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Radient Pharma: RIP
By: Adam Feuerstein Follow | 07/08/14 - 09:52 AM EDT
Radient Pharmaceuticals (RXPC) is finally dead.
On July 3, the SEC issued an order revoking the registration of Radient's securities. Radient shares, which most recently traded for tiny fractions of a penny on the Pink Sheets, are now gone forever.
For those relatively new to biotech investing, Radient was once a momentum-driven cult stock fueled by wildly promotional (and absurdly unrealistic) claims about the company's cancer screening test Onko-Sure. I spent a good portion of 2011 writing extensively about Radient -- mainly detailing the myriad ways in which company executives were shading the truth and bamboozling investors. Who can forget Radient's business deals with a dead Indian prime minister or pseudo-partnership with the Mayo Clinic? Then there was Radient's massive loan default, the reluctant disclosure that its India joint venture was a bust and the delisting from Amex.
Radient eventually blew up and my fun ended, but the zombie stock continued to trade until last week when the SEC, mercifully and belatedly, put it down for good.
Farewell, Radient
Comment:
I think Radient should also be remembered as the silver bullet that finally put an end to the reign of terror of M.E.Garza and BioMedReports in BioTurd pump land.
Adam F posted about death of Radient.
http://www.thestreet.com/story/12767319/1/radient-pharma-rip.html
The patent activity was just all bad news for Radient shareholders.
First, the patent application was rejected.
Next, the patent lawyer petitioned to withdraw and in the process gave bad address information to the patent office.
No one is going to reply to the patent rejection and there is no longer any patent lawyer/agent involved.
Jimtash, are you saying AZ bio will delete GCDx or are you saying that Gartner will soon pay his bills and have the website back up?
If the website comes back up, do you realize that would spell doom to the fantasy of Wolfie and DC about a takeover group run by Gartner and provista.
Wofie, you are saying that dumping GCDx is part of the takeover plan?
How do you explain why Gartner even started GCDx?
Is GCDx being gone your confirmation that Gartner is part of your takeover group?
Looks like this is what is happening with Radient's old office space.
http://caretscommercial.com/index.cfm?fuseaction=inventory.detailFLprint&ln=180626&eofficeid=&eagentid=649000
Note the comment that the units are being converted into office condos.
Dcspka stated: "I have a feeling GCDx isn't going to file an annual report with AZ this time around- he shut GCDx down."
It seems your takeover theory would require that WG shuts down GCDx as part of the process of taking over Radient?
It would seem that GCDx continuing to operate would be a clear indication that Gartner was not associated in any way with a takeover group so his shutting down the website would indeed be a first step in that process.
On the other hand, I think the website was suspended because he failed to pay his bill just like he failed to keep the corporation current.
IMO, Gartner did not shut down his website and he is not part of any takeover group.
This is what usfuelcorporation told its shareholders about the revoked stock.
" Currently, stockholders will be able to transfer or sell their shares only in exempt transactions that are in compliance with the United States and applicable state securities laws."
I don't really know what that entails but there seems to be a way to sell the shares via exempt transactions if usfuelcorporation is correct.
On the other hand, what Living posted by the SEC seems to say it cannot be sold at all.
Who do you believe?
Wolfie, Radient had their own lawyers paid by the insurance company.
Mac paid his lawyers via the employee compensation plan.
The settlement was announced on Feb 12, 2014 and the lawyers got the shares issued and sold them on the 24th. There is nothing else to explain that large spike in volume.
2014/02/24 0.00020 0.00040 0.00010 0.00020 749,805,220 0.00020
Wolfie, good catch on the copywrite.
That is the first indication that Radient-diagnostics.com is the new substitute for Radient-pharma.com.
Radient-pharma was a multi-page site and probably a lot more expensive than the $14.99 site the Aussies now have.
Wolfie, Gartner did the same thing last year. At that time, I also jumped to the conclusion he was shutting it down. This time I will give him a month before I state that he may be quitting.
The lawyers sold the shares. Where do you think that large volume spike came from after the settlement was announced?
Wolfie, there is no guessing as to how many shares are outstanding.
From the 8K:
"As of June 10th 2013, we had approximately 4,508,746,417 shares of common stock issued and outstanding"
The remainder of the 5 billion shares were in the employee benefit plan which can be used to provide compensation for services rendered. It cannot be used for lender note conversion. This fund was used to compensate the lawyers for the class action lawsuit.
