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I've had shares in the company since it was called Dandrit - I think you can also call me a pretty active investor - but even so I have never heard of a dual listing in Boerse Berlin - and I am certain that there has never been any real turnover.
I think I can safely say that no-one in Denmark has ever heard of a dual listing of Renovaro - and I've been a shareholder since the early Dandrit days. (I would say I know all the largest danish shareholders - except one or two) and this has never been mentioned or even hinted at.- much less a potential investigation by the SEC. '
No. Though they're suspending for cause less often nowadays. Maybe they'll get some Wells notices. Most companies do disclose them, but it isn't an absolute requirement, so...
this is news to me..
You're welcome. Now what about the Danish angle?
You should have 30 posts per day now. If you don't, go to this address and send a private message to an admin:
https://investorshub.advfn.com/boards/profile.aspx?user=111041
Are you from Denmark, or do you have connections there? Any thoughts about the Danish part of the company? Any ideas about the Berlin listing?
i don't think anyone would be shocked to see an sec suspension.
There's also this from Hindenburg:
Disclosure Insight (DI) is an investigative organization that uses Freedom of Information Act requests to discover whether companies are the subject of undisclosed SEC investigations.
According to DI, Renovaro has been the subject of an undisclosed SEC investigation since November 2020, which it confirmed as still ongoing as of December 21st, 2023. DI summed up their take on Renovaro as follows:
“We have zero confidence in the management and board of a company with this risk profile that steadfastly refuses to disclose an underlying SEC investigation our work keeps confirming as ongoing.”:
https://hindenburgresearch.com/renovaro/
Sometimes it's better not to offer a lengthy defense, especially if you once did business with a Turkish magician who had no medical or scientific credentials, and hired a hitman to murder a victim of one of his scams. I find it just weird that current management doesn't seem embarrassed about that.
"In addition to Hindenburg’s shorter attack, we became aware yesterday that our Company was listed without our knowledge on the Berlin stock exchange. We are taking immediate legal action to file a complaint with the proper authorities."
Seriously? Why are they trying to make it sound as if there's some relationship? Seems Renovaro's been trading on the Berlin exchange since at least 2020. Here's a five year chart:
https://www.boerse-berlin.com/index.php/Shares?isin=US29350E1047
See also:
https://www.boerse-berlin.com/index.php/Investor_Information/Open_Market
See also this information:
If nothing else, it shows the company was still called Enochian Biosciences when it was listed in Berlin. The name change from Enochian Biosciences took place in August 2023. And just two days ago, The company once again changed its name, to Renovaro Inc:
On February 13, 2024, the Company changed its corporate name from Renovaro Biosciences Inc. to Renovaro Inc. (“Renovaro”, and together with its subsidiaries, the “Company”, “we” or “us”). In August 2023, the Company changed its corporate name from Enochian Biosciences Inc. to Renovaro Biosciences Inc. The Company engages in the research and development of pharmaceutical and biological products for the treatment of cancer, HIV, and HBV with the intent to manufacture said products.
https://www.sec.gov/Archives/edgar/data/1527728/000173112224000248/e5415_10q.htm
Now, it has gone through a number of name changes:
In the text of that document, which is the company's 10-K for fiscal 2023, RENB makes no reference to its other former names, DanDrit Biotech USA, and Putnam Hills Corp.
https://www.sec.gov/Archives/edgar/data/1527728/000173112223001770/e5061_10k.htm#a_003
DanDrit was featured in a merger that ended with Enochian Biopharma as the surviving entity:
On January 12, 2018 (the “Agreement Date”), Dandrit Biotech USA, Inc., a Delaware corporation (the “Registrant” or “Parent”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, DanDrit Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Registrant (“Merger Sub”), Enochian Biopharma, Inc., a Delaware corporation (“Enochian” or the “Company”) and Weird Science LLC, a California limited liability company and the super majority stockholder of Enochian (the “Majority Stockholder”). The Merger Agreement provides that the Merger Sub will merge with and into Enochian, with Enochian as the surviving corporation (the “Merger”).
https://www.sec.gov/Archives/edgar/data/1527728/000121390018000600/f8k011218_dandritbiotech.htm
Note that that filing was made by DanDrit BEFORE it became Enochian. It is entirely possible that it began trading in Berlin before 2018.
And this is an explanation of the 2014 merger of DanDrit with Putnam Hills Corp:
https://www.sec.gov/Archives/edgar/data/1527728/000121390013006509/f8k110713_putnamhills.htm
Once DanDrit had completed the merger with Putnam Hills an began trading in the US, it filed to do an S-1 offering. The SEC had comments. This is funny:
Please tell us how the “earnings per share” that you present here and elsewhere outside of the financial statements based on the DanDrit Biotech A/S and subsidiaries’ capital structure is relevant to an investor. Also advise why you use the term “earnings” when only losses have been incurred.
https://www.sec.gov/Archives/edgar/data/1527728/000000000014013101/filename1.pdf
In the S-1 itself, DanDrit's international subs are referenced:
Functional Currency / Foreign currency translation — The functional currency of DanDrit Biotech USA, Inc. (Formerly Putnam Hills Corp.) is the U.S. Dollar. The Functional Currency of DanDrit Biotech AS is the Danish Krone (“DKK”), and the functional currency of Dandrit Corporation PTE. LTD. is the Singapore Dollar, The Company’s reporting currency is U.S. Dollar for the purpose of these unaudited proforma condensed combined financial statements. The foreign subsidiaries balance sheet accounts are translated into U.S. dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. dollars at the average exchange rates prevailing during the periods and years ended 2013, 2012 and 2011. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred.
