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Are there grounds for a class action law suit against Biophan's "management"?
Someone has suggested there are no such grounds, presumably in response to b9molecule's post expressing surprise that no such case has yet been initiated, so let's look at the question of whether there are sufficient grounds to bring a law suit against Biophan's "management", past and present.
The answer is clearly "Yes".
If Biophan made unreasonable or untruthful representations to its shareholders, and to potential shareholders in the hope of boosting the Biophan share price, then that would be a deliberate attempt to create a false market in Biophan stock.
There are numerous examples where the normal "safe harbor" boilerplate would almost certainly not be sufficient to protect Biophan's past and present management against a law suit, including, but by no means limited to:
- the false guarantee that Biophan would be listed on a recognized stock exchange in the US (AMEX)
- the false grounds given for raising funds, ostensibly for development of Myotech CSS, but not used for such
- the failure to deliver on any significant milestone prospectively identified by the company
- the several instances of private communications from Mr. Weiner (and if I recall correctly renmamaz too) to individuals such as boots436 in direct contravention of Reg FD
Similarly, if it could be shown that the Directors and management of Biophan had failed in their fiduciary duties to their shareholders, that would be reasonable grounds for a lawsuit.
Examples with Biophan could be:
- transferring literally over ten million dollars' worth of shareholders' money from Biopjhan balance sheet into the privately owned vehicles associated with Messrs Lanzafame, Weiner et al. such as Myotech, Technology Innovations and BioMed
- rewarding John Lanzafame, shortly after his appointment as Biophan's interim CEO, with a $50,000 bonus for transferring millions of dollars into Michael Weiner's hands as "payment" for another slice of Myotech equity, without consideration of how the deal was to be financed or any incentive to minimize the size of the payment
- entering knowingly into "death spiral" finance to the extreme detriment of the shareholders, and resulting in enormous dilution of the float of authorized shares
- failing to communicate plans for future developments to shareholders while pushing ahead with stock incentive plans and other rewards for employees without outlining what the basis for these rewards might be.
And there's certainly more, not least concerning the governance links with Natural Nano, and so on, but that's certainly enough to be going on with.
"the thing that surprises me is that Biophan has avoided, thus far, the class action lawsuit."
Surprises me too, particularly from renmanaz, who seemed to be quite vociferous on the matter.
I suspect Natural Nano (the sister company of Biophan, on whose Board of Directors, Biophan's CEO John Lanzafame sits) might be the first to be the defendant in such a suit, particularly when the whole truth surrounding the much-vaunted but entirely mythical sales of halloysite clay from Atlas Mining (ALMI) to Natural Nano (NNAN)comes out.
Atlas Mining IS the subject of a class action lawsuit, and previous management, in particular CEO and Chairman William Jacobson ("Jake"), has been disowned by the new regime, who have accused Jake of a multi-million dollar securities fraud.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6124845-866-27962&type=sect&TabIndex=2&companyid=69126&ppu=%252fdefault.aspx%253fcik%253d8328)
Funnly enough NNAN did not acknowledge in their own SEC filings that they had not received the clay which they had PR'ed the purchase of until after Atlas themselves announced it, in the context of having to correct their historical accounts.
You have to wonder how NNAN failed to notice that $100,000 of halloysite, upon which their entire Pleximer N business was founded, had failed to be delivered for a couple of years.
The link here to Biophan, apart from John Lanzafame, was not just Michael Weiner, but also the fact that a Division of Biophan (about which we hear nothing nowadays), Nanolution, was also based on the halloysite clay story.
"White Gold", Mr. Weiner called halloysite.
Well, it was gold for somebody I guess, but not for the shareholders of Atlas, NNAN or Biophan unfortunately.
The Atlas court case is ongoing. Be interesting to see how it unfolds, but at this point in time, Atlas' new management cannot or will not confirm the existence or otherwise of any commercially viable halloysite deposits in their Dragon Mine.
"Granted, there's some bickering going on now over there, but it'll soon be over. My promise."
I'll be interested to see how you keep that promise, particularly as one of the defectors to your censorship-free MB was the prime mover behind censoring posts on this MB, and that was because he didn't approve of the sentiments I expressed, rather than any legitimate reason allowed under iHub's ToS.
What I think you fail to realize, or at least acknowledge, is that there is a group of people who will do anything, say anything to stop the negative side of the Biophan story - and there's plenty of that- from receiving a fair hearing.
