Re: Letter "Some feedback about Arena management"
Thanks Grampa. I included that in the reply:
Thank you very much.
To correct, one of the gentlemen I quoted as having worked at a broker, was actually a "Vice President of Global Equity and Fixed Income Trading for a very large buy side institution". The other one is also not a biotech manager and certainly can not see things through your eyes but he's a smart man with a lot of biotech investment.
I don't know if either one are right but I think it can't hurt to hear criticism and if there's a grain of truth in it we can get something out of it.
Personally I have a lot of respect for this management team which has had the vision and perseverance to get us to where we are today.
The second gentleman's impression was that we have a lot of overhead -- employing lots and lots of people (which I know it's because we develop our own drug) and are totally science focused. He does not feel the management is commercially focused enough and are just outsourcing all that to Eisai without having a strong sales/ marketing focus internally. And that as soon as we get money we'd pour it into scientific research again.
My gut feeling is once we have money it would be good to hire an executive level heavy-weight with a strong sales/ marketing/ even CEO/COO background to enhance the management team.