It seems possible the listing on the Berlin Boerse happened that early, or at any rate during the years preceding the eventual merger of DanDrit and Enochian.
https://www.sec.gov/Archives/edgar/data/1527728/000121390014000933/fs10214_dandritbriotech.htm
Expected breakthroughs by combining technologies in (early) cancer detection and recurrence of cancer with a single vial of blood.
$RENB
$RENB big news today: Cutting Edge AI Company GEDiCube and Cyclomics sign binding LOI to join forces and position themselves at the forefront of the global liquid biopsy marketplace https://finance.yahoo.com/news/cutting-edge-ai-company-gedicube-142500523.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr via @YahooFinance
Most if not all listed companies have an authorization to issue new shares if need be - the current allotment of shares are being used (more or less) to buy GediCube - so they simply make room for other purchases (or capital-infusion)
sorry for dropping out yesterday - I reached my limit of 3 posts (!) - so I'll summarize my answers - Lucky - No - I´ve never met Serhat Gumrucku - I almost did at a conference. I do understand though from those who did meet him that he is very charismatic ... Janice, I am aware of that - which is why I think they have double-double-double tested all new results and have had them verified by truly independent experts . I-Glow - there is ver little new in the report - its a rehash of the previous with a little added innuendo - but I think that Avram Miller should know a bit more about the quality of the AI of GediCube than Nate A
NEWS: Cutting Edge AI Company GEDiCube and Cyclomics sign binding LOI to join forces and position themselves at the forefront of the global liquid biopsy marketplace
$RENB "Hit With Short Seller Report, Renovaro Biosciences Comments On Hindenburg's Opinion Piece" https://www.benzinga.com/general/biotech/24/02/37133612/hit-with-short-seller-report-renovaro-biosciences-comments-on-hindenburgs-opinion-piece via @Benzinga
Is that Elizabeth Holmes who wrote the article?
"In addition, today’s announcement of a binding LOI with Cyclomics (link) positions the combination of cutting-edge technologies to be at the forefront of liquid biopsies (blood tests) for cancer and other diseases."
The article is the worst denial piece I have read.
They attacked Hindenburg but never stated any facts to prove the Hindenburg Report wasn't accurate. Actually, I have read the Hindenburg Report on Mullen several times and didn't find anything inaccurate.
Plus, I had never heard the term shorter attack. The company management seems to be lacking at best.
The good thing is that Serhat Gumrukcu is in Federal Custody. The DOJ could seek the death penalty.
I am fairly certain that the investigation will continue - be careful Dr. Mark Dybul you might be next.
IG
“I have been in the technology business for nearly four decades, including leading multiple acquisitions,” said Avram Miller, Co-Founder of Intel Capital and Intel’s former Corporate Vice President for Business Development, “After spending many hours and days learning in depth about the power of the deep machine learning of RenovaroCube, I am convinced it is among the most advanced and creative technologies, and is led by a very talented team. While it is initially being applied to the accelerated development of next generation health care products, I believe the depth of the insights could very well expand to become the backbone for a number of large commercial markets. In addition, today’s announcement of a binding LOI with Cyclomics (link) positions the combination of cutting-edge technologies to be at the forefront of liquid biopsies (blood tests) for cancer and other diseases. I believe we are building a first-class company based in strong technology and science with an impressive commercially-based organization. I am very excited to be part of this journey.”
$RENB
Green close! +14.06%
$RENB
"In addition to Hindenburg’s shorter attack, we became aware yesterday that our Company was listed without our knowledge on the Berlin stock exchange. We are taking immediate legal action to file a complaint with the proper authorities."
$RENB
$RENB Statement of Renovaro Inc https://finance.yahoo.com/news/statement-renovaro-inc-150100848.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr via @YahooFinance
They've said the same thing about the potential of other products, some of them developed by the magician, in the past.
this is just a standard authorization for future use (wholly or partial)
A what??
In addition to Hindenburg’s shorter attack, we became aware yesterday that our Company was listed without our knowledge on the Berlin stock exchange.
Maybe the murderous magician did it from prison.
do you know the magician, dr. murder?
I assume he is a fast reader :)
also this...
“After spending many hours and days learning in depth about the power of the deep machine learning of RenovaroCube,
that much, eh?
congratulations on your first post in almost three years. are you with cyclomics? how's the weather in the netherlands?
Apart from denouncing the falsehoods of the Hindenburg Report - there is this highly interesting quote in todays statement (if you are bullish) from the CEO and CMO of RenovaroCube: "We are both convinced of RenovaroCube's lifesaving commercial potential and the prospect of products in the marketplace already this year." newsfilter.io/a/4558bcd5da7...
this is just a standard authorization for future use (wholly or partial)
and yet they didn't put those lies in an 8K.
Renovaro Biosciences Inc., a Delaware corporation (the “Company”), filed with the Secretary of State of the State of Delaware a Certificate of Amendment (the “Authorized Share Amendment”) to the Company’s Certificate of Incorporation, as amended, to increase the total number of authorized shares of capital stock of the Company from 110,000,000 to 360,000,000 and to increase the total number of authorized shares of common stock, par value $0.0001 per share, of the Company from 100,000,000 to 350,000,000, effective immediately.
$RENB 2.36 +22.92% "Nasdaq market seems to like the statement today." #shortsqueeze
a/s just tripled.
$RENB The following is a statement by Renovaro (Nasdaq: RENB) in response to Hindenburg's recent opinion piece:
We felt compelled to comment on the shorter Hindenburg’s opinion piece.