I frankly wonder how it is that people can defend Biophan's management so avidly when it has failed at every task it's ever set itself, destroyed the finances of the company, its balance sheet and its share price, failed to get even an AMEX listing even though they quite literally promised they had it in the bag, and has some of the most intemperate and irrational supporters I have ever had the misfortune to witness in action.
I mean, what is that all about?
Why can't I point out that Biophan couldn't have been any worse managed if it had been run by criminals on behalf of organized crime
(which it may or may not be - my point is only that the outcome or result from the private retail shareholders' perspective is indistinguishable)
without being subject to vituperative speculation about my motives and my character?
Talk about shooting the messenger!
If Biophan ever gets round to planning to file for approval of the Myotech CSS device, which as best as I can gauge will be a Class III device, it may have some significant hurdles to overcome:
"GAO Tells FDA To Toughen Class III Device Review
January 15, 2009 -- A new report from the U.S. Government Accountability Office is recommending that the U.S. Food and Drug Administration ratchet up its review process for medical devices that are designated class III, or “high risk,” in order to comply with legislation that is almost two decades old.
According to the report, which was published Thursday, Congress expected the FDA to require all class III devices to undergo a stringent premarket approval process"
Given that Biophan shows no sign of intending to perform any human studies on the Myotech CSS device in spite of the millions of dollars they have raised on the pretext of doing so
(money that was subsequently diverted to private companies associated with Messrs Weiner, Lanzafame and their known associates or to a string of their toxic finance chums)
I suspect this will remain a purely academic question.
Ironically enough, the chaps who didn't think that either the Moderator of this fine Biophan MB or the iHub Administrator deleted or censored enough posts have (allegedly) decamped to the IV MB.
Why?
Because they want an "uncensored board"! LOL.
Anyway MBD has taken advantage of this new found freedom to launch several highly personal attacks on me and on the Admin of this MB (b9molecule, I suspect MBD's offer to buy you a beer was a fact a euphemism for his desire to confront you physically).
But I remain unconvinced that Biophan is a legititmate business, and I have attempted to respond to MBDs questions in a constructive and convivial manner:
http://www.investorvillage.com/smbd.asp?mb=80&mn=726&pt=msg&mid=6482131
"I do not see a disclaimer attatched to either of our Assistant Mods."
You're quite right.
I should have said "until recently an Assistant Moderator of this very MB was a paid promoter on behalf of FASC".
I gather he must have stepped down now, but the poster Investinginstockmarket, whose previous incarnation was tradingismylife, was appointed Assistant Moderator, presumably by TRCPA, who has of course assured us that he is unpaid for all the sterling work he does to promote FASC.
Here's IISM/TIML's disclaimer:
"FASC: 50,000 Restricted shares by First American Scientific Corp."
http://investorshub.advfn.com/boards/irp.aspx?userid=57528
Perhaps he feels his work here is done now?
Hope this helps! Sorry again for the temporal inaccuracy.
A word of warning from the SEC, which I feel might be particularly relevant to First American Scientific Corporation (FASC), given its past history and its acknowledged use of paid stock promoters, including one who is an assistant moderator on this very message board:
"Pump&Dump.con:
Tips for Avoiding Stock Scams
on the Internet
One of the most common Internet frauds involves the classic "pump and dump" scheme. Here's how it works: A company's web site may feature a glowing press release about its financial health or some new product or innovation. Newsletters that purport to offer unbiased recommendations may suddenly tout the company as the latest "hot" stock. Messages in chat rooms and bulletin board postings may urge you to buy the stock quickly or to sell before the price goes down. Or you may even hear the company mentioned by a radio or TV analyst.
Unwitting investors then purchase the stock in droves, creating high demand and pumping up the price. But when the fraudsters behind the scheme sell their shares at the peak and stop hyping the stock, the price plummets, and investors lose their money.
Fraudsters frequently use this ploy with small, thinly traded companies because it's easier to manipulate a stock when there's little or no information available about the company. To steer clear of potential scams, always investigate before you invest:
Consider the Source
When you see an offer on the Internet, assume it is a scam, until you can prove through your own research that it is legitimate. And remember that the people touting the stock may well be insiders of the company or paid promoters who stand to profit handsomely if you trade.
Find Out Where the Stock Trades
Many of the smallest and most thinly traded stocks cannot meet the listing requirements of the Nasdaq Stock Market or a national exchange, such as the New York Stock Exchange. Instead they trade in the "over-the-counter" market and are quoted on OTC systems, such as the OTC Bulletin Board or the Pink Sheets. Stocks that trade in the OTC market are generally among the most risky and most susceptible to manipulation.
