the same time reduce debt (also trading at a discount in many cases) so as to maintain leverage ratios. I want the portfolio to SHRINK while these lucrative discounts exist because I only care about shareholders NOT management fees. Any cash coming in from repayments SHOULD NOT BE REINVESTED when the best opportunity is to repurchase shares for an IMMEDIATE 25-30% gain. Its like printing money and I hope management starts acting.
    Jul 15, 2015. 10:54 AM | 2 Likes Like |Link to Comment
  • Prospect Capital - Lies, Distortions And The Truth [View article]

    Buying back at a discount is such a valuable tool to enhance shareholder value you should not be leery of the strategy even if they sell shares again when the share price rises. It is virtually a no-risk trade that benefits shareholders. Share repurchases at these levels reduce portfolio risk by reducing credit risk and deleveraging the balance sheet while increasing BOTH NII and NAV. The ONLY reason they haven't done it is because it reduces management fees. If management only gained by owning shares and not from management fees, I GUARANTEE they'd be repurchasing shares and eventually the NAV discount would disappear.
    Jun 11, 2015. 01:30 PM | 3 Likes Like |Link to Comment
  • Prospect Capital - Lies, Distortions And The Truth [View article]
    "Thank you to PSEC Chief Financial Officer and Chief Compliance Officer Brian Oswald for his considerable time spent addressing my questions."

    Scott, did you get the opportunity to critically ask why management refuses to buyback shares at these discounts? I don't buy the leverage ratio argument because they can sell their least best assets and use the proceeds to repurchase shares AND reduce debt at the same time, thereby maintaining their ratios. I am a shareholder and this is the biggest problem I have with these guys. There is no better trade than repurchasing your entire portfolio for at a 30% discount. This is immediately accretive to both NII and NAV. This article I wrote a while back is even more relevant today: The problem is they don't want to see their fees go down and this is a violation of their fiduciary responsibilities.
    Jun 10, 2015. 03:47 PM | 6 Likes Like |Link to Comment
  • Prospect Capital: Why A 22% NAV Discount Won't Trigger A Buyback [View article]
    Just saw this article. Thank you. I would argue that the lack of interest by the company to repurchase shares is more about motivation. If Prospect were to act in the best interest of shareholders, it would buy back shares in the open market, by reducing the size of both AUM and debt thereby maintaining its debt ratios. There is no investment anywhere that provides the immediate 20% return that a buyback can. Sell assets and use the proceeds to retire debt and buy back shares in the open market is a very doable strategy.
    May 26, 2015. 01:45 PM | 2 Likes Like |Link to Comment
  • A Look At BrainStorm Cell Therapeutics' ALS Phase IIa Results [View article]
    I don't know the answer to your question on ALS R&D for all those companies other than Athersys who is not focused on ALS at all.
    May 18, 2015. 11:22 AM | Likes Like |Link to Comment
  • Prospect Capital misses by $0.02, misses on total investment income [View news story]
    Stop the BS, PSEC Management. A decline in NAV OF $.05 IS NOT STABLE, it is a decline of $.05. Take that $.05 out of your management fee and the NAV will be stable. Oh and buy back shares at these ridiculous deep discounts to enrich shareholder value! That is the no brainer you can execute to take advantage of a great opportunity and maybe even begin the process of regaining a just a modicum of credibility were none is present.
    May 6, 2015. 09:34 PM | 3 Likes Like |Link to Comment
  • Date And Time Is Set For Athersys Phase II Stroke Presentation [View article]

    Athersys showed very good results in <=36 hour treatment data after excluding patients who received BOTH tPA and mechanical reperfusion. The clinical trial I linked to above showed excellent efficacy for this dual therapy (tPA and mechanical reperfusion). To the extent that a large proportion of patient group had the dual treatment it would hurt/help the results in the following manner:

    1)More patients with dual treatment in placebo arm would hurt results significantly.
    2)More patients with dual treatment in BOTH arms may also hurt results by improving all patients.
    3)More patients with dual treatment in Multistem arm would HELP results significantly.

    We know that the tPA treated patients was slightly higher (48.4% vs. 43.3%) in the placebo group but we don't know anything about the distribution of those treated with BOTH tPA and mechanical perfusion. Bottom line is we need more data (as does Chugai) to understand if the overall results were messed up by the extraneous factor related to the dual treatment.
    Apr 19, 2015. 12:32 PM | 1 Like Like |Link to Comment
  • Date And Time Is Set For Athersys Phase II Stroke Presentation [View article]
    In trying to figure out what went wrong and if the 36 hour data is meaningful I came accross this study regarding the use of tPA and mechanical reperfusion:

    The study is notable because the trial was STOPPED EARLY due to EFFICACY.

    In the Athersys press release, they excluded this subset of patients from 36 hour results and referred to it as "confounding data" and it is clear to see why. Those patients would done better as a group with or without Multistem. If the population of patients in the trial had a significant proportion of patients who received both tPA and mechanical reperfusion (in a similar method to the patients in the trial I just linked to), it would definitely create problems the Athersys results. The efficacious nature of those in this group would "confound" the benefit provided by Multistem by showing efficacy among both the treated (with multistem) and untreated (without multistem) groups.

