And yet the progress in development and testing of this world-class technology has been monumental If only we had one or more competent businessmen running the company. As far as the street knows, our plan is much like that of Blanche Dubois. In her words, "I have always depended on the kindness of strangers." We are about to go asking for money (working capital), and we're not likely to find much kindness based upon our inability to execute...as evidenced by the fact that we still aren't in human trials. Hope, at this point, appears to be our strategy...and it's a lousy strategy.
I asked Seymour to raise some more money last year...and his response was...we just want to wait a little longer (I presume believing the company would somehow achieve something worthy of raising the share price and improving our negotiating position). Well...that didn't work.
I get the sense Diwan is in way over his head in a business sense. When the crisis strikes, he does what he knows...science & chemical engineering. Oh yes, and he also knows how to take care of himself (at the expense of the shareholders). Fortunately for Diwan, he negotiated a terrific deal with Seymour (on our behalf) to give him a lot of money along the way, total job security to captain our ship, and all the licensing rights for his ship when our ship goes down.
We seemingly can't even hire a new CEO to replace Seymour...and we're nearly at six months in the search process.
It makes me sick, but I honestly cannot fault the market in valuing this company at $0.39 at this point. Diwan has given us no signs that we're worth much more than cash in hand (which will soon be spent on our behalf) and what we could sell the lab for. Diwan has shown no plan to address our cash situation, except the one in SEC filings, which is turning the licenses back over to TheraCour when we can no longer pay them something like $25K a month (whatever it says in the SEC filings).
What a colossal mess... |