Independently Verify Claims
It's easy for a company or its promoters to make grandiose claims about new product developments, lucrative contracts, or the company's financial health. But before you invest, make sure you've independently verified those claims.
Research the Opportunity
Always ask for — and carefully read — the prospectus or current financial statements. Check the SEC's EDGAR database to see whether the investment is registered. Some smaller companies don't have to register their securities offerings with the SEC, so always check with your state securities regulator, too.
Watch Out for High-Pressure Pitches
Beware of promoters who pressure you to buy before you have a chance to think about and fully investigate the so-called "opportunity." Don't fall for the line that you'll lose out on a "once-in-a-lifetime" chance to make big money if you don't act quickly.
Always Be Skeptical
Whenever someone you don't know offers you a hot stock tip, ask yourself: Why me? Why is this stranger giving me this tip? How might he or she benefit if I trade?
For more information on how to use the Internet to invest wisely and avoid fraud, be sure to visit our Internet and Online Trading web page. There you'll find a vast array of tips, including Internet Fraud: How to Avoid Internet Investment Scams.
http://www.sec.gov/investor/pubs/pump.htm"
Caveat emptor indeed!
"if only biophan wuld patent a sunspot remover. now that would be worth billions."
I can save you billions, then.
Simply click on my "sunspotter" ID above, and then on the screen that appears, select the "Ignore this Poster" button, and-
Jumpin Jehosaphat!-
it's as if I was never there at all.
How cool is that? Then you can see the rest of your Biophan "investment" turn to dust secure in the knowledge that you never saw anything that might have led you to re-appraise your faith in the "management" of this company.
Of course others who didn't take the same course of action would still get to see my posts.
Is that the part that really worries you? (I happen to think that's their prerogative if they so wish.)
Judging from your trigger happy censor finger the other day, I guess it is. I can see you were upset my entirely on-topic post was restored.
Happily for freedom of responsible expression, that's the beauty of the Founding Fathers' Constitution and in particular the First Amendment for you, I guess.
"those who keep harping on historical biph as though the
info they bring to the board is current and applicable
to the biophan today are just lashing the old dead horse
that does not exist anymore."
A series of questions might serve to illustrate that the contention that today's Biophan is a phoenix which has arisen pure and pristine, clean and unsullied, from the ashes of the "old" Biophan, is not necessarily a slam dunk case to make:
How long has John Lanzafame been employed by Biophan?
Who brought him into Biophan?
Who arranged for John Lanzafame to receive $100,000 in my view frankly gratuitous and unnecessary bonus payments when he started acting as Interim CEO?
Is John Lanzafame a Director of Natural Nano now?
Was John Lanzafame a Director of Natural Nano when they announced a purchase of halloysite clay from Atlas Mining?
Did that purchase turn out to be fictitious, in spite of being trumpeted in PRs from both Atlas and Natural Nano?
Is in fact the very existence of mined and processed halloysite clay that both Natural Nano and Nanolution, a division of Biophan headed at one time by, why, John Lanzafame, incorporated into their business models, fictional?
Is the competence and integrity of a Director at a public company likely related to his or her performance as CEO of another public company?
I could go on, but I doubt it's necessary.
These, by the way, are intended to be rhetorical questions, but if anyone doesn't know the answers, I can certainly supply them.
"since the biophan of old does not exist anymore, all
inference to contrary is inaccurate and irrelevant;"
Doubt it; as George Santayana said:
"Those who cannot learn from history are doomed to repeat it."
Trouble ahead?
From an SEC filing yesterday:
"Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective as of January 7, 2009, Mr. Klaus Siebert resigned as a member of the Board of Directors of NaturalNano, Inc., a Nevada corporation (the “Company”) for personal reasons.
The Company provided Mr. Siebert with a copy of this current report on Form 8-K and requested that he provide the Company with a letter stating whether he agrees with the statements made herein with respect to his resignation and, if not, in what respects he disagrees."
And:
"Klaus Siebert & Company, P.C.
Certified Public Accountants
January 7, 2009
To the Board of NaturalNano, Inc.:
I hereby resign from the Board of Directors of NaturalNano, Inc., effective immediately for personal reasons.