You really think they will ever post anything on that blog?
You would be better off betting an earthquake wont shake your house again.
About 9 weeks left and I get all the points.
Dcspka stated: "Since the shares can not be traded, and the PPS is frozen, and the Creeping Takeover is done gathering up shares- what is the harm in opening the curtains and letting some light in?"
There are no curtains to open. No takeover group. Nothing but the Aussies stealing all the assets.
Here are the facts.
The stock can no longer be publically traded.
The patent rejection has been sent to a bad address and voided email.
There is no longer any patent agent.
The lenders sold all the shares they could.
The lawyers sold the remaining 500 million.
The Aussies have their own company in Hong Kong to sell saliva Dr70,
UNI can manufacture and sell DR70
The Aussies now have the equipment and knowhow to make DR70
Gartner can make and sell DR70
All issued patents have expired and no one needs to pay any royalties.
Wolfie, explain why you ridiculously claim the lenders exchanged notes for shares in the agreement in May 2012 and then a month later Radient filed their 10k showing the notes held by the lenders had not been converted.
The lenders own no shares today. If they held any shares during the past two years, they would have been smart enough to sell them to foolish gambling investors.
Take profit, when the brokers get all their accounts to show the correct information, you will not have any stock called RXPC. It will be replaced with the SEC cik# for the same number of shares and it will show zero value.
That's the way it is going to work.
You will also not be able to take a tax loss on the stock because you cannot trade a stock without a ticker. Some brokers will allow a private trade to them for zero dollars so that you can show to the IRS an actual loss. If it is in an IRA or 401k plan, you can't take a loss anyway.
Jimtash, that is garbage. The patent application clearly shows there is no attorney/ agent any more. There are no more petitions filed or anything else.
The final rejection of the application was emailed to a dead address and it was mailed to a vacant office where the old patent agent could not even contact anyone.
Living, was the sale of Gartner's home a "short" sale? I know the prices of homes in AZ had dropped a bunch but if the bank allowed a short sale, that means that they deemed Gartner to not have sufficient assets to continue paying on the home.
If he did a short sale, that would mean Gartner is BROKE or at least limited assets.
Wolfie, you claim the lender took stock for their notes when they signed the lender agreement with Radient? Is that what you are using to say the lenders now own stock and the debt is zero?
Dcspka, no the patent information is NOT in limbo.
Go to public pair and click on" attorney" .
"Correspondence Address
Name: RADIENT PHARMACEUTICALS CORPORATION
Address: 2492 WALNUT AVENUE, SUITE 100
TUSTIN CA 92780
Customer Number: -
Attorney/Agent Information
No Attorney/Agent Data Found. "
There is no longer any attorney/agent listed like it was before.
In addition, all the contact information is incorrect. Radient can no longer be reached at that address and the email is radient-pharma.com. That website is gone.
Did you read the petition to withdraw by the former agent. She indicated that she had been unable to contact Radient and that is the contact information she gave the patent office.
Good luck getting a response within the time left for the rejection.
I do not think this will ever make it to a chapter 11 filing but you are certainly correct about the lenders being owed a ton of money. It's close to $30 million now. There is no takeover group other than the Aussies and they don't have any shares either.
Any share exiting chapter will belong to the DIP, New investor/s, the lenders and management. All of the current shares will be cancelled. There is absolutely zero reason to leave any of these shares valid.
My question is this. What would be the value of giving the lenders a bunch of shares for the shell? A new investor is not going to want to share and they have to have a plan for a product to make money. There is no product other than DR70. Mac tried all he could with DR70 and it was not enough. Neither was CIT.
Personally, I think the Aussies might make a little money selling and distributing DR70. Radient was making 330k in 2011. The Aussies should be able to keep some of that coming in to their private company since all their equipment will be free.
That is really funny. The "takeover group" theory took two direct bomb hits today.
1. The stock was actually revoked.
2. Gartner is no longer even paying the web hosting fee for his GCDX website.
Why the website message "This site has stepped out for a bit" ?
Answer: Gartner has not paid the current website hosting fee.
"If you see that your site shows this message, you may want to check your account to make sure that the billing for your hosting account is up to date. If you find that you did not miss a renewal, you’ll want to get in touch with our 24 hour support team through http://support.godaddy.com/support so we can determine the cause for the suspension. It appears that you have recently updated your domain’s nameservers. If you are going to be hosting your site with a new hosting provider, you’ll want to get in touch with them for assistance in getting your site up and running."
