Congratulations Prima Biomed (ASX : PRR). You survived to fight another day. But please note that the Ridgeback deal was a close-call (55% : 45%) and the feedback that you should be taking on-board is that many of your shareholders have some major issues with your attitude and performance.
Let this day represent the beginning of a new level of respect to those who have entrusted you with their money, and the patients that will entrust you with their lives. No more quackery, no more inappropriate public statements, no more manipulative clinical “outcomes”. No more fireside chats or stupid Friday missives (please).
With $25m of new cash, you need to also start thinking about your clinical plan for IMP-321 in a realistic way. Notwithstanding that the bioprocess development to prepare for Phase III will cost at least $15-20m (and is time-sensitive), your 200-patient breast cancer study and your “TBD” combo-therapy is going to stretch your very limited financial resources to the max.
Better make sure you don’t have to raise more money to complete your Phase II or the gravy-train truly will screech to a halt.
Awesome Photo Credit: Ryan McGuire. http://www.gratisography.com/.