The one thing Hindenburg got right is that the Board of the Company has remained steadfast in their confidence and support in the lifesaving potential of Renovaro. In fact, four exceptional leaders in the field of technology and business have recently joined the Board.
The rest of the diatribe is largely rehashed material they have been using in a transparent attempt to make money as an active shorter of the Company’s stock – a fact that is buried at the very end of the opinion piece: “You should assume that as of the publication date of any short-biased report or letter, Hindenburg Research (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines.”
In addition to Hindenburg’s shorter attack, we became aware yesterday that our Company was listed without our knowledge on the Berlin stock exchange. We are taking immediate legal action to file a complaint with the proper authorities.
The commentary itself is riddled with falsehoods and misleading statements. Indeed, there is a heavy caveat – again, buried at the end - that what is stated is mere opinion without claims of accuracy: “information is presented “as is,” without warranty of any kind – whether express or implied. Hindenburg Research makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information…. All expressions of opinion are subject to change without notice, and Hindenburg Research does not undertake to update or supplement this report.”
In an apparent desire to make profit at the expense of other Renovaro shareholders and, potentially, the lives of patients, there is a new false claim about the innovative and advanced AI capabilities of GEDiCube, now RenovaroCube.
“I have been in the technology business for nearly four decades, including leading multiple acquisitions,” said Avram Miller, Co-Founder of Intel Capital and Intel’s former Corporate Vice President for Business Development, “After spending many hours and days learning in depth about the power of the deep machine learning of RenovaroCube, I am convinced it is among the most advanced and creative technologies, and is led by a very talented team. While it is initially being applied to the accelerated development of next generation health care products, I believe the depth of the insights could very well expand to become the backbone for a number of large commercial markets. In addition, today’s announcement of a binding LOI with Cyclomics (link) positions the combination of cutting-edge technologies to be at the forefront of liquid biopsies (blood tests) for cancer and other diseases. I believe we are building a first-class company based in strong technology and science with an impressive commercially-based organization. I am very excited to be part of this journey.”
Dr. Coen van Kalken, MD PhD said, “We were one of the original investors in the technology GEDi Cube acquired as a holding company. I have seen the remarkable advancement of the underlying, award-winning deep machine learning from its origins in Fintech to its current applications in the biomedical space. As a clinician, scientist and entrepreneur for more than 3 decades, I became so captivated by the accelerated progress, in particular in the past year, it was not a difficult decision to accept the offer to lead GEDiCube, now RenovaroCube. In addition to our own technology, we are rapidly expanding our network of current and potential partners. We are fortunate that Dr. Henk Vietor, MD PhD, a well-known and respected clinical geneticist, researcher and health care entrepreneur has joined as CMO. We are both convinced of RenovaroCube’s lifesaving commercial potential and the prospect of products in the marketplace already this year.”
The Board and Management remain confident in the future of the Company and believe people will see these baseless attacks for what they are.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties, including but not limited to the success or efficacy of our pipeline. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as “believes,” “plans,” “expects,” “aims,” “intends,” “potential,” or similar expressions. Actual events or results may differ materially from those projected in any of such statements due to various uncertainties, including as set forth in Renovaro’s most recent Annual Report on Form 10-K and its definitive proxy statement related to the acquisition of GEDi Cube Intl Ltd. filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Renovaro Inc. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
Contact Information:
ir@renovarobio.com
Source: Renovaro Bioscience
$RENB Amazing Cancer Technology- New Video Out:
https://1drv.ms/v/s!Aglxj21ec7_4ojN6yzBaL7maTC26
#Nasdaq #2024
Am I reading this right?
In addition to Hindenburg’s shorter attack, “we became aware yesterday that our Company was listed without our knowledge on the Berlin stock exchange.” We are taking immediate legal action to file a complaint with the proper authorities.
Ahhhh that’s insane
WHAT?? Do you seriously not realize that "Enochian Biosciences" is no longer the name of this company?? It is now called Renovaro Biosciences (RENB):
https://investorshub.advfn.com/Renovaro-Biosciences-Inc-RENB-42324
And it is junk that dropped 42% today.
https://hindenburgresearch.com/renovaro/
Renovaro BioSciences: A Worthless AI Shell Game With A Murderous Magician Past
(NASDAQ:RENB)
Renovaro is a biotech company with several preclinical drug candidates that is “committed to curing people with cancers and infectious diseases”. Weeks ago, it voted to merge with “AI Health” company GEDi Cube, giving the company a pro-forma fully diluted market cap of ~$567 million.
Current CEO Dr. Mark Dybul has a prestigious background (i) serving under Anthony Fauci at the National Institute of Health (NIH) (ii) as Executive Director of the Global Fund to Fight AIDS, Tuberculosis, and Malaria and (iii) as a tenured professor at Georgetown University.
Dybul has been involved with the company since 2017, before it went public. The company went public in early 2018 under a predecessor name, Enochian BioSciences. Dybul stepped into the CEO role in 2021, where he remains today.
Then known as Enochian, the company’s co-founder, “scientific founder”, “inventor”, and largest shareholder was an individual named Dr. Serhat Gumrukcu.
CEO Dybul praised Gumrukcu as a “rare genius”, saying he could be “the most impactful scientist in generations”. In a now-deleted company video, Dybul praised Gumrukcu’s “brilliance” and said he created “some of the most innovative approaches to HIV and oncology” that he knew of.
