RE:RE:RE:The Roadshows. Question Everything, Including Nothing.Thanks, Sniper007. You're right. Answers are needed now and if shareholders don't soon get satisfaction with either answers or news, then it could be too late to take action at the AGM. Bioasis has rules for alternate nominations and other additions to the AGM agenda. By August or September it could be too late to do anything.
For me, it's not so much that I doubt everything. I think Bioasis may have some good stuff going on and that the recent agreements, including with Chiesi, are valid. But the secrets (or dissembling) that are evident do cause problems with confidence. Is Prothena gone, or not?
It's not that people care so much about the Prothena agreement. The deal was never any good, anyway. But people do care about whether Bioasis is hiding the Prothena situation, and if Prothena is gone, whether xB3 was a problem and caused Prothena to go away. Further, the reporting of how the Prothena options were handled reveals some careful planning and timing that may have been done to avoid clarity of that situation.
The Q3 report of January 27, 2021, the Annual Report of June 25, 2021 and the Q1 report of July 29, 2021 all described what look like very convenient extensions and deadlines for those options that in the end allowed Bioasis to avoid direct reporting on the situation. It was unbecoming of a careful management to handle it the way they did, even if the options had to be dealt with for good reasons.
I think Bioasis could be more forthcoming and could put more effort into creating, projecting and maintaining a "winner" image of Bioasis. Bringing Ladenburg Thalmann (LT) into the story was an admission of Bioasis limitations and not of progress. Any good licensing or partnership deal could bootstrap Bioasis into achieving progress with its internal programs. Bringing LT into it is an andmission that messing with shareholder equity is a necessity, and that xB3 Platform deals are not good enough.
Let's get it straight. Any deal brought to the table by LT will involve a company, either a pharma or a venture fund, that wants the xB3 Platform and would intend to make something very valuable from it. It also suggests that the Bioasis management is admitting that they can't get a good enough deal done to bootstrap other activities and, as a result, they're taking the easy way out.
I get it.Everybody's tired. I'm tired. Maybe management wants it all to go away. And maybe shareholders are ready to sell cheap and move on. But there will be regret if or when xB3 underpins blockbuster drugs that create far more returns than what shareholders got from the combination of sale proceeds and reinvestment of those proceeds.
jd