GCDX has nothing to do with Radient.
The GCDX website was an embarrassment for Gartner. The info on the site had not been updated for a year. The phone mailbox was full. The contact was for a former employee. the one employee listed had her resume out last year looking for a new job.
He is either updating it or shutting it down.
This has ZERO to do with Radient.
Minomic has nothing to do with Radient nor the Aussies any more.
Green made an investment in Minomic several years ago. He was made an executive chairman as a compensation feature since executive chairmen can be paid.
When his compensation was over, his position was downgraded to just a board member. He did not even attend all the board meetings. A year ago, he vacated the position as a board member.
If you think Minomic is going to associate itself with a piece of junk like Radient, try again.
Minomic is running it's own scam promoting a product that will never go anywhere.
Sec website shows Radient as a VOID corporation. Radient has not even maintained their status as a corporation of Delaware. The value as a shell gets even less and less.
"1. RXPC (CIK No. 838879) is a void Delaware corporation located in Tustin, California"
Living, you need some sort of plan to even get DIP money. Without money, you cannot file chapter 11.
So, what would the Aussies use to attract DIP money let alone money to continue some sort of operations?
You say, "oh, the saliva test"
Well, No, Who gives you any money for a saliva test when there is no patent protecting your rights? UNI or anyone else could sell a saliva test. They have facilities, sales, etc., and all you have is a false front website.
No, I'm not giving you any money and no one else will either.
Retail gamblers who bought all of the 5 billion shares took their final loss today. That adds up to $500,000 even at .0001.
Some of the owners of the stock were foolish enough to hold shares they bought much higher.
The moral of the story here is to read and heed the 8k's and don't pay attention to fiction promoted otherwise.
Radient Pharmaceuticals share registration revoked.
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 72529 / July 3, 2014
ADMINISTRATIVE PROCEEDING
File No. 3-15962
In the Matter of
Radient Pharmaceuticals Corporation,
Respondent.
ORDER INSTITUTING PROCEEDINGS,
MAKING FINDINGS, AND REVOKING
REGISTRATION OF SECURITIES
PURSUANT TO SECTION 12(j) OF THE
SECURITIES EXCHANGE ACT OF 1934
I.
The Securities and Exchange Commission (“Commission”) deems it necessary
and appropriate for the protection of investors that proceedings be, and hereby are,
instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange
Act”), against Radient Pharmaceuticals Corporation (“RXPC” or “Respondent”).
II.
In anticipation of the institution of these proceedings, RXPC has submitted an
Offer of Settlement (the “Offer”) which the Commission has determined to accept.
Solely for the purpose of these proceedings and any other proceedings brought by or on
behalf of the Commission, or to which the Commission is a party and without admitting
or denying the findings herein, except as to the Commission’s jurisdiction over it and the
subject matter of these proceedings, which are admitted, RXPC consents to the entry of
this Order Instituting Proceedings, Making Findings, and Revoking Registration of
Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Order”),
and to the findings as set forth below.
III.
On the basis of this Order and the Respondent’s Offer, the Commission finds:
1. RXPC (CIK No. 838879) is a void Delaware corporation located in
Tustin, California with a class of securities registered with the Commission under
Exchange Act Section 12. As of April 9, 2014, the common stock of RXPC
(symbol RXPC) was quoted on OTC Link (formerly “Pink Sheets”) operated by
2
OTC Markets Group Inc., had ten market makers, and was eligible for the
piggyback exception of Exchange Act Rule 15c2-11(f)(3).
2. RXPC has failed to comply with Exchange Act Section 13(a) and
Rules 13a-1 and 13a-13 thereunder because it has not filed any periodic reports
with the Commission since the period ended December 31, 2011.
IV.
Section 12(j) of the Exchange Act provides as follows:
The Commission is authorized, by order, as it deems necessary or appropriate for
the protection of investors to deny, to suspend the effective date of, to suspend for a
period not exceeding twelve months, or to revoke the registration of a security, if
the Commission finds, on the record after notice and opportunity for hearing, that
the issuer of such security has failed to comply with any provision of this title or the
rules and regulations thereunder. No member of a national securities exchange,
broker, or dealer shall make use of the mails or any means or instrumentality of
interstate commerce to effect any transaction in, or to induce the purchase or sale
of, any security the registration of which has been and is suspended or revoked
pursuant to the preceding sentence.