/s/Klaus E.T. Siebert"
In my not inconsiderable experience of these things, it's not necessarily good news when a CPA on the Board of Directors resigns, particularly when his resignation note is so terse.
"nnan, atlas, plni, fasc have nothing to do with biph.
neither does mw any more."
You must have forgotten that quite apart from the fact that BIPH and NNAN have common ownership in the shape of Technology Innovations (where the aforesaid Michael Weiner is much in evidence, contrary to your contention that he has "nothing to do with BIPH") Biophan's current CEO, John Lanzafame is also a current Director of Natural Nano, which I would certainly consider to be a connexion.
"too bad because biph has made many changes .......
to their position that should be considered......more relevant than one spouters totally irrelevant fantasy.
..... yet meally mouth crap about nnan, fasc,
etc. gets to have it's day even though totally off topic."
No need to be rude. I think you'll find that definitely is against the TOS and doesn't reflect well on you either.
You forgot Sexy Sadie which has, in my view, some apposite lyrics too.
Not to mention "Bad Boy" and "For the Benefit of Mr. Weiner" (although I may have misremembered the lyrics of that last one).
No, I now know it wasn't you, it was palacian. He has mailed me to let me know he considered the post off-topic. I have accordingly asked the iHub Admin for a review, and as the post clearly mentioned the subject of this MB - Biophan - a couple of times in a non-gratuitous fashion, I suspect I might prevail.
We shall see.
Thank you for your reply.
I must confess to being disappointed you didn't reply to the poster who inquired what question you might want to ask Biophan's management in an open letter. I would have been intrigued to see your reply.
As a final comment, if this MB starts being rigorous about OT posts, we're going to read about football results a lot less than we do currently.
We interrupt this program,Fantasy Island, for a message from Mr. Market as he continues his downbeat assessment of Biphan's prospects.
And no wonder.
NNAN is also somewhat depressed today (which is saying quite a deal).
I wonder whether there's a prospect of regulatory action around the skein of companies built up by Michael Weiner, John Lanzafame and their associates?
Certainly the litigation around Atlas Mining, together with the revelation (not really a revelation to some of us) that ex-CEO and Chairman, William Jacobson was a crook who conduted a multi-million dollar securities fraud, is of interest to some of us.
Namely it's of interest to those of us who believe it's entirely possible that the mythical sale of halloysite clay from Atlas to Natural Nano was part of a criminal conspiracy by the three companies involved - Atlas, Natural Nano and First American Scientific Corporation- to create a false market in the shares of all three companies.
Atlas has new management now, and they have no interest in suppressing the facts around this false accounting fiasco - by both companies. If and when the truth about NNAN comes out, I suspect the truth about Biophan will not be far behind.
Goldengoph said on this MB recently he didn't think BIPH was another Plasticon. Personally I'm not so sure.
And now back to Fantasy Island................
Stinky pinky:
It had to happen:
"Changed Ticker Symbol
'PRW' is no longer valid. It has changed to PRWP.PK."
Now bankruptcy beckons. I give it 6 months, but I'm a generous sort.
Then the forensic examination can take place, including why the "management" of this sorry scam didn't put it into liquidation months ago when it was clear it was insolvent with no prospect of recovery, but rather chose to carry on defrauding small investors.
Truly the US domestic financial branch of Al Qaeda. Bin Laden must be very proud of Dr. Platt and his other associates working to undermine our system from within.
"Don't suppose you could find something positive to say about BIPH now :)"
No, you suppose correctly, I couldn't.
To do so would require me to lie, and I've always prided myself on telling the truth on these message boards, even if it does make me unpopular.
Indeed my veracity, obviously deeply inconvenient and unwelcome to some, has made me the target of attempted vile untruthful character assassination by one of the Internet's most notorious and dishonest stock promoters.
"Spot, would you mind posting something negative, I can't seem to get anyone to sell me some stock at the bid lol"
Try now, you might have more luck. I've no particular desire to repeat myself, anyway. Good luck - although I harbor no ill-will against honest day-traders, I do think you need a considerable amount of luck with some penny stocks to turn a profit.
Look at all the momo traders who got stuck with 1.5-1.9 cent BIPH stock towards the end of last year, when we had a whole bunch of new IDs posting optimistic thoughts around the clock for a couple of weeks.
They're still nursing their losing stock, most of them, and if they start to think they won't get a mini-pump they can dump into, they'll just dump at a loss anyway.
But,as I say, good luck with BIPH.
