RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:British Columbia Securities Commission!! ",,but,,POF,,,,the impressive advanceent of Carina and the disasterous condition Bioasis is in is the CEOs responsibility..."
If Rathjen was incompetent Carina wouldn't have been able to raise all the money it has, including from institutional investors, advance its science preclinically, and get the 'green light' from the FDA to start clinical trials as it has. Rathjen has the required competence.
If you compare the number of deals, the size of the deals, and number of transformative deals negotiated(Cresence, Biodexa) Rathjen beats all previous CEOs at BTI. If she wasn't putting in the effort at BTI how did she achieve that? She beat them all despite a once-in-a-Century pandemic and the baggage of the past. As noted, a previous Former Group Finance Director of Shire challenged anyone to find a company the size of Biodexa with more opportunity and a successful multi-billion fund endored the opportunity with US$20 million in potential cash.
Rathjen has proven that she can get the required tasks done as with Carina and has achieved more than any previous BTI CEO at the same time. What went wrong at BTI?
Any shareholder that was willing to walk the path of debt with a preclinical-stage biotech company accepted the significant risks. From scientific outcomes, to timelines, to financial risks adding debt to preclinical biotech is very risky during the best of times and no one saw what was coming. Should we blame Rathjen for a historic 25% of biotech trading below cash in 2022; and that preclinical biotech fared even worse? Again, BTI was also in debt to begin with at a time when so many biotech stocks weren't even worth their cash.
When Rathjen became CEO BTI also had no money and carried the baggage of two previous management teams that failed. The lead Herceptin program couldn't advance despite three management teams. Rathjen has been trying to change the strategic direction but in biotech that takes time. She changed the strategic focus to the intersection of Lysosomal Storage Disease, inflammation, and neurodegeneration leveraging the work with Chiesi. Chiesi's advance to FDA approval was thwarted by the FDA unexpectedly changing an 18 year old rule. Something appears to have happened with BTI's lab work.
BTI has been swamped with the unexpected, unprecedented, and misfortune. Life happens and no one is guarenteed a smooth path in preclinical biotech.
What is the difference between Carina and BTI?