In May 2022, Gumrukcu, was charged by the Department of Justice over allegations that he conspired to hire a hitman to murder one of the victims of his many scams, a Vermont father of 6 who was taken from his home and executed in a snowbank.
A week after the charges, we published a report on the company titled “Miracle Cures and Murder For Hire: How A Spoon-Bending Turkish Magician Built A $600 Million Nasdaq-Listed Scam Based On A Lifetime Of Lies”, which largely profiled the now-imprisoned Gumrukcu.
In that report, we revealed Gumrukcu had faked his entire academic history, including forging his Russian medical degrees, and that he was a magician who had fled authorities in Turkey after being charged over allegations he faked being a doctor to steal money from a terminally ill cancer patient.
We also revealed that as a fugitive in the United States, Gumrukcu continued his crime spree, culminating in 14 felony charges in 2017 relating to the fraudulent sale of a home he didn’t own, writing bad checks, and defrauding a businessman through a fake energy trading deal.
The day after we published our report, CEO Dybul called it "misleading propaganda", claiming the magician's study results were still valid. "The science is the science, and the data are the data".
One month after the murder charges and our report, in July 2022, the company announced that Gumrukcu had faked clinical data relating to the company’s HBV and COVID-19 therapies. In October 2022, the company sued Gumrukcu, saying his conduct amounted to “brazen fraud”. The data was apparently not the data.
The company claimed it had “no reason” to doubt Gumrukcu’s data. Dybul later admitted he and the company knew Gumrukcu had been arrested on 14 felony counts relating to fraud at the time they began working with him, but kept working with him anyway.
Dybul ignored other obvious red flags including (i) in 2018 when the company’s CFO raised concerns of “serious financial improprieties” related to Gumrukcu (ii) when analysts in 2019 pointed out Gumrukcu’s suspicious medical credentials and criminal history and (iii) when Dybul was questioned in 2020 regarding a U.S. lawsuit alleging Gumrukcu practiced sham medicine on a terminally ill child and absconded with the parent’s $253,000.
Enochian Chairman Rene Sindlev also knew of and ignored Gumrukcu’s felony fraud charges and previously compared Gumrukcu to Leonardo Da Vinci and Albert Einstein. No board members or key executives resigned despite their inexcusable governance failures.
In late 2022, 6 months after the murder charges and 2 months after the company sued Gumrukcu for “brazen fraud”, the board of Renovaro elected to pay Dybul a $100,000 cash performance bonus on top of his $850,000 annual salary.
In March and April 2023, with Enochian almost out of cash and its stock near lows, Chairman Sindlev “conducted multiple calls and in-person meetings” with representatives of GEDi Cube, an entity which didn’t even exist at the time, later company disclosures revealed.
Also on the same day of the LOI and the name change, insiders including Chairman Sindlev quietly acquired millions of shares and warrants at effective prices ranging from $0.65 to $0.713 per share. Renovaro was trading at ~$0.65 at the time.
8 days later, Renovaro publicly announced the merger, calling GEDi Cube an “AI Company” using “cutting edge AI/machine learning technology”. Renovaro stock spiked 83% on the day, trading 78.5x its preceding 30-day average volume.
At the time of the announcement, GEDi Cube was a 2-month-old entity with “no operational history”, no product, no revenue and virtually no assets, according to disclosures made months later. GEDi basically consisted of only a term sheet to acquire an entity called Grace Systems, which it claimed had AI technology.
Grace Systems was a nearly insolvent tiny startup with no revenue and no commercial ready product after 10 years. It reported having $1,583 in cash on hand with ~$376,000 in liabilities at year end 2022. In April 2023, a Grace subsidiary filed for bankruptcy in the Netherlands.
GEDi needed €1 million to own 51% of Grace, implying a ~$2.2 million valuation for Grace. But the newly formed GEDi entity had next to nothing, so Renovaro lent it the needed $1.05 million to close the deal.
During merger negotiations to merge with Renovaro, GEDi then proposed a valuation of $225 million, which Renovaro rejected because GEDi “generated no revenue and had no projections”.
Renovaro and CEO Dybul then apparently negotiated against themselves, relying on a valuation opinion from an unnamed “AI expert” that ultimately resulted in Renovaro agreeing to pay $275 million in consideration for GEDi.
In brief, Renovaro and CEO Dybul lent GEDi the cash to close the Grace deal at a ~$2.2 million implied valuation, then turned around and merged with GEDi for $275 million in consideration after a hard-fought negotiation against himself.
Renovaro has repeatedly touted the importance of “visionary” former Intel/Nvidia executive Craig Rhodes as CEO of GEDi Cube. Shareholders likely voted for the deal in part due to Rhodes’ background. Rhodes confirmed to us in an email that he resigned in December 2023, a month before the vote, with no apparent disclosure of the key resignation to shareholders.
Renovaro also touted the appointment of Lester Russell, GEDi’s Chief Medical Officer, in an August 2023 press release. Russell also resigned in December 2023, also without disclosure to shareholders.
Renovaro and Dybul also repeatedly highlighted GEDi’s “strategic partnership” with Nvidia as a key justification for the merger. But the Nvidia “partnership” is a free program that over 17,000 companies have joined.
In the months leading up to the merger vote, Renovaro enlisted stock promoters, including one previously sanctioned by the SEC, to hype up the GEDi deal and pump shares to retail investors.
Dybul now claims that GEDi can provide a “multiplier effect” that will enhance Renovaro’s pipeline.
The company’s lead candidate remains Gumrukcu’s cancer therapy. Dybul still touts the jailed magician’s treatment, referring to it in January 2024 as “the holy grail of cancer research” and hopes to begin human trials later this year.