I just wouldn't want anyone to think that Biophan was anything other than a very poor stock for INVESTING in, with a very high chance of further losses to accompany those already having happened.
After all, the "management"'s track record is nothing short of abysmal, and they refuse to make any public pronouncements on their plans for Myotech CSS development or what they intend to do with the extra 550 million shares they've spent over $50,000 of your money trying to persuade the shareholders to authorize.
"C'mon Sun, no reason to be Capt. Bringdown."
I can think of 550 million reasons not to grant Biophan's management their fervent wish to have the capacity to dilute by over 200%, and not a single valid reason to allow them to do so.
I think a "Bringdown" is to be persuaded to buy shares in Biophan and then to find they fall in value. If you had listened to BIPH's supporters back when they were at their peak, you'd be down well over 99%, and even within the past 52 weeks you'd have lost 90% from their high of 12 cents.
Now THAT'S what I call a "Bringdown".
But I have already said that I don't regard mindless optimism unfounded on any factual knowledge, or by any realistic forecast of future events, as a reasonable basis for investment or for encouraging others to buy, so my view should not come as a surprise.
It does surprise me that I should be castigated for urging caution, when those who advocate buying this most speculative of stocks for no good reason that I can determine, or that they can articulate in any sensible fashion, seem to be given infinite latitude to hype and exaggerate.
Seems a little asymmetric to me. But there you go.
"competent responsible management"?
"competent responsible management"??
I think you must be thinking of the wrong company.
This management has taken millions of dollars (much of it in toxic finance) on the pretext of developing the Myotech CSS device, and instead has transferred those tens of millions of dollars (really, tens of millions!) into private hands, the hands of those involved in Myotech, Technology Innovations, BioMed and one or two other vehicles for Mr. Michael Weiner, Mr. John Lanzafame and their known associates. Additionally Mr. Lanzafame has received six figure bonuses in addition to his six figure salary for the bang-up job he's done in increasing shareholder value.
And the CSS device?
STILL 24-36 months (and a few millions of dollars) away from commercialization.
In spite of MBD's special pleading, he's been entirely wrong on every single one of his prognostications for this company and for its share price. I place absolutely no faith in his interpretation of what BIPH will do with those extra 550 million shares or so.
However I do know the historical record tells me that BIPH are very likely to issue them all - as they have with the last authorized float of 250 million, and use the proceeds to enrich a small coterie of folk, none of them the ordinary private retail shareholder unfortunately.
If the company has constructive plans for the use of those shares, then it should come out and say what they are, and not rely on unofficial spokesmen reading the runes (always favorably) on their behalf.
But the notion that they won't issue the shares when they're authorized? Laughable.
And the notion that the only thing stopping JVs or licensing agreements going ahead is the lack of BIPH equity going ahead is lack of float? Also laughable.
Any Business Development person knows the kind of partner BIPH needs doesn't care about equity - they're not portfolio managers, after all. They want access to the technology, and if the technology were any good they'd pay for it. Period.
If they want shares that badly, then they should do a share buy back. That'd at least show some faith in the future of the company, and enhance value for existing shareholders into the bargain.
No more drinks in the last chance saloon:
Delisting confirmed/No substantive comment on FDA meeting/Zucchini gone:
"On December 30, 2008, the Exchange notified the company that it has denied the company’s appeal and will begin the de-listing process in accordance with Exchange rules."
No more drinks in the last chance saloon. Good.
"The company had a pre-NDA meeting with the FDA on December 22, 2008 to review the PK study which the company believes is needed to complete the NDA filing. The company plans to announce the results of that meeting as soon as it receives the FDA’s comments, which are expected in January 2009."
http://biz.yahoo.com/bw/081231/20081231005042.html?.v=1
The company doesn't believe that at all. The company knows full well that at least one well-controlled clinical study will be required for every drug with which it's intended Davanat be co-administered - showing both efficacy and safety. Neither is guaranteed, and efficacy is not suggested by a dispassionate interpretation of the Phase I/II results so far obtained.
PRW's wilful refusal to be honest about this would form the basis of a class action law suit by any shareholders who have lost as a result of believing this nonsense.
On the other hand they must be gullible in the extreme.
Just like the folk who believed in VRA, APHT, PARS and all the rest of the biotech scams.
"r u serious 75 plus bagger?
how do u figure?"
Whether he's serious or not, he's certainly an optimist. MBD is even more outrageously optimistic than palacian and has been making wrong calls of great appreciation in value for Biophan for literally years now.
