Ann: PAR Appoints Business Development Consultant, page-101

I think there’ll be a sell-off Monday. Regardless of what role Scott is here to perform, i.e the finding of partners, the deal negotiation, or the administrative execution of the deal….it is all tacit admission that we have been lacking that ability in-house all this time…which I find to be shocking. Worst case scenario is that this is tacit admission that we’ve found no-one interested in a deal so far. I think this is how it will be viewed, which is why I think there will be a sell-off.

Good luck to Scott. Hope he can do what PR has utterly failed to do. Failed to do for any indication. Failed to do for any territory. Failed to do despite outsourcing to accomplished consulting firms already. Is it still worth adding that he still wants a massive bonus if any of these consultants find a deal? You couldn’t make it up. The man has lost all credibility. He should be removed from his positions, and PAR should undergo urgent restructuring preserving only those employees and business units required to get Zilosul through OA trials in the most efficient way possible. MPS may still have value, but enough cost has been sunk into it now. Either a partner funds the remaining trials, or it should be shelved.

Costs need to be decimated now. Quarterly spend needs to be pared back to the basics of executing trials. The good times should be well and truly over for Paul, Amos, and the likes. Cuts across the board are required to extend the runway into Phase III OA as far as possible. If any institution would provide credit at this point (doubtful) I also think that partially debt- funding Phase III OA should be considered rather than further CRs at this point. I still believe that if it could be brought to market it would sell and I think that debt on the balance sheet is preferable to giving up so much of the company just to see out trials.

Someone (maybe Denial again) mentioned that Scott could widen the search parameters for a partner beyond Pharma. I think that’s interesting, and perhaps financial/equity partnerships are an avenue to stem the bleeding and bring about some much needed company restructuring.

I don’t see why Paul Rennie gets to continue to feed on this company (for that’s what he has been doing) despite abject performance in all his roles. Some people seem to see him as ubiquitous to this company and it’s asset. He is not. I’m sure Bene are as pragmatic as any company, and their deals are with Paradigm Biopharma not Paul Rennie. I think his time should be up.