    We don't yet have these data related to the patient population (placebo vs treated) who received the dual therapy but I can see how it could screw up the results even if the split was relatively even between the groups. It is too early to draw any conclusions but understanding this issue could be a part of the reason the stock rebounded over 50% from the intraday lows. Chugai is certainly going to be examining this very closely.
    Apr 19, 2015. 11:05 AM | 2 Likes Like |Link to Comment
  • The Most Expensive Real Estate Market Ever: Digital Turbine Ignites Carriers' App Strategy [View article]
    Well done presentation and I do concur with it. I wrote on this company last and recently re-established a position, All we need now is to see the installation rollout to translate into a rapid ramp-up in revenues. Operating leverage in this operating model should be excellent.
    Apr 17, 2015. 03:32 PM | 1 Like Like |Link to Comment
  • Date And Time Is Set For Athersys Phase II Stroke Presentation [View article]
    The mistake Athersys seemingly made was to lengthen the treatment window. Here is a press release from two years ago to the day and the window was 24-36 hours:

    "The Phase 2 study is a double blind, placebo-controlled trial evaluating the safety and efficacy of MultiStem cells when administered to patients who have suffered a moderate to moderately severe stroke, as defined by a National Institutes of Health Stroke Scale (NIHSS) score of 8 to 20. Patients enrolled in the study receive a single intravenous dose of MultiStem therapy or placebo in the 24 to 36 hours following the stroke, which is a significant extension of the current treatment window over existing standard of care. The study is expected to enroll approximately 136 patients in total and is currently being conducted at multiple centers throughout the United States."

    In their haste to complete enrollment faster they added patients they did not, at first, intend on treating with MultiStem and hoped for the best. This now appears to be a major mistake based on the better results <36 hours. Maybe this that also explains why the early optimism did not follow through to the final results.
    Apr 17, 2015. 03:28 PM | 4 Likes Like |Link to Comment
  • Athersys: Where Is The Run Up Before The Binary Event? [View article]
    @Northwest, As I said in my response to your private message to me today, only Chugai's response will put an end to our debate about Japan. Although the the stroke results failed primary and secondary endpoints, it did show signs of efficacy and I suspect that Chugai will take this forward based upon the more lenient set of rules put in place for regenerative medicine that require demonstration of safety and signs of efficacy. It comes down to how those terms are interpreted by Chugai and I suspect they will be in discussions with the Japanese authorities that govern these new rules.
    Apr 17, 2015. 01:22 PM | 1 Like Like |Link to Comment
  • Athersys: Where Is The Run Up Before The Binary Event? [View article]
    The question right now is whether Chugai will see the 36 hour data as an opportunity in Japan to move forward. A 36 hours vs. 6 hours treatment window is a big deal. I expected better and this is very disappointing but Chugai and Japan still may move forward. There should be an SEC investigation on who traded on leaked data.
    Apr 17, 2015. 08:15 AM | 4 Likes Like |Link to Comment
  • Date And Time Is Set For Athersys Phase II Stroke Presentation [View article]
    For what its worth, from Maxim after the close today....

    "In addition, significant phase II data may open the door to rapid commercialization in Japan, where new regulations have created a fast-track
    pathway to the marketplace. Given the unmet medical need in stroke, this suggests that the potential for MultiStem to become a multibillion dollar
    blockbuster product exists. As a result, the valuation potential is analogous to the recent re-valuations we have seen in other biotechnology companies, such as Pharmasset (acquired for $11 billion) and Regeneron’s (REGN-$4457.42-NR) $42 billion dollar market capitalization today. Pharmasset developed an HCV drug, and Regeneron has developed a wet macular degeneration product with a strong
    pipeline. These biotech revaluations can and do occur, and we believe this is possible on a strong data set for Athersys in stroke followed by commercialization on PII data in Japan. We also recognize that investors are skeptical on stroke and cell therapy. Many companies have delivered good phase II data that was then not supported by larger pivotal trials. In those cases, however, the modality was almost always dependent on treating patients in the golden hours – post-ischemic insult. This is not the case with Athersys, and, as such, those stroke patients
    who do spontaneously recover in the post-24-hour periods, which tend to confound trial results, are excluded from this trial. We conclude that
    “good” PII data should drive a significant re-valuation of the company."
    Apr 16, 2015. 08:15 PM | 1 Like Like |Link to Comment
  • Date And Time Is Set For Athersys Phase II Stroke Presentation [View article]
    justindamarket. Thanks and good luck to you.
    Apr 16, 2015. 08:04 PM | Likes Like |Link to Comment
  • Athersys: Where Is The Run Up Before The Binary Event? [View article]
    @northwest, you are so wrong about Japan but I'm not going to take the time to respond at this time. One thing we can both agree on is that its all about Sunday's stroke results and, at this point, nothing else matters.
    Apr 16, 2015. 07:58 PM | 2 Likes Like |Link to Comment