In an ironic twist, Gumrukcu’s husband sued Renovaro’s key executives and financiers in January 2024, alleging a range of securities law violations by Dybul and Sindlev, among others. The complaint alleges Sindlev purchased significant Renovaro stock while in possession of material nonpublic information relating to the merger.
The complaint also cites damning internal emails to allege Dybul is engaged in a “wink and nod scheme” with Renovaro’s financier Lincoln Park Capital, whereby Renovaro provides them with non-public information ahead of key company news to help Lincoln Park trade against Renovaro’s own shareholders.
Gumrukcu and his husband are a key holder of Renovaro, with ~19 million shares, or ~28% of the company. The family of Gumrukcu’s murder victim sued him for wrongful death and courts have frozen 12.8 million of his Enochian shares to cover potential damages.
Gumrukcu’s husband still owns 3.6 million free-trading shares which we expect will hit the market soon to cover litigation costs and defense costs for the upcoming murder conspiracy trial, slated for later this year.
In conclusion, if your company co-founder and key inventor turns out to be a con artist magician who (allegedly) murdered someone and faked his scientific data, you can’t just change your company name and pivot to AI and hope no one notices.
CEO Mark Dybul appears set on trying to run the same shameless scam with a new name. We think he is in a league of his own as far as poor judgment and governance and see inevitable massive downside in shares of Renovaro.
Initial Disclosure: After extensive research, we have taken a short position in shares of Renovaro Biosciences, Inc. (NASDAQ:RENB). This report represents our opinion, and we encourage every reader to do their own due diligence. Please see our full disclaimer at the bottom of the report.
Read The Full Report Here
$ENOB -Up 20%/ Current Price $0.60
Receives NASDAQ Notice for Min Bid Price Req
To regain compliance, the closing bid price must meet or exceed $1.00 per share for a minimum of ten consecutive business days prior to January 3, 2024.
"Miracle Cures and Murder For Hire: How A Spoon-Bending Turkish Magician Built A $600 Million Nasdaq-Listed Scam Based On A Lifetime Of Lies
Summary: Enochian Biosciences, Inc. (NASDAQ:ENOB)
Last week, Enochian Biosciences’ co-founder, “scientific founder”, “inventor”, and largest shareholder, Serhat Gumrukcu, was arrested by Federal authorities over allegations that he conspired in a plot to murder a Vermont father of six.
The victim, Gregory Davis, was murdered on January 6th, 2018, just 19 days before Gumrukcu was scheduled to appear in court to defend himself against felony fraud allegations related to a 2016 deal with Davis. Federal prosecutors argued that the prospective merger deal that eventually resulted in Enochian going public served as a key motive for the murder.
Enochian is a biotech company with an entirely preclinical pipeline of claimed miracle cures, vaccines and treatments for HIV, Influenza, Hepatitis, Cancer, and COVID-19. The company claimed last week that Gumrukcu “has had no formal role in the Company” and that the incident was "completely unrelated to the Company”.
However, Enochian’s own disclosures indicate that the company and its pipeline are completely dependent on Gumrukcu. Every product Enochian is investigating appears to have been licensed to it by Gumrukcu-controlled or affiliated entities or are otherwise based on his research.
Unbeknownst to investors (but known to Enochian’s senior leadership) Gumrukcu’s latest arrest for a murder conspiracy is simply the most recent in a string of alleged crimes by Gumrukcu.
Gumrukcu also currently faces criminal charges in his native Turkey where, in August 2012, he was arrested based on accusations of falsely posing as a doctor and charging a desperate family $275,000 to treat a terminally ill cancer patient, who subsequently died, with substances that a real oncologist would later describe as “useless.”
Gumrukcu then fled Turkey despite an outstanding arrest warrant. Three years later, in August 2015, he sold similar ‘miracle’ concoctions to the desperate parents of a young Pennsylvania boy who had terminal cancer. When the boy died after an initial $59,100 treatment, Gumrukcu refused to return the family’s advanced payment of $253,000, resulting in litigation.
In February 2017, Gumrukcu was arrested by authorities after the State of California accused him of a slew of white-collar crimes, including fraud, identity theft, and check kiting – a total of 14 felonies.
The company hired Gumrukcu as a consultant in April 2017, just 2 months after his arrest for the alleged crime spree.
Despite the ongoing criminal proceedings, Enochian still moved forward with acquiring and taking public a Gumrukcu-affiliated entity in January 2018, describing Gumrukcu as the “sole inventor” of all of the acquired company’s technology. The deal gave Gumrukcu and his related entities & individuals 50% of the combined company.
As he awaited sentencing following a pleading guilty to one felony, Gumrukcu attended the Nasdaq bell ringing ceremony for Enochian, likely with permission from his probation officer. He was praised as Enochian’s “scientific founder” at the ceremony.
Authorities in California told us that in January 2018, Gumrukcu’s felony plea charge had been reduced to a misdemeanor after he paid over $1 million in restitution to victims.
Our research indicates that Enochian executives knew about Gumrukcu’s criminal history. Mark Dybul, CEO of Enochian, wrote a glowing letter of recommendation to a Turkish criminal court on behalf of Gumrukcu.
Invoking his close friendship and mentee relationship with Dr. Anthony Fauci and his relationship with Bill Gates, Dybul called Gumrukcu a “rare genius” who had come up with platforms to cure HIV, hepatitis B, all strains of influenza, Zika, dengue fever, and COVID. Dybul also wrote that the now-accused murderer was “deeply compassionate, empathetic, and approachable”, providing his “strongest recommendation”.
