Prima BioMed (PBMD) was the second highest gainer across the NYSE and Nasdaq today. Yesterday, the firm’s Chief Executive Officer, Matthew Lehman presented an overview of the company’s activities at the 15th Annual BIO CEO & Investor Conference in New York.
The day before the conference (Monday, February 11, 2013) PBMD was the biggest loser across the NYSE and Nasdaq due to investor concerns about what information might come out of Lehman's presentation.
Prima BioMed, which operates globally is a recognized leader in personalized bio-therapeutic products for treating cancer. Lehman reported that the firm had $28 million in cash as of the end of last year with a cash burn rate of $5 million per quarter.
As part of his presentation, Lehman outlined the below milestones for 2013:
- Expand cell collection network
- Continuous improvement & efficiency in logistics management
- Optimize production processes
- Enhance quality control testing – significant area for cost reduction and intellectual property assets
- NASDAQ ADR program:
– Poor trading liquidity and increased expense for accounting and compliance
– Increased awareness in the US and higher level of transparency because of SEC
– Prima will evaluate this program in 2013
- Frankfurt/XETRA ADR listing:
– Nominal expense
– Directly tied to the NASDAQ ADR listing