So I would pay no nevermind to the prognostications of either of these gentlemen.
The fact is that Biophan has been promising great things just round the corner ever since its inception.
Sadly none of those things have happened, and they all still remain just around the corner.
What has happened is that tens of millions of dollars originally on Biophan's balance sheet and therefore owned by its shareholders, have been transferred to a series of toxic financiers, and to a small number of privately held companies such as BioMed, Myotech and Technology Innovations, all closely associated with publicly quoted Biophan's Founders and Directors such as Michael Weiner and John Lanzafame.
The latter two gentlemen and their associates have benefited to the tune of seven figures from these cash transfers, while the shareholders have lost more than 99% of their investment if they have held from the stock's peak.
That money was ostensibly raised to pay for Myotech CSS development, but there's no concrete indication that any real development work has taken place on that device in the past four years. The ever-lengthening timelines for commercialization suggest that none has.
Frankly if you wanted to set up a scheme to defraud investors and enrich a small coterie of individuals, then Biophan and its sister company Natural Nano would appear to be a model to follow.
Whether that's merely a sad coincidence or something more sinsister is for each person to ponder over.
What's undoubtedly true is that Biophan is even now spending tens of thousands of dollars of its shareholders' money, trying to persuade them to allow them to more than triple the current outstanding float of authorized shares.
On past form, that would be like giving an alcoholic the keys to the liquour cabinet. While it shows a touching faith, it also encourages a relapse, and could be considered irresposible and unhelpful.
Therefore before you accept that Biophan is a 75 or even a ten bagger, I would urge that any one would perform extensive due diligence beyond asking the enthusiasts on this message board.
"a US domestic wood pellet producer"
who, in common with all of Joe's other phantom, nay mythical customers, must remain anonymous.
Mainly because they don't actually exist.
I guess the theory is that if Bernie Madoff can get away with embezzling $50 billion over many years, and still get bailed to live at home for $10 million, Joe's pretty safe from SEC activity.
Probably right, but one of these days he might get an unpleasant surprise.
After all, someone's got to do something about the domestic economic wing of Al Qaeda that gives Bin Laden and his cohorts so much succour sooner or later.
"Why don't you cut the chase, and sue HIM ?"
I have no damages I can claim for, as I have never "invested" in Green Energy Resources.
Rather I became aware of its existence through my blow fly larvae (the scam-promoting posters I use to see what the scam du jour is) because I have a hobby of following such companies.
I have written to SEC about GRGR however, and would encourage others to do the same.
My contention is that the existence of companies that are brought into being solely to enrich their "management" and their known associates, while at the same time extracting money from private retail shareholders, in a sick distortion of our Capitalist system, is a form of domestic terrorism.
A form of domestic terrorism, indeed, which ultimately could do as much damage as Bin Laden and his cohorts to our way of life by undermining confidence in our economy and by diverting money from productive value and revenue generating purposes into the pockets of a few crooks.
I'm sure Joe and people like him must give great hope and succour to Al Qaeda and their ilk.
Here's my favorite bit from yesterday's PR, and very likely the only true bit in there:
"Green Energy Resources reduced the issued and outstanding shares from over $60 million to under $55 million in 2008."
Not so difficult to do when you crater the price per share. And easy to claim when you don't file accounts that are worth anything.
But even then it doesn't make any sense.
At 1/2/08 the pps was 15 cents. Today it's 2 cents.
The numbers don't add up any way you look at them, but then we know Joe is a serial liar.
Still, this new sales bonanza announced yesterday might let Joe afford to sue me.
You see, I assert he is a liar and that his PRs are a tissue of fabrication.
If that's not true, then my statement is actionable.
Joe, serve me at voldemort.2001@yahoo.com. I promise you my immediate attention.
And another new low today.
0.3 cents.
Less than half a cent.
The market cap for this sad excuse for a company is less than a luxury car would cost you. But it must be said the luxury car would be much better value, if only because it wouldn't try to mug you for more cash at every turn.
Although in the language of those who would gouge and rob you, this isn't an all-time low.
Oh, no.
According to the supporters of the perpetrators of penny stock scams, this is merely a phase of "consolidation".
Apparently that's a good thing, although as far as I can see, the end result is that you retail shareholders end up penniless, while the founders and management of this sorry scam end up rich. As do their various toxic associates and their hangers-on.
Wonder why anyone would think that's a good thing, and what their motive would be?
