8 deadly sins of current management The current management and BOD have done somes things really poorly. Some they have done very well. Most of the poor ones pertain to money and Graeme's refusal to reel in spending. Here is a list of the most egregious ones.
1)Spending our money with arrogance and reckless fiscal disregard.
2) Signing an Endo deal under the gun because of number 1.
3)Spending 75mm building a plant, without doing the proper market research, or getting assurances from the governement about a subsidy beforehand. Staying stubbornly attached to the failed Econiche/VMC project. If we didn't have the plant burning through our cash, then we could wait the year or two for countries to begin adopting Econiche.
4) Signing the Royalty Capital Deal at 15%. This may have actually been the only deal they had available, as every prudent lender willing to lend at 6% or 7% would have spending stipulations that Graeme would not have agreed to.
5) The current BOD refusal to stop Graeme, was a flagrant disregard of the corporate governance they were put in place to perform.
6)Refusing to move into the 20th century with regards to technology to improve visibility and revenue.
7)Complete and utter disdain for shareholders. Secrecy that was unwarranted, under the guise of being proprietary.
8) Over promise and under delivery ad naseum.
In their defense, they have amassed an amazing pipeline of drugs and therapies that are the envy of any Canadian life sciences company. They still do have a huge asset in Urocidin that may bring a big payday within the next month or so. They keep saying it is worth much more than it was in 2009. Well enough talk. Show us!
beech