Off to Boomskid I think they, Dr. Deborah Rathjen and Ladenburg Thalmann, have won. It's possible to stop them but I don't think there is sufficient will to do so. And maybe they cannot be stopped.
Since the Chiesi deal, I thought that a great combination of biologics manufacturing and the creation of new drug intellectual property would make a great combination. Protalix needs deal flow, IP flow, to exploit the manufacturing capabilities of their ProCellEx. Bioasis could create that IP flow with xB3, and Protalix could manufacture it. Outside licensing deals could have paid for the advancement of inside projects. It could have been a monster and Bioasis shareholders may have done very well. But it doesn't suit Dr. Deborah Rathjen's probable ambition of taking the xB3 platform private.
It now looks like all of the new xB3 work wiill likely be done in secret, with the private venture cap eventually going public and making the billions from xB3 that Bioasis shareholders could have made. (In addition to a sale of the xB3 platform, look for a licensing deal between Biodexa and a private firm. That would allow the private firm to start cheaply and with little risk, developing an xB3 drug or two. If it works out they could then buy the xB3 platform, and later take it all public.)
I have decided to walk away from all of this. I need to go away. I worked at it for over seven years, three years under that last contract. But I was paid for less than half of those final three years. I was occasionally paid, right up to two months before I cancelled the contract, a year ago today, as it works out. Being sporadically paid because of the lack of money at Bioasis led me to believe that I would eventually be paid when Bioasis was able to do so. That's why I kept going.
In total, I wasn't paid for 18.5 months of hard and dedicated work. In early Covid I gave up another contract, equal in pay, to stay with Bioasis. It was the wrong choice. I had no indication until recently that Dr. Deborah Rathjen had decided not to pay me. My contract requires written notice of cancellation. I didn't even get verbal notice, let alone written notice. At $6000 per month, it's over $110,000 that is lost to me for time that I dedicated completely to this. I also lost 31 months of half pay under Rob Hutchison, another $62,000. I billed it to Mark Day but it was too late. But he did raise my pay, twice. That's a total loss of over $160,000.00. Being paid in shares at 6¢, that's 2.7 million shares. Does it hurt? Only when I laugh!
The lost money is soiled, dirty money now. Rathjen needs to have it. She must have it. She doesn't just want xB3. I believe she wants to humiliate us all, putting forever into the record the contempt she has for us all.
You have no recourse. This deal will likely be be imposed on you, mostly by the willingness of too many shareholders to just walk away. They won't even vote, handing her the victory. Because you have no recourse, I will not exercise mine. She can have my money. I'm going to go do Boomskid. I'm scared to death of it, but what the hell, it also looks like fun.
It's been an honour to be a part of this with you. So many of you have become friends. You are welcome to remain in my world, to remain in contact with me, but I am not, and never will be, too interested in discussing Bioasis ever again.
After I post this, I will be asking Stockhouse to cancel my membership. It may take them a few days. I will also be permanently shuttering my StoxComm website. With Bioasis gone, there is no need to restart it. Boomskid will shortly have its first post. I will try to raise a few months of funding for Boomskid on GoFundMe. Hopefully I can get along until I can build a subscription base.
This forum will only exist for nostalgic reasons in a few weeks. Most of us will never have contact again. I wish you all the best.
I am off to
Boomskid now, and I hope you will visit me there. Stocks will never be discussed at Boomskid. My first post will explain what I will be discussing.
Merry Christmas, everybody. And Happy New Year, a year that I hope brings you some better resolution of this longtime Bioasis drama, and also brings you some peace.
John Davenport Boomskid