Answers on a postcard please to SEC.
PS How long before Biophan, BIPH, follows its sister company into sub penny land?
Personally I give it till February, but then I'm a glass half-full type of guy.
"Anyone know if the rumored candidate for head of the FDA, chief cardiologist from the Cleveland Clinic, had any involvement in the Myotech initial trials?"
His name is Dr. Steven Nissen, chairman of cardiovascular medicine at the Cleveland Clinic.
He is very unlikely to have been involved in the initial human uses (trials is not an accurate description of the anecdotal reports in humans of the Myotech CSS device's use) because although he has been involved in some ultrasound cardiac imaging work, his main interest is human pharmacologic studies. Besides which, as he is listed as one of the 100 Most Influential People in the world by Time Magazine, I think Biophan would have mentioned his involvement before now.
I seem to recall, although I'm happy to be corrected if my recollection is faulty, that the individual case reports of the original uses of the prototype Myovad in humans all involved its inventor, and Myotech and Biomed associate, Dr. Mark A. Anstadt, Associate Professor of Cardiothoracic Surgery at Wright State University.
Interestingly, Dr. Nissen's appointment as FDA Commish is feared by both the pharmaceutical and medical device industries, as he is known to be a trenchant critic of these industrial sectors. He was behind the analyses of the COX II inhibitors that led to their withdrawal as well as the Black Box for Avandia, among others.
If he is appointed he will insist on proper evidence base for the products reviewed by FDA before approval (he already is highly critical of the current relationship which he sees as too cosy).
This in my view would be a Good Thing for US citizens, but not for companies that are unwilling for whatever reason to generate such evidence.
Tet,
You've got to learn to read. I've never ever said that it is my "hobby to protect the ignorant and naive from fraud".
And I've told both you and countless others that many many times. In fact just in the last week to wshaw.
Here's a post from much earlier just to show I'm consistent:
http://ragingbull.quote.com/mboard/boards.cgi?board=BIPH&read=102847
You toss the "lying" word around a lot, in this last post saying that you've never suggested I should buy BIPH shares.
Sorry, but you have, if I recall, you thought it would make a good talking point in the pub. I'll dig it up if you want, but every time I've confounded your claims that I'm a liar, you've refused to apologise, lain low for a few weeks and then reappeared as if nothing has ever happened:
http://ragingbull.quote.com/mboard/boards.cgi?board=BIPH&read=104583
Not very gentlemanly behavior, quite frankly.
A better talking point would be why you feel free to misrepresent and abuse me in your endeavors to defend the frankly indefensible.
When we first encountered each other the pps for Biophan was over 50 cents, and the Myovad device was 18 months to 2 years away from market, according to Biophan.
Now it's just over 1 cent. And the re-christened Myotech CSS device is 24-36 months away from commercialization, according to Biophan.
Doesn't this tell you something?
If you feel the need to reply, please try to do so civilly, without the insinuations and ad hominem attacks, which reflect quite badly on you.
TIA.
And after the recent pump, here comes today's dump.
The period to determine the price for the rights issue must be up.
If these crooks were any more transparent, you wouldn't see them at all!
Here's something unpleasant:
"A surprising story of cancer survival
By Jeffrey Krasner, Globe Staff | March 14, 2004
Last November, Pro-Pharmaceuticals Inc. told the story of a cancer survivor as a way to promote the potential benefits of its experimental drug. Nobody was more surprised to hear that story than the patient herself.
The company's New York public relations agency, Investor Relations Group, sent an e-mail to Boston-area reporters and editors with a headline that read, "Hope is Underway for those in your Local Community Fighting Cancer."
The message read like a short newspaper story, telling how a gynecologist in Florida, Melanie Bone, suffered terribly during chemotherapy treatment for breast cancer.
The story said chemotherapy wouldn't have such side effects when Pro's experimental drug, Davanat-1, is approved. Davanat-1, according to the story, improves the effectiveness of a chemotherapy drug on mice, leaving them with "minimal" nausea, hair loss, and fatigue.
But neither Pro's agency, nor the freelancer it hired to write the piece, told Dr. Bone her story would be used to promote Pro-Pharmaceuticals.
When the freelancer interviewed her for the story, Dr. Bone believed it was for a publication, not a press release promoting a company's research. Dr. Bone had never heard of Pro-Pharmaceuticals until contacted by a Globe reporter.
"I never had any clue that was what this was going to be used for," Dr. Bone said.