In a phone interview, Chairman Rene Sindlev admitted to us “I knew that he had been charged for 14 (felony) counts” but moved forward with the deal and expanded the relationship anyway.
In the years since, Enochian has awarded lucrative cash consulting and licensing contracts to entities controlled by Gumrukcu and his husband. Enochian executives have repeatedly failed to disclose Gumrukcu’s criminal activity to shareholders.
Enochian’s former CFO is currently embroiled in an undisclosed lawsuit with Enochian’s leadership, claiming he was fired for asking “critical questions” about “serious financial improprieties” and large payments to Gumrukcu, and for questioning the company’s close association with an individual accused of numerous felonies.
Gumrukcu has continued to sell unlicensed and unvetted “miracle” treatments to desperate parents of terminally ill children, bilking them of hundreds of thousands of dollars. His private practice’s office is located in the same building as Enochian’s headquarters, and its business is deeply intertwined with Enochian, despite the company’s claims to the contrary.
We have been unable to find any jurisdiction in which Gumrukcu is licensed as a medical doctor. He is unlicensed in California, where he has apparently been practicing medicine anyway, and where he has claimed to have made his major breakthroughs for Enochian.
Gumrukcu claims to have spent 12+ years earning an M.D. and multiple PhDs in Russia and Turkey. Our research indicates he made it all up. He has no medical degree and no PhDs.
His name does not appear in the official Russian national degree database. The school he claimed to graduate from in Russia sent us a formal letter showing that he never even enrolled. We also checked with Russian border control and police who had no record of Gumrukcu ever having a Russian student visa or even a short-term tourist visa, let alone spending years studying medicine.
Instead, Gumrukcu looks to have purchased a fake Russian medical degree on the black market, a common problem in Russia, as reported by media.
As part of our research, we purchased a similar black market Russian medical degree from the same school, with the same claimed major, the same date, and the same “official” stamp as Gumrukcu’s. The process was surprisingly easy—the hardest part was smuggling it out of Russia through a neighboring country to the U.S., given new wartime export restrictions.
We also checked with the Turkish university Gumrukcu claimed to have received a PhD. They had no record of him. Meanwhile, the Turkish medical school where he began undergraduate studies confirmed he had attended, but later dropped out before graduating.
Turkish criminal records show that Gumrukcu admitted to police that his highest level of education was a high school degree, despite the arrest taking place after the period where Gumrukcu claimed to have already been a doctor.
We learned of Gumrukcu's actual past by scouring old magic shops and second-hand bookstores in Turkey, finding that he was a local magician. With his stage name “Dr. No”, he studied and taught spoon-bending, firewalking, and performing as a mentalist, claiming magical healing powers and garnering praise from the likes of fellow hucksters like Uri Geller.
Gumrukcu’s magic mentor shared grainy DVD recordings of Gumrukcu’s local performances that he found in a dusty cardboard box in the backroom of a magic shop. The performances took place in Turkey during time periods when Gumrukcu would later claim to be in Russia studying medicine.
Based on our investigation, we strongly believe that Gumrukcu’s education credentials are entirely fabricated. Consequently, we believe Enochian’s claimed scientific breakthroughs have been developed by a fake doctor with a long criminal rap sheet who now stands accused of murder.
Despite the company’s claims that top scientists are still behind the research, many are already backing away. An international cancer doctor that Gumrukcu claimed was his mentor told us a picture of him on the website for Gumrukcu’s research entity, the Seraph Research Institute, is a fake: “I never wore a Seraph coat. It´s a forgery.” “I never wore (a) Seraph coat as shown in the picture, so how could I validate his science?”
A world-renowned microbiologist who briefly served on Enochian’s Scientific Advisory Board and was previously quoted by Enochian as saying he was “blown away” by Gumrukcu’s “brilliant creativity” told us: “I agree retrospectively I should have done some due-diligence”. On the validity of the science, he wrote: “I have never validated anything, and they should not use my name.”
A former senior executive told us: “I left because I lost scientific trust in what [Gumrukcu] was promoting…I had a few facts that corroborated that he lied to me and when scientists start to lie a little bit and massage the data, then I am afraid to have another Elizabeth Holmes story.”
Gumrukcu has siphoned an estimated ~$20 million in cash from Enochian shareholders through a series of license agreements, consulting contracts, and other related-party transactions. Gumrukcu and his spouse own the largest single stake in Enochian, about 32% of the company, worth ~$90 million as of this writing. We expect he will sell shares to fund his legal expenses.
We think Gumrukcu is a lifelong con artist, who has catapulted himself from being a small-town Turkish magician to leading a publicly-traded, Nasdaq-listed medical research enterprise and fooling many along the way.
With its founder and main source of scientific discoveries jailed on murder-for-hire allegations, this cash-burning company without peer-reviewed research and no genuine clinical prospects is now a “catch me if you can” story that we believe has finally reached the end-phase."
Full report here:
https://hindenburgresearch.com/enochian/
So it seems. Or perhaps Mr Market is prepared to pay for more laughs and magic tricks.
Or did the Danish billionaire grab some more? Oh wait. I should say "scoop up some more".
I see the market considered the murder for hire charges to be over rated.
Perhaps the company can find the cure for homicidal tendencies.
Yes, it's really brilliant. This one will be interesting to follow.
That’s priceless!
