Re: Secured $6M Convertable Debenture
in response to
by
posted on
Apr 17, 2024 08:56PM
I think we will never know the truth as to if discussions are or are not taking place. Our first clue probably will be how the debenture is dealt with. The situation of having to wait on a CEO/Board that has almost zero history of biotech deal making is brutal especially when you factor in that they don't appear trustworthy but instead more like a group in hiding. It would be different if someone was at the helm who clearly had the requisite track record, then at least investors could have confidence that best efforts were being put forth in the pursuit of realistic goals.
When you look at RVX the same guy has been in charge for 20+ years and in that time really only 3 meaningful business deals have been made, one with Eastern which, according to Don, Eastern initiated and one with Hepalink and perhaps the one with ORI. I don't count the deal with Medison because they didn't have to pay anything for their license. Despite having a very well paid Business Development VP for over a decade and a CEO who according to his bio is magnificent (doesn't actually say what for though), every promising avenue for Apabetalone has been squandered. Squandered to such an extent that the CEO's total cumulative compensation, when issued, is probably about the same or higher than the current market cap. What a disgrace that is, IMO he should be absolutely ashamed and embarrassed but somehow I doubt it.
Mr "Go it alone" for "cheaper and shorter" has in my opinion certainly solidified his position as one of the worst decision makers in business history if he in fact was being truthful about blowing off big pharma after we were told they said "they will pay". Additionally, it is very hard to understand why partnerships have not been forged around Apabetalone's non core indications and/or RVX's other promising compounds. While management waits to make a "big deal" they should be wholeheartedly exploring every possible avenue to bring this company some current relevance. As I said just my opinion.