Demonstrates: Value of establishing good media relationships early on, being
direct
Situation:
Two publicly-traded clinical stage companies had to announce bad news
regarding their clinical programs.
One: A trial had failed to meet its endpoints and would be shut down.
Two: The FDA had changed its opinion on an anticipated regulatory pathway.
The company would now be required to mount a entirely new trial, when it—and investors—had thought the existing trial program would be sufficient for approval submission.
Solution:
There was no way to soften the blow of this news. We implemented a
communications strategy of getting out ahead of it, being direct, but not
apologetic.
Steps:
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In each case, Planet had already been working closely with key reporters,
getting them incremental pieces of news and presenting the company, its
science, its point of differentiation and making the CEO and researchers
available.
When the news came, we adopted a policy of clarity and directness. We drafte press materials and internal FAQ’s that reflected the situation and signaled
Management’s next steps, but also drew out from the situation whatever could be “salvaged,” i.e.: data to be studied, trial endpoints to be shifted.
As a result, when the bad news came, key reporters in the trade press—read by investors, industry and vital to company perception–already knew the company, the CEO and the technology. We were able to secure CEO interviews that provided us the opportunity to have a seat at the table in our own story.
Outcome:
The major trade publications ran stories that covered the news but included
context and the CEO’s point-of-view
We achieved balanced stories when the news was bad. The companies were
perceived as responding intelligently and strategically to dramatic shifts in
expectations, and as maintaining the forward momentum of the company in a
realistic—not hyperbolic—manner.
Trust was maintained in the company’s ability to move forward effectively despite the undeniable set back.