beenthere, I don't think Bioasis was a
scam, as others have alleged over the years. Although the technology, xB3, may have failed, there is no public evidence that it did. There’s lots of public evidence that Bioasis was the victim of bad corporate choices. In the end, Rathjen could not raise sufficient money nor could she do deals of sufficient value. Bioasis ran out of money, the ability to raise money, and ran out of time. It was a slow motion death spiral.
Rob Hutchison raised quite a lot of money, but he never invested in a pipeline. He paid himself a nice salary plus other fees for almost 10 years. That was all visible in the financial reports. But as I posted here many times, he took the position that Bioasis should not risk early stage clinical trials when partners could take those risks. But he failed to get substantial partners, and in the end was forced to hire Mark Day, who was also not successful.
About my relationship with the company, I have detailed that many times on here, full disclosure. But remember, you publicly stated many times that you didn't read my posts. I was hired in 2014 because I was writing very well about the company and its science. I ended up writing the website of 2015 to 2017, and I wrote all the press releases except the financial housekeeping PRs.
The terms of the contracts I signed in 2014 and 2017 were simple. Bioasis paid me to write press releases, website text and other corporate documents as requested. I was not paid to write ABOUT the company and my contract forbade me from doing investor relations work. That left me free to write what I wanted to write about the company, including criticizing the company, which I very often did. Too many of you ignored the hard questions and commentary but loved the positive stuff.
About controlling the forum, everybody has the freedom to write what they want. Most often, you, beenthere, and others were not writing about Bioasis. You were writing about me. You made the mistake of thinking that I would back down or go away.
A lot of people called me dumb, and still do. But the interesting thing is, if I'm considered to be stupid and yet accused of unduly influencing investors, then how dumb does that make the investors I supposedly influenced? The fact is, we all had good reasons to think that xB3 and Bioasis could be successful. There were never too many dumb posters here. Malicious, maybe, but not very dumb.
I always considered us all to be in this together. Everything that affected you guys also affected me, and I wrote about it all, which is why I annoyed DrDR so much. I was asking tough questions on this forum about her actions and capabilities less than a year after she became CEO and she didn't like it one damn bit. On July 10, 2020, ten days after the Chiesi announcement, she called me and asked me to stop posting. I stopped for six weeks and then came back in August. She never did fire me under the terms of our contract, but I never got paid again after June, 2020.
There is far more evidence that Bioasis failed because of incompetence than because of anything being wrong with xB3. The proposed deal with Midatech and the hoops that those players were jumping through certainly suggest that they wanted xB3, an indication that they thought there was value there. But they wanted to get it from Bioasis shareholders without Bioasis shareholders having any residual ownership in xB3. Bioasis shareholders were going to get a wee little piece of Midatech but Midatech was not going to retain ownership of xB3. If there was a scam, this was it, but frankly I think that gang and DrDR used perfectly legal means to create a deal that shareholders were very likely to not understand until it was too late. I wrote this all out for you several times.
You guys can think what you want, about Bioasis, about the CEOs, and about me, but it's over. The only questions I have are: (1) Did xB3 fail without public notification that it failed? (2) Did somebody get their hands on xB3 and are they continuing to work on it?
Best of the holidays, everybody.
JD (Just Dumb)