My dad convinced me to through a few thousand dollars at BPTH a few years ago and for a few years after that I kept throwing a few more thousand dollars at it every quarter. My dad sent this letter to PN yesterday, I encourage everyone in this board to email Peter (pnielsen@biopathholdings.com) and share your concerns and frustrations:
Peter,
I have tried to remain quiet over the last year or so even though I have been totally dissatisfied with the continual downward spiral of BioPath. You may recall that the last time I wrote to you I suggested that, for the sake of BioPath, you should retire. Since that time BioPath management has made several critical mistakes that have caused BioPath to lose total credibility in the market and which have significantly delayed the completion of the clinical trials as is evidenced by the current stock price and the inability to get any market traction. Meanwhile, you and the management board have paid yourselves handsomely as though you are a "real" company with excessive salary, bonuses and stock options, another horrible management mistake. May I remind you you are not a real company until you have product in the market place and are turning a profit! You are remiss in paying yourselves bonuses and stock options from shareholders investments. Your bonuses should ONLY be based on profitability of BioPath and the completion of critical timelines. In fact based upon current performance you should be taking a cut in salary as Tim Cook, Apple, did when he missed his performance goals!
Internet message boards have discussed that you have ignored the requests of biopharm heavyweights who have expressed an interest in participating with BioPath in helping the company complete clinical trials and in forming associations with major drug companies and the stock market. If this is the case you are neglecting your responsibilities to shareholders and may be putting yourself and the company in a position subject to legal action from shareholders for malfeasance!.
I implore you, Peter, to suck up your pride and allow some heavy weights in the industry (cancer biopharm and stock market) to become associated with BioPath. Please, please, please re-evaluate the members of Board of Directors and add members who have name recognition in the stock market and in pharmaceuticals but more importantly in getting things completed. Something has to happen to get this ship back into the channel and I feel that current management just keeps running her further aground!
I'm sorry for being so blunt but I feel that time is short for bringing this project to a long overdue conclusion. I'm guessing that if BioPath gets de-listed from Nasdaq your problems are only just beginning. That is my conclusion based upon over 30 years in the BioPharm industry.
