I've been jotting down some ideas for a post in response to some of the pieces posted the past day or two regarding the proposed reverse split and some of the chatter related to the anticipated news from the TGA but I was suddenly overcome with remembrance of things past, a date burned on the walls of my memory bank, May 23, 2014.
Some of you commenting now were here then, Wehalls, your name is on many posts from those olde days, many of you weren't PVCTers yet. But I think it's important to recall some of the factoids of the time.
For months prior to May 23, 2014, we posters had been chattering about whether or not management had submitted an application to the FDA for a "BTD" - an FDA Fast Track status program (Breakthrough Therapy Designation). A couple of these fast trackers are similar to the fast tracker programs offered by the TGA. All of our speculations ended when, on Saturday, March 22, 2014, PVCT filed an 8-K (yup, a Saturday filing!) stating that the company had submitted via overnight courier for Monday March 24th delivery the company's application for a BTD. What makes the FDA process different from the TGA process is that the FDA has a firm 60 day time limit within which to make its decision. In practice the FDA made public only those decisions that GRANTED a BTD; decisions that DENIED a BTD application were not made public by the FDA. That was left to the companies involved to make the denial public or not.
Now probably all of you, even those who were not shareholders at the time know about the boom and bust of the stock price during the first couple months of 2014 but the sp had recovered some of the bust loss by late March. There was still a lot of controversy about the company in the air at the time. It's interesting to read the posts from that period - you can start with a Wehalls post (#2400 on the old board) and here on March 22 was the news that we had all been waiting for. One person was befuddled. That person was Dominic Rodrigues. Our Dom. Dom the Blogger. Dom had started his Blog in November 2011, the same month I had retrieved the abandoned IV PVCT message board from a dust bin and started posting on my own. Look where my progeny is today. Anyway, after learning about the 8-K, Dominic posted his surprise, including these comments:
"Searching other 8-K filings for the phrase "breakthrough therapy designation", I was unable to find another example of a company 8-King the submission of its BTD application. I presume there was both a process and a rationale behind management's decision, although it seems management is certain they'll receive BTD (one wouldn't effectively PR a submission with a known decision timeframe, thereby setting market expectations, without believing one wouldn't disappoint)." (ed.- emphasis added).
On Monday, March 24th, volume soared above 2 million, many times the normal volume. We could hardly wait for May 23rd, the decision day. On Thursday May 22nd, CEO Craig Dees rang the opening bell on the stock exchange. On Friday, May 23rd, the long awaited decision became known. Not from the FDA but from the company. They had no choice - everybody knew that was the 60th day. Provectus has never been allowed to forget it. I certainly haven't forgotten that date.