Current employee. Praying for a fix. I used to like working here.
Wow, how long will lamer Bob have a job? Aug 9 ER should seal his fate
- Thread starter Frank Baldino
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Current employee here. Had a Field Visit with my RBD recently and he said as a friend and peer it would be smart to be open to other rep opportunities. He just landed another gig himself. WTF.
I came here via a link on Stocktwits, a day traders site. I decided to take a look around because the stock has tanked by 90% despite an FDA approval and what looks to be a promising proposition to contain opioid abuse. A current hot topic. Logically this company should be doing well.
Looking over these boards it is quite amazing the amount of activity for such a small company. Page views are in the thousands. A recent press release stated that there are only 157 employees that will be downsized by 40%. Yet looking at other company boards like Pfizer and GSK who employ thousands I don't see the same level of activity. Most of the posts here are very negative and have been for over a year. So why so much passion and unhappiness? What's going on?
Looking over these boards it is quite amazing the amount of activity for such a small company. Page views are in the thousands. A recent press release stated that there are only 157 employees that will be downsized by 40%. Yet looking at other company boards like Pfizer and GSK who employ thousands I don't see the same level of activity. Most of the posts here are very negative and have been for over a year. So why so much passion and unhappiness? What's going on?
I left the company back in December of 2015; about 2 weeks after training. I saw the writing on the wall back then, and went back to my old pharma company (I was smart enough to use vacation time to test out the Egalet waters without giving a 2 weeks notice) I realized after a few short weeks that Oxyado & Sprixx were complete disasters, and boy was I right!...Best of luck to you all!
2 FDA fumbles, lack luster Arymo launch, stock price plummets by 90%, why has this CEO still got a job?
#BullshitBob says:
"The ability to delude yourself may be an important survival tool."
Have a great weekend fellow Egalets
"The ability to delude yourself may be an important survival tool."
Have a great weekend fellow Egalets
What happened to this class action which made the following allegations?:
14. Defendant Robert S. Radie (“Radie”) is the Company’s Chief Executive Officer (“CEO”) and President of Egalet.
15. Defendant Stan J. Musial (“Musial”) is the Company’s Executive Vice President, Chief Financial Officer (“CFO”), Principal Financial Officer, and Secretary.
16. Defendant Jeffrey M. Dayno, M.D. (“Dayno”) is the Company’s Chief Medical Officer.
Defendants in Paragraphs 14-15 are collectively referred to herein as the “Certifying Defendants.” Defendants in Paragraphs 14-16 are collectively referred to herein as the “Individual Defendants.”
18. Each of the Individual Defendants: (a) directly participated in the management of the Company; (b) was directly involved in the day-to-day operations of the Company at the highest levels; (c) was directly or indirectly involved in drafting, producing, reviewing and/or disseminating the false and misleading statements and information alleged herein; (d) was directly or indirectly involved in the oversight or implementation of the Company’s internal controls; (e) was aware of or deliberately recklessly disregarded the fact that the false and misleading statements were being issued concerning the Company; and/or (f) approved or ratified these statements in violation of the federal securities laws.
14. Defendant Robert S. Radie (“Radie”) is the Company’s Chief Executive Officer (“CEO”) and President of Egalet.
15. Defendant Stan J. Musial (“Musial”) is the Company’s Executive Vice President, Chief Financial Officer (“CFO”), Principal Financial Officer, and Secretary.
16. Defendant Jeffrey M. Dayno, M.D. (“Dayno”) is the Company’s Chief Medical Officer.
Defendants in Paragraphs 14-15 are collectively referred to herein as the “Certifying Defendants.” Defendants in Paragraphs 14-16 are collectively referred to herein as the “Individual Defendants.”
18. Each of the Individual Defendants: (a) directly participated in the management of the Company; (b) was directly involved in the day-to-day operations of the Company at the highest levels; (c) was directly or indirectly involved in drafting, producing, reviewing and/or disseminating the false and misleading statements and information alleged herein; (d) was directly or indirectly involved in the oversight or implementation of the Company’s internal controls; (e) was aware of or deliberately recklessly disregarded the fact that the false and misleading statements were being issued concerning the Company; and/or (f) approved or ratified these statements in violation of the federal securities laws.
Good point. Don't know. Nobody is talking about it around here anymore - bigger issues - lack of sales, cost cutting and watching colleagues and friends getting terminated. Morale is at a new low.
I'll ask around and post any new info.
I'll ask around and post any new info.
