Thanks for the recap of the Yidam case. You asked me to reason why it wasn't fraud.
The way you present the story is that there were some apparent agreements between initial investors and management that Diwan et al. reneged upon for the benefit of Diwan. It sounds like something Diwan would do. It's surprising that Yidam would settle and give up their claims.
I agree Diwan and NNVC need much more transparency, and they should be forced to produce the original license agreement and independent estimates of the worth of the licensing indications. There is much self dealing, and Diwan at least lately is trying to give the appearance of recusal when he has conflict of interest / related party transactions. The only way to "prove" fraud would be to show that the original license agreement included all herpes virus indications. It also doesn't seem right that NNVC is paying to develop drugs for indications it doesn't hold licenses on. A shareholder asked about that at one of the meetings ("Is that even legal!?" can't remember his name right now). It also isn't right for Diwan to misrepresent the 15% of gross sales versus net profits (to you).
So, individual shareholders have addressed all of these concerns to management, and haven't gotten very far.
Again, what is an individual shareholder to do when Diwan controls the company and appears to be operating more for Diwan than shareholders? Questions at ASM, e-mails, and lawsuits didn't bring any satisfaction. Even a director (Boniuk) asking for transparency (auditing committee) didn't get anywhere!
I suppose if enough people keep clamoring for transparency, Diwan may be forced to be transparent eventually.
As you said, either we will get an IND or not. No drugs to test in humans, no biotech company worth anything. Getting an IND will show the science isn't a fraud, at least as far as the FDA is concerned. I have seen no evidence of fraud on the science side, more questionable business ethics and self-dealing on the business side. So, will the science prevail despite the questionable business ethics and possible malfeasance? It's looking unlikely unless NNVC can raise some more funds. NNVC seems closer than ever, and it would be a shame for the $ to run out before the promising nanoviricide concept ever got tested in humans. |
