Hi Luis, John, and Henry:
Rest easy! According to the settlement agreement, there will soon be 3 new, totally independent, nominees to the Lidak board, hopefully with pharmaceutical experience. Hennessy and Rutland will be on the new board; have fantastic business backgrounds; have their own funds invested in Lidak; and, despite the reference in the recent news articles, are also independent of all parties to this affair, including HealthMed (according to staff at the company). The new board will include 3 members from the original board plus Dr. Katz. HealthMed may resubmit a proposal, but with this board, it will only be accepted if it is good for Lidak and its shareholders. Otherwise, I am sure that the present management and future board will find alternative partnerships, or non-dilutive funding, or both. Lidakol is a good drug and is near FDA approval.
Soon to be announced, hopefully: 1) 3 new board nominees 2) new proxy and date of fiscal meeting 3) clarification of results of clinical trials and p-values for Lidakol (I believe that the management is aware of their responsibility to communicate with shareholders). |