Because Egalet is a miserable place to work. There is a giant rift between the culture at home office and the culture in the commercial & field sales team. I left 2 months ago and I'm shocked I have not seen harassment lawsuits from former employees come out yet. Terrible company culture. If the pay and opportunity was better, employees may stick out the horrible culture. But since that's not there, talented territory managers have sought life elsewhere.
Legal update. Paul Varki is our new legal counsel, his head is spinning, poor guy. Not sure who our outside counsel is but the case is moving forward. The plaintiffs allege that Bob and his cronies lied about the claim structure on Jan 9. The the FDA made a clarifying announcement the same day, which is unusual, saying that MorphaBond had an exclusive claim for three years. Shares plummeted from about $8 to $5 in a day thus investors are pissed On July 5, 2017 - The lead plaintiff filed an amended consolidated complaint so the case is moving forward.
Since then share price has tumbled to about a buck. We're all surprised that Radie hasn't been fired. He's completely incompetent.
Since then share price has tumbled to about a buck. We're all surprised that Radie hasn't been fired. He's completely incompetent.
Pfft...we would love to know if anyone manages to find out. My guess on the 30 mil raise is to provide cash for a legal settlement. Egalet already had cash in the bank, but what people seem to forget is that they also borrowed a ton of money to get the commercial side off the ground. I am sure there are conditions on how those dollars are paid back on that line of credit. For example, when cash reserves hit a low (which would occur in the event of a legal settlement) a conditon may take effect where the rate of repayment becomes more aggresive.
Okay, I'll buck the trend and be a little bit positive. I'm a commercial guy and believe in this company. We're definitely going through a rough patch BUT on the positive side we have THREE commercial products and sales are INCREASING. We have two good products in development and could license the Guardian® Technology out to a lot of companies (such as Purdue or Shianogi). Personally I like and respect Bob Radie and his team. They're hard pressed but are gracious in their manner and optimistic support. The stock market is above my pay grade and understanding but I don't understand why our stock is getting hammered. The company is worth way more than $47 million - for instance we have over $100 million cash in the bank, so I'm told. I think Egalet is ready for greatness and we'll all see a massive growth in the next six months. We just need a little patience and belief. I'm staying and weathering the storm and anyone with a little bit of a brain should also do it. Remember how Apple bounced back after years in the doldrums after Steve Jobs took the lead? Well folks, Bob is our Steve!
You are blind. Steve Jobs was forced out of Apple. He founded NEXT (now Pixar) and created yet another succesful empire. During his absence, Apple TANKED. They pleaded for Steve Jobs to come back to the helm. And when he did, Apple finally got to not only innovating, but bringing their products to market in a manner that was never done before.
Radie is not the Steve Jobs of Egalet. The company is struggling under his leadership, not his absence.
You should also Google the definition of "market cap" and why the valuation is only 47 mil. Egalet has an enormous amount of debt, outside of investor valuation. That cash in the bank isnt truly revenue. It is owed back on a line of credit. Good luck going down with the ship. I hope you know how to swim.
You have 3 products with increasing sales and zero payer reimbusement. Uncle Egalet ia paying for every script at cash value. Licensing or better yet, selling the tech is the only financial option.
Bob Radie is the new Steve Jobs? Bahahahahahahahahaha!!
That made my day! Hahaha!
That made my day! Hahaha!
Tim Walbert and the rest of our Board is asleep at the wheel. Why haven't they intervened and dumped Radie, Shea , Musial and Strobeck? Shameful.
I drive in every day and as I pass KoP mall think I'm living Groundhog Day. Same shit, different day. Can't describe how depressing it is trying to work here at home office. Latest gospel from management as we enjoy a 40% down sizing is "work smarter not harder".
The obvious things to do to save money are:
1. Cut back research to one candidate - saving $10 million a quarter
2. Fire full time sales force and license products out and employ a CSO - saving $8 million a quarter
3. Eliminate most of the failed executive suite and marketing management - saving $2 million a quarter
Total savings $20 million a quarter. Staff level 35 employees. Still not break even but increasing sales and license income may take care of that.
The obvious things to do to save money are:
1. Cut back research to one candidate - saving $10 million a quarter
2. Fire full time sales force and license products out and employ a CSO - saving $8 million a quarter
3. Eliminate most of the failed executive suite and marketing management - saving $2 million a quarter
Total savings $20 million a quarter. Staff level 35 employees. Still not break even but increasing sales and license income may take care of that.