Bad Directors

Cytodyn CONference Call Preview (CYDY)

On Wednesday, the 6th of January, everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY) will be holding the latest in a long series of amusing presentations which we lovingly refer to as “CONference Calls.” This one must be particularly important as the company issued not one, but two press releases about it.

Here is the agenda from the first press release, on the left, and the second, on the right:

Notice the difference? Some important language was added in the second press release. Was it really intended as a reminder to investors or was it a CYA warning to investors?

Lets examine just a few of these agenda items:

There is one particular country that is suspiciously absent from the list in item 1, and by extension item 5, the Philippines. Odd considering how much The NaDDir* and the touts all over the internet have been hyping it. Want to know why an EUA in the Philippines was simply never in the cards for Cytodyn, contrary to all of the misleading hype? Read all about it here.

How about item 3? The potential revenue for Cytodyn from loserlimab, should it ever be approved? Contrary to The NaDDir’s* claims of billions in revenue, the real revenue opportunity for the company is far more modest. Why? Because even loserlimab’s biggest boosters recognize that everything they claim it can do another drug, Selzentry, can already do (and likely do far better for pharmacological reasons). Selzentry is approved and has been on the market for so long there is already a generic version known as maraviroc.

And for all of that supposed CCR5 blocking magic, maraviroc sells a bit over $20mm a quarter in the USA. That’s it. Not 000s of millions, and certainly not billions.

The proper pricing comparison for loserlimab is not remdesivir, but maraviroc, which costs about $1600 per month (300mg pill. 2x a day) without insurance reimbursement.

A shorter course of treatment, say 300mg x2 per day for one or two weeks, for coronavirus, would be about $400-800.

Agenda item 6, is an update on the the “Long Hauler” study. Want an update? Here you go. The study is ALREADY behind schedule. It was supposed to start on December 21, 2020. That date was missed. Now it is scheduled to start on January 21, 2021. It was supposed to be a quick study, lasting only three months, now it is expected to run until late June, a full five months.

For the Cytodummies who don’t believe that, please look it up for yourselves on Clinicaltrials.gov, be sure to click on “History of Changes.”

What about agenda item 8, Breakthrough Therapy Designation for loserlimab? This has already been explored at length in a post the 6th of October. It should set the record straight about Cytodyn’s REAL timeline with regards to applying for Breakthrough Therapy Designation with the FDA. Read it here. Hint: They already have applied, and they have already been rejected.

And then there is agenda item 9, GvHD Trial Status. That trial has been going nowhere fast for five years, and continues to go nowhere. Read all about it here.

Finally, item 11, the much talked about NASDAQ listing. Want to know why a NASDAQ listing is a virtual impossibility, based on currently available audited financials, for Cytodyn? Read all about that here and here.

Tomorrow should certainly be fun.

PS A great read on the Cytodyn CD12 trial is this Twitter thread here.

* Spelled Thusly For A Double Dose of That Sweet Sweet Stock Pimping

THE CONTENT CONTAINED IN THIS BLOG REPRESENTS ONLY THE OPINIONS OF THE AUTHOR. THE AUTHOR MAY HOLD EITHER LONG OR SHORT POSITIONS IN SECURITIES OF VARIOUS COMPANIES DISCUSSED IN THE BLOG. THIS COMMENTARY IN NO WAY CONSTITUTES INVESTMENT ADVICE, AND SHOULD NEVER BE RELIED ON IN MAKING AN INVESTMENT DECISION, EVER. THIS BLOG IS NOT A SOLICITATION OF BUSINESS: ALL INQUIRIES WILL BE IGNORED. THE CONTENT HEREIN IS INTENDED SOLELY FOR THE ENTERTAINMENT OF THE READER, AND THE AUTHOR.

NYE Quick Take: What Journal Article Did Cytodyn Pay To Get Published Today? (CYDY)

What ridiculousness is everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), spewing on the last day of 2020? How about some hype around a journal article highlighting a case series of four Covid-19 patients (two of whom died) treated with loserlimab in the impressive sounding “Journal of Translational Autoimmunity.”

First some obvious caveats, this case series appears to be cherry picking rehash of the previous EIND patients, as all patients were admitted in April or May of 2020. There is no control group. Two of the four patients died, and one of the two surviving patients refused the second dose of loserlimab.