Enochian BioSciences Board Learns of Arrest of Co-Founder and Inventor and Expresses Strong Confidence in the Promising Future of the Company
The combined Companies aim to Disrupt Cancer Diagnosis and treatment through early disease and recurrence detection, prediction of response to treatment, and personalized therapy.
GEDi Cube Intl Ltd., a London and Netherlands-based advanced AI company and a wholly owned subsidiary of Renovaro Inc. (NASDAQ: RENB), announces it has executed a binding Letter of Intent (LOI) to acquire 75% of Cyclomics, a Dutch Company. Under the terms of the LOI, the parties have agreed to work in good faith on the drafting of a definitive agreement.
“Our Omni-Omic technology was developed to help empower AI platforms and thereby transform non-invasive healthcare solutions to detect cancers and other diseases as early as possible. GEDiCube’s innovative deep learning algorithms have created robust multi-omics panels that perform remarkably well. Together, I believe we will change the field.”
“There is enormous power in applying AI to multiple omics data layers that can be detected from a vial of blood from every patient with cancer. I believe that integrating Cyclomics into GEDiCube will allow us to gain greater accuracy and widespread Omni-omic measurements through next-generation sequencing and enter the cancer monitoring market this year. I consider that to be a significant step towards bringing early detection of cancer to its inflection point.”
Cyclomics is a Dutch company founded in 2018, winner of the Health Holland Venture Challenge (startup of the year) by scientists of the UMC Utrecht. Its ambition is to transform cancer care by enabling faster and more reliable diagnoses, particularly in the context of cancer recurrence, thanks to its proprietary circulating tumor DNA (ctDNA) detection technology.
At GEDiCube, we are committed to the early detection of cancer, to intervene at a stage where treatment can be most effective. We have developed an award-winning AI Technology that significantly accelerates early cancer detection and diagnosis at an early stage and its recurrence via liquid biopsy. Our platform, “ The Cube,” brings together proprietary artificial intelligence (AI/ML) technology and algorithms, multi-omics, multi-modal data, and the expertise of a carefully selected multidisciplinary team to accelerate precision medicine and enable breakthrough changes in cancer care. As of this morning GEDiCube will operate under its new name, RenovaroCube.
With a NASDAQ listing (NASDAQ: RENB), RENB offers investors a compelling opportunity to participate in the future of healthcare. Its innovative pipeline, strategic collaborations, and potential for significant market growth make RENB an attractive investment proposition. By transforming healthcare and offering hope for a future free from toxic chemotherapy, RENB is poised to make a profound impact on the lives of millions worldwide.
If there is a way to prevent this devastating disease from happening, it could completely change the healthcare landscape going forward. This is where Renovaro Biosciences Inc (NASDAQ: RENB) is leading in innovation.
Renovaro Biosciences Inc. (NASDAQ: RENB) is a pioneering biotechnology company at the forefront of revolutionizing healthcare. Focused on developing advanced allogenic cell and gene therapies, Renovaro is committed to addressing significant unmet needs in cancer, HIV, and HBV treatment. With a strategic emphasis on innovative technologies and cutting-edge research, the company is reshaping the landscape of modern medicine.
Renovaro's mission is anchored in its dedication to transforming cancer care. By leveraging groundbreaking gene-modified cell therapies, the company aims to offer hope to patients battling solid tumors, a critical area where traditional treatments often fall short. Additionally, Renovaro's pioneering approach to HIV treatment presents a potential breakthrough in combating the virus and improving patient outcomes worldwide.
Committed to advancing healthcare, Renovaro collaborates with renowned institutions such as UCLA and the Fred Hutchinson Cancer Research Center. Through these strategic partnerships, the company accelerates the development of its therapies and maximizes their potential to impact patients' lives positively.
As a NASDAQ-listed company (NASDAQ: RENB), Renovaro offers investors a compelling opportunity to participate in the dynamic field of biotechnology. With a focus on innovation, collaboration, and market growth, Renovaro is poised to lead the way in transforming healthcare and shaping a brighter future for patients worldwide.
The strategic benefit of cell therapy platforms is to potentially allow for manufacture of large, “off-the-shelf” banks of therapeutic cells that could be accessed on demand by health care professionals to potentially decrease the time between diagnosis and treatment.
In addition, because we focus on cells from donors, the strategy could potentially enhance the ability of the therapeutic candidates to induce a more robust response once injected into patients. The human immune system is designed to recognize and distinguish “self” from “non-self” and destroy “otherness” such as bacteria, viruses, and damaged or diseased cells such as cancer cells. Alloreactivity (reacting against another person’s cells) is the most powerful response the immune system generates.
Several of our technologies take advantage of the alloreactivity to hyper stimulate a person’s immune response to better attack a chronic infection (e.g., HIV) or solid tumor. In certain proposed treatments in development (e.g., HIV and cancer), cells taken from healthy donors are sometimes genetically modified to introduce signaling molecules that are designed to enhance the ability of specific immune cells to recognize diseased cells, and to help recruit other cells that will destroy cancer or virus infected cells.
Renovaro believes that the combination of off-the-shelf allogeneic cells, combined with genetic modifications designed to enhance immune signaling, could potentially generate therapeutic candidates that have unique attributes that will increase the likelihood of success.
In addition to the platform described above, Renovaro has an innovative gene therapy approach to enhance the selection and engraftment (uptake) of cells carrying therapeutic attributes. Enhanced uptake or engraftment could play a critical role in some cases to increase the likelihood of therapeutic benefit. This technology was initially developed for autologous cell therapy from a person living with HIV, and genetically modifying those cells so they cannot be infected with most variants of HIV, plus a gene modification to enhance uptake. We have sublicensed under a profit-sharing agreement our technology to potentially increase engraftment for potential use in CAR-T therapy as a potential cure for HIV.
