Post CC - Why I'm Out Despite knowing (for years) they have had to get the burn rate under control, they haven't.
Further delay in the VMC GMP validation. From March to early May/lateMay/early June. Anybody want to bet they run into some more snags that are "out of BNC's control" and a date will continue to get pushed? Listen to the call, McRae makes excuses for the failures of others to achieve GMP.
The new, significant ($15 - $25 million), financing (even if it is non-dilutive) that is coming by June.
Econiche is going nowhere. And after listening to McRae, after all the royalties they owe to stakeholders (at least 4), just how much will they make on the product?
McRae, during the conference call, saying that they thought the Endo partnership would be very successful. But then he clearly blamed Endo for being kept in the dark, for not being able to update shareholders and for the Mitomycin comparison trial screwup. And Endo had no interest in Europe with Urocidin either. Just who negotiated the contract Graeme?
A new partnership deal for Urocidin, IMO, will not be negotitated from a position of strength. McRae has said there are several interested suitors but I'm not optimistic it will be beneficial to long term shareholders.
The unknown of dealing with regulatory bodies. To paraphrase McRae 'The wheels of government turn slowly'.
The Health Canada NOC/c for Urocidin approval is a roll of the dice and an answer is more than a year away.
Oncocidin is going nowhere until September or so. No money there for the next year or so.
Things have been precarious for some time and they are only getting worse. I wouldn't be surprised to see them bankrupt.
Quite simply I'm tired of waiting, tired of delays and tired of the excessive cash burn. I'll take my loss and move on.