RE:RE:RE:News ReleaseHi Ingiboy:-
Looking back on the Replicel saga, I believe this is a story of a CEO who is not up to the assignment. The main responsibility of this CEO is to negotiate partnerships to further the trials of the hair, skin and tendon treatments. CEO 'Denbrecker' has only secured one partnership in 5 years. I give him a grade of 'F.' The key to this Company was to get a partnership with a Western company to do Phase 2 and 3 trials for RCH-01. This would have then given Shiseido a better feeling towards their relationship with Replicel.
Other responsibilities of this CEO include cash management, the commitment to not dilute the share count and being transparent with the shareholders. I give the CEO a 'D' on cash management. Money was raised mainly when there was already a lot of money owing in Accounts Payable and the stock price was reflecting this situation. 'Denbrecker' should have anticipated all possible scenarios and raised as much money as possible when the stock was trading at a higher level.
I give the CEO a 'D' on the commitment to not dilute the share count. Until recently, I would have given 'Denbrecker' a 'B.' However, this last desperate offering has caused me to downgrade his performance.
On being transparent to the shareholders, I wish there was a grade lower than 'F.' However there isn't. So I'll have to give 'Denbrecker' an 'F.'
I am hoping that once his employment contract comes to an end we can show 'Denbrecker' the door without any additional costs to the Company. It is a mistake to hire a boy to do a man's job!