Bioasis is announcing that it has pretty much given up. You can find the press release
here.
Chiesi has cancelled its agreement with Bioasis. They either see no opportunity with xB3 or 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.
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.
Other possibilities include the loss of xB3 to the Lind Group. They, in turn, could sell it to a shark who is lying there waiting for it. If Lind does get it, we may never know where xB3 ends up or whether follows it to its new owner.
Imagine, a market waiting for the successful transport of therapeutics across the BBB, a market that is worth billions per year, and Bioasis managements couldn't make a go of it.
We may never know the truth, but we can and will remain very suspicious about how it all went down.
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