RE:Recall this?When Paul was hired or shortly thereafter I made the following comments
1-Chinese Proverb NEW BROOM SWEEPS CLEAN expecting changes in the C Suite and more specifically at the CFO and CCO....The Chief Commercial Officer left the company but the CFO who was also CFO when the Convert was done is still with us
2-I posted many times that Paul needed to hire a CFO with a good track record and familiar with the US capital markets preferably already working in the US ,,,,AND I also said that Paul 's legacy was riding on this ,,,,,It was obvious to me then and obvious to me today that Paul financial acumen is very poor and he should have recognized this from the start but he did NOTHING to compensate this weakness by recruiting a high caliber CFO ,,,
Paul s first speech I think was about keeping people accountable !!!!!!It is very clear now that those were just words and he did not walk the talk
You reap what you sow !!!!! The proof is in the pudding !!!
I will stop here but today s news is the last straw
scarlet1967 wrote: "If the team has capacity gaps — and this is inevitable in the unpredictable R&D world — you may not get a knock on your door to remind you. That underscores the importance of embedding a culture of straight talk. Ask the right questions from the outset, and above all, truly hear what others are saying so you can maintain realistic expectations.
PREPARE FOR THE FASTER PACE — AND THE SCRUTINY
It’s no surprise that decisions come faster in the biotech world than in Big Pharma. Largely freed from bureaucracy, a biotech CEO can make decisions without needing layers of approval. However, the margins for error are narrower in biotech. The pace at which the decisive moments arise, combined with the relatively flatter hierarchies, can heighten the impact of those decisions on the entire organization. One setback or issue can necessitate a quick pivot to damage control or crisis management. And if you crash in biotech, the landing is harder."
Capacity gaps were responsible for the Marathon's deal, delayed HFS, failed F8 approval both for a long time felt like that there were as close as it could get to a sure thing and now Trogarzo IM add to that the roller coaster of sale guidances. Fast decisions should still be made based on well educated presumptions/projections. Then he goes on and add:
"I can’t overemphasize the importance of keeping expectations in check and preparing for all possible scenarios.."
Well how many freaking times the company was forced to renegotiate the Marathon contract due to breaching its terms both R&D parts(HFS for F4 and next the F8's approval) and commercial(minimum liquidity)? What was you expecting and your preparations look like desperate last minute negotiations costing the company/shareholders money and damaging yours and the company's reputation/credibility. It's not a joke, people have lost their hard earned money and their faith in the company, a hard place to be for the current investors so stop this nonsense about lecturing people regarding how a biotech CEO should behave. Don't teach but practice what you preach.
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