This is a very comprehensive letter that lays it all out—the excerpt below says it all for me: wait and see what the future holds, or bail out and move on! (I'm in the former camp)
"In the meantime, we have taken aggressive measures to conserve the company’s cash. Our most substantial cost has been the clinical trial itself, and we are moving to finalise its termination as quickly as possible. We are also making substantial reductions in our operating expenditure.
Some very successful companies have been built with lesser ingredients, and we remain highly optimistic that Percheron can yet become the business that each of us joined the Board to create, and that our shareholders have so resolutely supported in recent years.
Regrettable though the news has been, this is unfortunately a common occurrence in drug development. Analysis by the Biotechnology Innovation Organization (BIO) calculates the probability that a drug entering phase I human trials will become a marketed product at 7.9%.2 To put it another way, the task of developing impactful new medicines for a disease as complex as DMD is enormously challenging, and there is no success without commensurate risk. We are not the first company whose drug candidate has failed to meet hopes expectations and, like so many of our peers, it falls to us now to adapt and reorient our business so as to place it back on the path to success."
GLTAH
.
PER Price at posting:
1.1¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)