Memories During February of 2019 I was on the phone with shareholders for 12 hours a day arguing for a special shareholders meeting to fire everybody at Bioasis, including the BoD, Mark Day, but not Mei Mei.
And I was talking to everybody. Owners of tens of millions of shares. RH suggested creating an executive committee who would select a new CEO and BoD. There was strong support to bring Mark Day back as CEO and to go from there.
We knew Mark Day was under threat to be fired by Dr. Deborah Rathjen. We had known that for several weeks. But nobody wanted Rathjen around. The real worry was that Bioasis was being set up to be taken private, with little or no value coming to Bioasis shareholders.
On Saturday, March 9, 2019, Dr. Deborah Rathjen convinced the major individual Bioasis shareholder that she could run the show and, I suppose, would protect shareholder interests. The shareholder agreed with her, the word went out, and on Monday, March 11, 2019, it was announced that Rathjen was in as CEO, and Mark Day was gone.
It was a bad day for Bioasis shareholders. And now it looks like it's happening again.
Midatech has had trouble keeping its NASDAQ listing. If it can get xB3 deals signed, like the Ellipses deal for xB3-001, then Bioasis shareholders could make some money on the blue sky that the deal may presage. Or, before anything of value happens, the company could be sold off to a private company, who could make billions with xB3.
Our fears of four years ago may have been justified. However it goes, Dr. Deborah Rathjen is along for the ride in the new setup. If she ever was envious of Dr. Nancy Stagliano, this deal could assuage those jealousies.
jd