But more importantly, the Journal of Translational Autoimmunity is what is politely known as an “Open Access” journal. More colloquially, this is known as a “Pay for Play” journal. Yes, that is right, authors pay to be “published.” How much will an article in this prestigious journal cost you? A stock promoting bargain at $2250.00 not including sales tax.

Look it up for yourselves.

One thing that Cytodyn did not press release today and likely does not want you to know about is this:

This means the shares, owned by John M. Fife, that were registered to be sold on the S-3/A the other day are now free to hit the market.

Happy New Year!

[Did you know Cytodyn is being sued by a group of former directors? What to know why? See here and here.]

[Did you know Loserlimab has virtually no chance of ever getting an EUA in the United States? Want to know why? See here.]

* Spelled Thusly For A Double Dose of That Sweet Sweet Stock Pimping

THE CONTENT CONTAINED IN THIS BLOG REPRESENTS ONLY THE OPINIONS OF THE AUTHOR. THE AUTHOR MAY HOLD EITHER LONG OR SHORT POSITIONS IN SECURITIES OF VARIOUS COMPANIES DISCUSSED IN THE BLOG. THIS COMMENTARY IN NO WAY CONSTITUTES INVESTMENT ADVICE, AND SHOULD NEVER BE RELIED ON IN MAKING AN INVESTMENT DECISION, EVER. THIS BLOG IS NOT A SOLICITATION OF BUSINESS: ALL INQUIRIES WILL BE IGNORED. THE CONTENT HEREIN IS INTENDED SOLELY FOR THE ENTERTAINMENT OF THE READER, AND THE AUTHOR.

What Other Disease Won’t Cytodyn Be Curing Today? (CYDY)

For years now, everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), has been hyping up the potential for its only product, affectionately referred to as loserlimab, as a treatment for Graft versus Host Disease (GvHD). And as with all things Cytodyn, this has been only a string of ridiculous hype and broken promises.

The status of the GvHD trial is one of the topics in the company’s upcoming webcast on January 6, 2021:

[It should also be noted that there is no mention of the Philippines in this list, which is odd considering all of the hype in recent months. Unless, of course, one knows that all of that hype was easily disproven nonsense.]

As a preview of next week’s circus, let’s take a look at the history of the GvHD trial, and where it actually stands today.

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Which Country Will Not Be Granting Cytodyn an EUA Anytime Soon? (CYDY)

For months now, everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), its CEO The NaDDir* and his klown krew, have been hyping up the potential for its only product, affectionately referred to as loserlimab, in the Philippines. As with all things Cytodyn, this has been just more ridiculous hype.

Recall when The NaDDir* was making the rounds of every Youtube doctors’ shows? Back on September 22, 2020, on something called the Dr. Been Show, The NaDDir* was not just positive, but VERY VERY positive about the Philippines:

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Christmas Eve Quick Take: Who Clearly Has No Clue What an Open Label Extension is? (CYDY)

Leave it to everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), its CEO The NaDDir* and his klown krew, to gift the world an absolutely stunning Christmas Eve Surprise in the form of a 7:45pm press release even more insane than their previous holiday stunners. The press release, like many, is designed to draw attention away from the real news, and instead focus the attention of inexperienced retail investors on some truly misleading hype. First the “shiny object” to distract:

Sadly, these morons have absolutely no clue what an Open Label Extension (OLE) is, and neither do their investors that are being pumped, dumped and chumped. The Klown Krew are claiming that the Open Label Extension will allow the company to enroll additional patients who will all receive loserlimab. This is NOT what an OLE is, nor what it allows. Here is some background reading on Open Label Extensions. From the British Medical Journal:

Given that CYDY constantly declares loserlimab is safe, why would they choose to do an OLE, when OLEs are meant to collect even more safety data? The article continues:

More from the Journal of Medical Ethics here. And since the extension is open label, the data is almost certainly useless, as explained by Applied Clinical Trials, here:

As one now knows, an OLE is merely an, often shady, continuation of an existing clinical trial designed to collect safety data that allows all of the patients already enrolled in an existing trial the following:

  1. Existing patients can choose to participate and thus are guaranteed to receive (or continue to receive) the study drug.
  2. Existing patients can continue to be monitored past the study completion date.

