RE:Looking for a cheap biotechYou know, I've been around because of a connection to this company for the best part of 30 years. Bought some shares because of that personal connection back in the 90s, and rode them all the way up - sold some when they were high - but then rode the majority all the way down again.
Truly, we've heard it all a hundred times. Great products, great pipeline, but it all needs just a little bit longer, and of course more dilutive investment. But don't worry, everything is wonderful and nirvana is just around the corner. Always just out of reach for a few more months, but soon we'll have so much money flying in, we won't know what to do with it. Rinse and repeat, time after time after time. To keep this up for almost 30 years, while posting massive loss after massive loss, takes skills in getting the world and his wife to carry on pouring money into what has become an interminable black hole, while some at the top have been very handsomely rewarded, some of them for an entire career.
We all scoffed at the Black Mamba demolition job that was published on Prometic and its technology, I think, in 2016, predicting a massive collapse in value. Shorters trying to make a killing on our shares we thought. I had always believed in the technology, but you have to say that in hindsight the damning BM assessment does look all too prescient. I think you can only go on for so long promising good times in the future and this has certainly had a good run. Some have said that the majority shareholder would now like to go private. I do question whether there is even much value left in that for them now compared to all that we were promised. They must have spent a huge amount propping it up for this long.
I fully expect my remaining holding to be worth nothing soon. Won't change my life. It's a minimal part of my portfolio, and I'm glad I sold some when I did and got out a little in front including what I lose on the rest. Could have made a lot of money if I'd sold all out at the top though.