Seems to back what some of us have been saying all along, that the company was ilo, and that the rest was bait and switch fodder. But then, with a MC of $40M, the damage is done. This is really low. Many CEOs have derived wealth from a biotech without ever having built a business, but this is a new low IMO.
(exception with respect to my stance was pivanex, which intrigued me. but they let it lay fallow as long as ilo worked to suck people in, IMO.)
Pedigree, we all need to be aware of pedigree. That's why I've proposed that this company was taking garbage forward, to give the appearance of a pipe where little existed.
From an old prospectus.........
LINDSAY A. ROSENWALD, M.D., is a co-founder of the Company and has served
as a director of the Company since March 1993. Dr. Rosenwald co-founded
Interneuron Pharmaceuticals, Inc. and has served as its Chairman since February
1989. Dr. Rosenwald has been the Chairman and President of The Castle Group,
Ltd., a New York medical venture capital firm ("Castle"), since October 1991,
and the Chairman and President of Paramount Capital, Inc., an investment banking
firm, since February 1992. Prior thereto, Dr. Rosenwald was a Managing Director,
Corporate Finance at Blair. Dr. Rosenwald also is a director of BioCryst
Pharmaceuticals, Inc., Sparta Pharmaceuticals, Inc., Atlantic Pharmaceuticals,
Inc., Xenometrix, Inc., Avigen, Inc., Neose Technologies, Inc., VimRX
Pharmaceuticals, Inc., and Ansan and is Chairman of the Board or a director of a
number of privately held companies founded by Castle in the biotechnology or
pharmaceutical fields.
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