Which of these two possibilities explains why Cytodyn would be asking the FDA for guidance on extending the much hyped CD12 trial of loserlimab in severe-to-critical Covid-19? According to The NaDDir* patients are only given loserlimab on days 0 and 7, they do not continue to receive loserlimab. From the October 20, 2020 CONference call:

This eliminates the first reason. Existing patients who choose to continue will not receive any more loserlimab, since they already received their two doses. Which leaves us with the second reason. The company is trying to find a way to continue to monitor patients after the 28 day mark. Why?

Perhaps because the DSMC asked for an analysis at 42 days. Recall back in October, when The NaDDir* explained they had to get 42 day data:

and then only a few weeks later, on December 10th, The NaDDir* abruptly changed his mind and announced that there would be no second interim analysis and no look at 42 days?

The OLE would allow for the company to continue to collect data past the 28 day mark. Our guess is that someone demanded the 42 day look and to save face Cytodyn is putting up a blatant smokescreen to distract people.

If that is the distraction, what is the real news that Cytodyn management is trying to bury? That is easy. Look at the bizarrely worded final statement from The NaDDir*:

Far from being the “amazing” trial that The NaDDir* announced, the CD10 trial of loserlimab in mild-to-moderate Covid-19 failed. Obviously. And completely.

[Did you know Cytodyn is being sued by a group of former directors? What to know why? See here and here.]

[Did you know Loserlimab has virtually no chance of ever getting an EUA in the United States? Want to know why? See here.]

[Did you know Cytodyn’s claims of non-dilutive financings (with notorious penny stock player John M. Fife) are complete bullshit? They are highly dilutive. Learn more here.]

* Spelled Thusly For A Double Dose of That Sweet Sweet Stock Pimping

THE CONTENT CONTAINED IN THIS BLOG REPRESENTS ONLY THE OPINIONS OF THE AUTHOR. THE AUTHOR MAY HOLD EITHER LONG OR SHORT POSITIONS IN SECURITIES OF VARIOUS COMPANIES DISCUSSED IN THE BLOG. THIS COMMENTARY IN NO WAY CONSTITUTES INVESTMENT ADVICE, AND SHOULD NEVER BE RELIED ON IN MAKING AN INVESTMENT DECISION, EVER. THIS BLOG IS NOT A SOLICITATION OF BUSINESS: ALL INQUIRIES WILL BE IGNORED. THE CONTENT HEREIN IS INTENDED SOLELY FOR THE ENTERTAINMENT OF THE READER, AND THE AUTHOR.

Christmas Week Quick Take 2: What NASDAQ Listing Nonsense Are The Cytodyn Shills Spewing Today? (CYDY)

What ridiculousness are the stock promoting shills for everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), spewing in this holiday-shortened, and retail trader dominated week? Today it is some epic nonsense about a supposed Nasdaq “uplisting.” Say the shills:

The $4 level is referring to the Nasdaq’s $4 Minimum Bid Price requirement. The problem is that, barring epic improvements in Cytodyn’s financial situation by the time the current (February-ending) quarter ends, the company must meet the $4 minimum bid price test for 90 days, not 5. Which will require another 85 consecutive days of trading above the $4 requirement. Just look up the requirements for yourself at the Nasdaq’s website where you will find out that:

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What Did Cytodyne Bury In the Mid-December S3 Filing? (CYDY)

Hidden in the recent S-3 that everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), filed after the close on the 17th of December was an interesting paragraph providing more details on a transaction the company did back in March of this year. One may remember it from way back when the shares really started to catch the eye of bored, stuck-at-home, retail investors in the USA, and, somewhat inexplicably, Germany. The press release announcing the deal appears misleading at best, knowingly false at worst, and designed to sucker retail no matter what, especially given the conversion price was stated to be far higher than the market price at the time.

The deluded investors buying the shares would guess, given the scant details in the press release, that the note would be convertible into 3.333mm shares ($15mm/$4.50). The only true statements appear to be that Cytodyn completed a financing, someone invested, and there were no warrants attached. Everything else turned out to be untrue. All the details can be gleaned from this paragraph from the recent S-3:

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Sunday Funday – What Else Doesn’t Cytodyn Want Investors To Learn? (CYDY)

Last Friday after the bell everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), filed a new Form S-3 revealing (as predicted) the supposedly “above market non-dilutive” deals with penny stock financier John M. Fife were actually highly dilutive forward-priced time bombs. Read about those deals here and here, and background about John here here and here.