In view of the foregoing, the Commission deems it necessary and appropriate for
the protection of investors to impose the sanction specified in Respondent’s Offer.
Accordingly, it is hereby ORDERED, pursuant to Section 12(j) of the Exchange
Act, that registration of each class of RXPC’s securities registered pursuant to Section 12
of the Exchange Act be, and hereby is, revoked.
By the Commission.
Jill M. Peterson
Assistant Secretary
Now that I read all this about Green, I can conclude that the entire group of Aussies are scammers.
Living, they will never file a PMA. It would be a waste of time and money. This is all about scamming the investors and you don't put everything on the line and get a FDA rejection. That would be stupid. Just continue studies, hype the results and suck in more investors. This could go on for several years lining managements pockets.
Living, the FDA has rued the day if approved the PSA test in 1994. If approval was sought today, it would NEVER be approved.
The Minomic test will also NEVER be approved for any kind of screening. I am well aware of how to crunch the numbers to see how specificity and sensitivity really work in the real world of testing.
The fact that the test will never be approved nor will it ever be accepted my the medical community does not prevent the hyping of the test and stock to investors. There are just a huge number of uninformed investors who get sucked into an investment that goes nowhere. Look at all those who lost money in Radient. I was posting on this board years ago that DR70 was a worthless test. How did I know that? I ran the numbers using cancer sear data, read the clinical trial results and even saw where Radient rigged the control group to increase their claimed specificity.
The prostate cancer test they are hyping is horribly inaccurate.
specificity 73%
So, lets take 2000 men off the street and test them. Sere data shows that 3 of the 2000 men would have an undetected new positive case of prostate cancer.
The sensitivity is 71% so it probably would find only 2 of the 3 who had prostate cancer.
The big problem is the false positives. Of the 2000 men tested, 540 would test positive and only 2 of the 3 actualy cases would have been detected.
This test SUCKS and would be a disaster for those taking the test.
This is just a scam to suck money from investors to pay bucks to those running the company.
The numbers tell the truth.
Living, the information on the cancer company states that it is a public company but not traded. That is exactly what Radient will be in a few more weeks. No reason whatsoever to reverse merge with Radient.
Green seems to be doing well. He is sucking in investor money without being a traded company.
" In 2010, he invested in and became the Executive Chairman of Minomic International Limited (a public unlisted company developing diagnostic tests for Prostate Cancer)."
JimTash, The contact info is just the data furnished by the patent agent on her request to withdraw form.
It is old outdated information and even the patent agent checked the box saying she was unable to contact them.
So now what? The notice of rejection has gone to a dead website and to a vacant office building and the Aussies could care less.
Living, if a restructure is attempted and it proceeds to a chapter 11 filing, the company is then In the hands of a judge. Remember this...the courts main responsibility is with the creditors so if a reorganization fails, the judge will take it from a chapter 11 to a chapter 7.
Living stated: " i think we will get an 8K stating restructuring has failed, and a chap 11 BK filing is the next step."
Living, Chapter 11 is restructuring so if there is no way to restructure with some sort of financing, then there is no chapter 11.
Someone would have to force the issue for a chapter 7 to occur.
I do not think you will ever see another 8k. I think sales and production move to Hong Kong with their own private company.
Yes, it is theft but who is going to find out and do anything?
Their past history clearly indicates they had no problem taking things that were not theirs.
This final rejection is being complicated by the fact that the patent agent is attempting to withdraw. The address she has will not contact any of the new management at Radient and the phone number she has is no longer valid nor is the email address.
Small-Howard may never even hear about the final rejection during the 90 day period.
Gardi stated: ""Just to simplify "final rejection" just a bit, "final" means they're done talking to you unless you pay more money. With rare exceptions, you have to respond with an appeal or an RCE, both of which cost more money (unlike a non-final rejection)."
That is more misinformation.
Any rejection has to be answered and not with just money. This rejection will require Small-Howard to somehow prove to the examiner that the Jandu published papers do not contain information Small-Howard is attempting to patent. In response to the previous final rejection over a year ago, Small-Howard requested an oral argument to prove her patent application was different from the Jandu published papers. She obviously failed in that regard. An oral argument is usually the final attempt an inventor makes to prove their application is valid.
Also, I clearly did state that Small-Howard has 90 days to respond.