Sad DayMy previous post was put up in error. The intended version follows:
Bioasis today is announcing that it has pretty much given up. You can find the press release
here.
Chiesi has cancelled its agreement with Bioasis. They may see no opportunity with xB3 or maybe they don't want to deal with Bioasis. A term sheet has been signed that may shift the EGF assets back to some Cresence people. There is no word about J&J, Neuramedy or Prothena.
A reason for the failure may be that there is a real or perceived problem with xB3, despite being reassured by every CEO that there are no problems with xB3. We may never know.
I expect the next news will be the loss of xB3 to the Lind Group. They, in turn, could sell it into private hands, perhaps to a shark who may have been laying in wait for it all along. If that happens then we may never know where xB3 ends up or whether Dr. Deborah Rathjen and Dr. Mario Saltarelli follow xB3 to its new owner, at least not until they brag about it on LinkedIn or somewhere.
Imagine, a market waiting for the successful transport of therapeutics across the BBB, a market that is worth billions per year, and Bioasis managements, not one of them, could make a go of it. It’s a remarkable failure.
With operations ceasing and with no reporting, we may never know the details of how it all happened but we can and will remain very suspicious about how, in the end, it all went down.
It’s a sad story and suspicions make a thin soup.
Time to move on. For me, it's Boomskid, almost immediately, and I am pursuing other writing opportuities.
I invite all of you to remain in touch, however and whenever you see fit.
Sad day...
jd