We will explore that filing in more detail very soon. For the moment, however, we should not lose momentum in uncovering all of the dirty secrets The NaDDir* and his klown krew of kreme de la kreme managers don’t want investors to ever learn about. You know, the details in the lawsuit Alpha Venture Capital Partners LP v Cytodyn (CYDY), Pourhassan, et al. (Delaware Chancery Court 2020-0307-PAF) dated April 24, 2020. The one the company doesn’t properly disclose to investors, making it highly unlikely any of them would learn of its existence. Notice anything missing in this listing of legal proceedings involving Cytodyn?

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Update Update: Who’s Suing Cytodyn Now And Who is Admitting The Plaintiffs Are Right? (CYDY)

We’re now in mid-December 2020, and thought it would be a good time for an update on one of the more curious stories of 2020. No, not Coronavirus, but rather everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), its klown krew of kreme de la kreme managers including The NaDDir* and the rather interesting lawsuit filed against them by a group of former directors. This particular suit was filed in late April. Missed it? Well, that might not be your fault, as Cytodyn has done its best to avoid disclosing it. Here is the litigation section from CYDY’s latest 10Q, filed in October for the period ending in August 2020.

While they do mention a suit filed on April 29, 2020 against the company, they fail to mention a different suit filed on April 24th, 2020. Which is very strange because Bloomberg News ran a story about it on April 30th. Fear not. We have it for you. Read the unredacted lawsuit the current Board of Directors and the company obviously do not want people to see right here. Catch up on some commentary about it here and here.

The suit concerns a breach of fiduciary duty, bad faith, unjust enrichment, and corporate waste. Specifically, it has to do with a series of stock, option, and warrant grants in December of last year and January of 2020.

Here is a list of the December grants, and the lucky recipients:

And some background on the timing:

These December grants are also the subject of a spring-loading claim. They were hastily granted immediately before the release of some bullshit stock pumping nonsense two days later. Spring-loading is not taken lightly by the Delaware courts, as can be seen here.

The January 2020 grants are also interesting. Take a look at the massive awards they handed out to themselves just a month after pillaging the shareholders in December:

Why else might the company not want to alert shareholders to this lawsuit? Perhaps Paragraph 67 gives a clue?

Or maybe Paragraph 71?

Of course the company will deny these claims, say they are untrue, without merit. Perhaps The NaDDir* will whine and scream and shout that he is being singled out by nefarious forces. Or will they?

Readers may recall that in early May Cytodyn created a “Special Litigation Committee” (SLC) and hired the rather pricey West Coast law firm Wilson Sonsini to represent the SLC and conduct an investigation. We are pleased to report that the lawyers have completed their investigation and we have, as The NaDDir* might say, “a VERY exciting news for you!”

This may be the first time that anyone at BuyersStrike! HQ has seen an internal investigation vindicate the plaintiffs in a suit of this type. Remember, these lawyers are paid to show the company and management are NOT guilty.

At this point it would be prudent for the defendants and the company to settle the suit. But that might not be so easy. Unfortunately for The NaDDir* those shares he issued to himself in December 2019 had already been sold at the end of April 2020. This was disclosed in the infamous Form 144 filing from early May 2020.

The sale of that stock is the subject of a different lawsuit (Case #: 3:20-cv-05909-JLR in the US District Court for the Western District of Washington), which has also not been disclosed to investors. It should be quite interesting to watch. It may be difficult to rescind a grant that has already been sold into the marketplace. Even if The NaDDir* was forced to return the ill-gotten gains, the shareholders still absorb the dilution that has already occurred. Of course, if they had any sense at all, they wouldn’t be Cytodyn shareholders.

*Spelled thusly for a double dose of that sweet sweet stock pimping.

THE CONTENT CONTAINED IN THIS BLOG REPRESENTS ONLY THE OPINIONS OF THE AUTHOR. THE AUTHOR MAY HOLD EITHER LONG OR SHORT POSITIONS IN SECURITIES OF VARIOUS COMPANIES DISCUSSED IN THE BLOG. THIS COMMENTARY IN NO WAY CONSTITUTES INVESTMENT ADVICE, AND SHOULD NEVER BE RELIED ON IN MAKING AN INVESTMENT DECISION, EVER. THIS BLOG IS NOT A SOLICITATION OF BUSINESS: ALL INQUIRIES WILL BE IGNORED. THE CONTENT HEREIN IS INTENDED SOLELY FOR THE ENTERTAINMENT OF THE READER, AND THE AUTHOR.