Knowing Dr. Deborah Rathjen's very careful use of words with respect to both what is said and not said, it wouldn't surprise me that when she says that Bioasis's "remaining cash reserves will allow it to continue operations only until approximately March 2023," that she means precisely that.
She may already know that Bioasis will default on the next CFSA payment and that it's highly likely that in the first few days of March Lind will foreclose on all of the loans under the "event of default" clause. The process of acquiring all Bioasis assets will likely also begin in that first week of March.
After the obligatory hand-wringing and expressions of sorrow are complete, there may be a brief deathly silence, followed by an announcement of the rolling back of Bioasis shares, 50 into 1 or something, leaving a couple of million almost worthless shares outstanding. The coup de grace will be an offer from somebody to acquire Bioasis for a couple hundred thousand bucks, or the company will be wound down.
The only remaining question will be who among the OLD AND NEW Bioasis team members have followed xB3 to its new destination, a private fund that will make billions from it.
The CSFA payments of C$125,000 must be made every month from now on, and the promissory notes must be paid by June 30. I do not believe that any company currently in an agreement with Bioasis will enter further agreements with Bioasis unless and until Bioasis has financial stability.
Is there a shareholder who will loan Bioasis the money to buy enough time to right the ship? There are a few shareholders with money sufficient to do it without pain. If Lind and Midatech were paid off, then that shareholder or some other lender could put a claim on Bioasis assets in the loan agreement. What about partners? Chiesi could do a BD, a loan, an equity investment or a combination of any of these. Protalix could do it. Any pharma could do it in the ways that Takeda funded Denali. It could be done.
But I don't think it will be done. I think for some people the countdown to a big win in March has now begun. And I think they'll win and they'll laugh for the rest of their lives about it. And they should be ashamed of themselves.
jd