Benitec Biopharma Ltd (BNTC)

[ddRNAi2014]

Preface: Blane, I personally appreciate the compassion and altruistic nature of your posts here and elsewhere. That said, it is time for shareholders to hold the Management team and the BOD responsible for their inability to shepherd a great technology.

Self imposed timelines are irrelevant as they never come close to meeting them or are held accountable.

They announce they are going to revert to traditional clinical reporting standards and a few weeks later do exactly the opposite and report on the dosing of a single patient.

The IPO was a complete and utter disaster, with the net proceeds of $12M a pittance. The IPO should have been cancelled.

The company cannot sell itself to anyone, retail investors, big pharma or institutions.

A change of leadership is long overdue and the time for shareholders to stop looking at every move they make in the most optimistic fashion has long passed. No other company I have ever followed has been given as many free passes while proving incompetent to the degree that this company has.

As it stands the destruction of shareholder value is borderline fiduciary fraud. The price of a share now is near the pre consolidation level for the ASX listing of BLT. Less than two cents a share.

Currently Peter French is on Australian TV talking about efficacy results in 18 months. It is a broken record. Again, borderline fraud as the company's website lists Q4 2015 as the beginning of efficacy data.

While I realize this is a harsh analysis of the actions of Mgmt. and the BOD, the time has come to hold them responsible and change is desperately needed in both the marketing/business development team as well as the CEO. Dr. French has proven incompetent as a CEO. He is on record as describing himself as the "reluctant CEO". He has proven it. What is truly amazing is that the BOD and shareholders have allowed his non performance to be handsomely rewarded. Greg West and Carl Stubbings need to be out of jobs for the handling of the IPO and all of the excuses that have been trotted out as to why it was so dismal hold no water as many have pointed out on other forums.

A perfect example of paying for something and getting nothing in return is Tribetarna.

Unfortunately, Benitec paid between $2.7 - $3 Million dollars to a CRO in Eastern Europe: http://www.benitec.com/documents/1309_Van_Leeuwehoek_Research_Update.pdf

P. 14 of above document:

Benitec appointed Europe based Clinical Trials Group CTGCRO to manage the initial
clinical development of Tribetarna and a proposed P
hase I/IIa clinical trial with the
company aims to start in 2014Q4.

One quarter of the monies raised from the IPO was spent on salaries for 2015, one quarter of the IPO was wasted on a CRO payment that I highly doubt is refundable (when the long awaited annual report is out perhaps we will find some clues as to whether we will ever see the money again). Incompetence has reigned for far too long, I for one am done with allowing it to go on without a vocal opposition. I will vote down the remuneration package at the AGM and I will continue to voice my disgust directly to the company via their investors page as is the right of every shareholder.


TT-034, it has long been argued by Mark Kay and others may have a very fatal flaw. The vector.


So unfortunately, this company in fact has proven that they do "enter into agreements for something that is not working".