GpHeart, I just had the privilege of voting to withhold the BOD and voting NO on the stock split iniative and the bonus iniative for the second time today as I received the proxy statement for another purchase of BPTH.
I was thinking about your comment that it doesn’t make sense unless we have a plan. I ask, how is that any different from the current state of BioPath? Is there a plan? Who would know, anyone? To me the BioPath plan is that there is no current plan! There is a lot of activity, period but no plan! BioPath is caught in a whirlpool, endless do loop, activity trap, call it what you would like. They are patting themselves on the back and giving bonuses and stock options for simply performing a lot of activity NOT for results and they seem perfectly happy with that!! What a great gig Peter has, $1.9mm last year? And who knows what for 2017.
My assessment of Peter Nielsen and his management style can be summarized in four critical points:
1. No accountability. He accounts only to himself! The BOD only approves PN’s desires. He has fashioned the BOD for that. There have been several very high profile mistakes which have cost 2-3 years to the program and there has been no one held responsible.
2. No commitment. In Peter’s responses in his last conference call Yi could not get a commitment from Peter regarding the status of phase II and the 19 patients and the schedule for submission to the FDA and as a result Yi’s firm dropped the target price significantly as we all know. I’m guessing there is nowhere to be found a program timeline within BioPath. That would require accountability. Things are just proceeding on the PN timeline. As my Jr High coach used to say, “grandma is slow but she is old”! I think that applies here to Peter!
3. No urgency. I discussed this point with Peter on one occasion several years ago and his response to me was, “there’s always room for another cancer treatment”. Wrong answer!! He apparently doesn’t understand “eclipsing technologies”. He doesn’t understand the importance of first to market and the barriers to entry that FTM provides.
4. No communications. No additional comment required. We all know what a miserable communicator Peter is and he blames it on the study protocol. Give me a break!
In my mind these 4 points are the reason that PN and the BOD have to be removed, the sooner the better! Finding replacements is a discussion for another day about which I am not worried! A trained monkey could do what Peter is doing and for bananas!!
