GALBRAITH THE STORY BEHINDWHAT REALLY HAPPENED ?
I the last three years Zymeworks raised close to $600millions.
The company has no revenue from operation and a $170 millions burn rate a year without solid scientific results.
82% of the money comes from big VC's. They have losted close to 70% of their investment by now.
WHAT DO YOU YOU THINK THEY DID ?
They called the CFO, Neil Klompas, and told him to move something if he doesn't want to see the pipeline closed. Simple as that.
Klompas called a meeting with the board and suggested as a brilliant solution...a new CFO, leader in the biothechnology industry. He knows the guy, he sat with him on the board of Liminal, the wreck of Prometic. Galbraith was the former CEO expected to be the salvator.
Now do your own DD on this guy and his skill to become a game changer.
VC,s should talk together if they have a concern about their clients money.
As I'm concerned Galbraith is a kind of "chicken exit"
Just my thought after lot of reading.