Renovaro is exploring various approaches for gene therapy design elements to potentially eliminate virus-infected cells with an innovative molecular mechanism that co-opts the virus’ machinery to induce the death of infected cells rather than reproducing and causing more infection and exacerbate disease.
Leveraging allogenic cells offers numerous advantages to our development strategy:
Renovaro BioSciences collaborates with Dr. Anahid Jewett from UCLA to further investigate the efficacy of our approach in pancreatic cancer. Dr. Jewett's innovative mouse model mimics the human immune system, offering invaluable insights for advancing cancer treatment.
RENB-DC11 treated animals compared to controls
Delayed injection of RENB-DC11 in mice with established luciferase labeled pancreas tumor, stopped progression and showed drastic tumor size regression in 2/3 mice (one mouse had no tumor detection 4wk post dosing), whereas all untreated mice showed massive tumor progression.
"Despite advances in treatment, HIV remains a global challenge. Antiretroviral therapy has transformed HIV from a death sentence to a manageable condition, yet it comes with challenges such as lifelong therapy, high costs, and risks of side effects. With drug resistance on the rise, there's a critical need for innovative solutions. Stigma and discrimination further complicate the situation.
Over 40% of those needing therapy lack access, and HIV claims over a million lives annually with millions more newly infected. A cure or preventive vaccine holds the promise of transforming countless lives worldwide."
Renovaro BioSciences aims to boost the immune system against HIV through vaccination, offering protection for uninfected individuals and potentially controlling the virus in those already infected. Their innovative approach utilizes immune response induction from donor cells. Promising in vitro results have led to non-human primate studies at the Fred Hutchinson Cancer Research Center, with preliminary findings expected by late 2023. Human studies could follow in late 2024
"Renovaro BioSciences presents a groundbreaking solution for HIV treatment by targeting CCR5 expression, crucial for HIV entry into cells. Their ALDH gene modification technology aims to enhance engraftment of gene-modified stem cells without the need for immune system ablation, potentially eliminating the need for Antiretroviral Treatment (ART). While initial studies showed promising results, further development of RENB-HV01 was deemed costly. As a strategic move, Renovaro sub-licensed the ALDH gene modification to Caring Cross, who aims to integrate it into their CAR-T cell therapy for enhanced engraftment."
"Renovaro BioSciences is exploring RENB-HV21, a promising HIV treatment utilizing allogenic Natural Killer (NK) and Gamma Delta T-Cells (GDT). These cells, believed to play a key role in controlling the virus, offer innovative potential for HIV therapy. Renovaro holds an exclusive license for the underlying patent, with successful pre-IND studies completed. However, due to priority shifts to the Oncology pipeline, immediate clinical trials for RENB-HV21 are not planned."
RENB-HB-01 is currently in the early pre-clinical phase, with ongoing exploration of different gene therapy design approaches. Pending successful results from these explorations, we anticipate initiating the regulatory process by the first half of 2024. However, our primary focus and investment priority lie in advancing the oncology platform, starting with pancreatic cancer research and development.
Our integrated platforms encompass innovative interventions in advanced cell and gene therapies that provide hope for cures and/or life-long remissions for devastating diseases. Because of the relative ease of administration, our potentially ground-breaking interventions could be used throughout the world to transform the lives of millions of people.
Renovaro Biosciences pioneers cutting-edge cancer therapies targeting immune evasion. Our innovative approach, leveraging genetically engineered dendritic cells, bypasses tumor defenses, and enhances tumor eradication. RENB-DC11, a breakthrough therapy, harnesses genetic modifications to bolster immune signaling, effectively targeting aggressive solid tumors.
“The fusion of AI and biotech opens up new horizons in healthcare. We have been advancing strategic partnerships with leading academic centers and technology companies while working to expand our existing relationship with NVIDIA. We believe our combined capabilities will help to accelerate both the ability to detect and treat cancer and other diseases.”
By Dr. van Kalken added,In the realm of modern medicine, the quest to conquer cancer and infectious diseases stands as one of humanity's greatest challenges. Renovaro Biosciences Inc. (NASDAQ: RENB) emerges as a beacon of hope, dedicated to pioneering advanced allogenic cell and gene therapies to combat these formidable foes.
With a comprehensive pipeline spanning oncology, HIV, and HBV, Renovaro is at the forefront of cutting-edge medical innovation. In the oncology sphere, the company's groundbreaking platform targets solid tumors, leveraging genetically modified dendritic cells to bypass immune evasion and enhance tumor eradication. Promising preclinical results from RENB-DC11 demonstrate its efficacy against aggressive forms of solid tumors.
In the battle against HIV, Renovaro's innovative approach seeks to boost immune responses through preventive and therapeutic vaccines, potentially transforming the lives of millions worldwide. Meanwhile, their exploration of allogenic Natural Killer and Gamma Delta T-Cells presents a novel avenue for HIV treatment.
Additionally, Renovaro's foray into HBV gene therapy signals a promising step towards eradicating virus-infected cells, offering hope for those afflicted by this persistent infection.
With a focus on leveraging banked allogenic cell therapy and strategic collaborations with esteemed institutions like UCLA, Renovaro is poised to revolutionize healthcare delivery. As the company advances its mission to develop definitive cures and therapies, now is the time to keep Renovaro Biosciences Inc. on your radar as a leading force in the fight against cancer and infectious diseases.
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