This was a post on AOL
Subj: Open Letter to Dr. Rabbini
Date: 96-12-30 22:56:08 EST
From: Kuklos3
December 30, 1996
Dear Dr. Rabbini:
Here we are on the eve of the company's annual meeting and
I am wondering what it is that you will have to say at the
meeting: That there is a joint venture deal with a large
diagnostic firm in the works? -- but you said that last year.
That you will be filing with the FDA on a DNA anti-sense
proceedure for HIV/AIDS? -- but you said that last year too.
That "It's all over but the shouting"? - - you said that last
year and there's been no shouting, not even a muffled clap of a
hand. That revenues are up? but they really aren't.
In other words, Dr. Rabbani, there's not much that has
happened this year to benefit the stock and through it, the
owners of the company. Now let's assume for the moment that
our company has superior science and technology.
(Most of us believe that or we wouldn't own the stock.)
History is replete with companies that had superior technology
and were left by the wayside because they did't understand public
relations, marketing and have that certain business acumen all
companies need. Look at the beta solution to TV recording, it was
superior to the VCR system we all use today because they lacked
this understanding, this flair for business. Apple Computer had
better systems than DOS but couldn't become the standard. We
could go on, but the point is that your management team and board
of directors is lacking in the kind of PR, marketing and business
savvy that we need to commercialize the products being developed
in the company's laboratories. Look at our outside directors -
ONLY TWO OUTSIDE DIRECTORS -- one doesn't own any significant
amount of stock and the other is a publisher. What has he published
about this exciting story we are all invested in? What has anyone
published? What part of our story doesn't he believe in, that he can't
be helpful in getting us ANY form of press? Why is he on the
board - for his scientific expertiece? I doubt it.
Management is too heavy on the scientific side. You claim
a Business Development, VP but what business has he
developed? Dr Rabbani, if our company is ever to realize
its potential, it is too light in experienced management and
way too light on its board of directors. If we are ever to
bring all these wonderful products we hear about to
market, you will need to spend some of your cash hoard,
and some of the company's future prospects in the form
of options to get some real pros in there who know what
it takes to bring a product from the laboratory to the marketplace.
I respectfully ask that you address this critical need at the
annual meeting. The stock is reflecting what the street is
saying - interesting prospects, but can these guys EVER
deliver. To date the answer is a regretable no. We, the
owners of this company, have waited too long not to see
this company realize its full potential. Please delight us
at the annual meeting with some serious and competent
board and management addittions -- had they been in place
at last year's meeting, perhaps you'd have something to talk
about at this year's meeting. |