A month later, Pro issued a press release, again using Dr. Bone's story, to trumpet the progress of Davanat-1.
Dian Griesel, founder and president of Investor Relations Group, defended her efforts to generate publicity for Pro-Pharmaceuticals. "I don't think there's exploiting going on here," she said. Her company no longer represents Pro-Pharmaceuticals, she added.
Pro-Pharmaceuticals executives did not respond last week to questions regarding its public relations strategy.
© Copyright 2006 Globe Newspaper Company."
http://www.boston.com/business/globe/articles/2004/03/14/a_surprising_story_of_cancer_survival/
Interestingly, since then, PRW have re-engaged Investors Relation Group to work on their behalf.
Ughh.
MegaDilutors Anonymous
"at this time i believe we all want the css
myotech to move forward."
Biophan's management have raised literally millions of dollars in the past, using toxic finance and dilution, using development of the Myotech CSS device as the reason for this fundraising. I have posted links to the PRs where this is demonstrated, and can do so again if anybody would like me to.
In spite of this, there is no indication that the Myotech CSS device has inched any closer to a concrete develoment plan.
Instead it remains permanently "24-36 months away from commercialization", much like tomorrow, which as we all know never comes.
Clearly the availability of authorized shares has not been a block in the past, neither has the availability of ready cash - both of these things Biophan has possessed in abundance at various times in its history.
Now it is once again close to the limit of the authorized share count, aparently short of money (whatever happened to that Medtronic $11 million) and the Myovad/Myotech CSS device is NO CLOSER to being available to help those who might benefit from it.
And yet, you are being asked to authorize more MegaDilution, assured by Biophan's adherents that it will, this time, honest, be used so that
"mgmt to have all the bargaining tools at their ready"
Unfortunately history tells us that this is extremely unlikely to happen.
In fact, in spite of all the exhortations to "look to the future positively" only some one very short-sighted would forget George Santayana's wise words:
"Those who cannot learn from history are doomed to repeat it."
The good news is that if the Myotech CSS device is all that Biophan and its supporters say it is, then Biophan simply don't need another 550 million shares to develop it. They just need a partner who sees the potential and agrees to develop it.
Alternatively they could use a couple million of the Medtronic dollars to do some simple human studies to demonstrate this Class III medical device works as previous experience on prototypes has suggested it should. That should be plenty for such studies, and would enhance the value to any third party enormously.
The request for an extra 550 million shares is quite simply a distraction, and to grant them would be like giving a recovering alcoholic a bottle of whiskey to improve his morale.
Indeed Biophan should just "git it done". They don't need 550 million extra shares to do that though, just the will and ability to find an interested partner or devlop it themselves.
Not rocket science, not even terribly difficult.
Wonedr why they don't do it, therefore?
Anyone ever mentioned on this MB that Dr. Platt was described as not a "credible witness" by a Boston judge?
Well, he was:
http://www.boston.com/business/technology/biotechnology/articles/2005/03/26/ex_biotech_officer_wins_whistle_blow_firing_case/
"In her ruling, the judge threw out much of the testimony by Platt, the chief executive. ''In general I do not find Dr. Platt to be a credible witness," she wrote. ''I find his testimony on several issues inconsistent, equivocal, suspect or contradicted by other documentary evidence.""
No big surprize, then, that he and other PRW executives deliberately mislead in their communications about the efficacy of their lead product candidate, Davanat, and its prospects of FDA approval (zero with the current non-existent evidence base).
Others on other message boards have noticed the astonishing coincidence between the recent mini-rally in PRW's pps and the pricing provisions of the "rights issue" by which Platt and company hope to keep the salaries flowing for another few months, while they pretend they can con the FDA into giving some kind of approval for Davanat, PRW's lead compound, which has yet to demonstrate any utility in controlled clinical studies.
Come to think of it, it's yet to be the subject of any controlled clinical studies. While that doesn't stop two of its most notorious and unethical touts from promoting Davanat on other message boards (including, most disgustingly, cancer sufferer's message boards) it should stop others from "investing" in this most toxic of companies with its most toxic of "management".
I find recommending a stock in the hope that others will buy it, when that optimism underpinning such a recommendation is gainsaid by all previous experience, and equally unjustified by an objective examination of the company in question and its promoters, to be much colder than asking someone to comment on a previous wildly incorrect prediction.
But I guess that's just me.
Although anyone who bought back in August based on Degreed's prediction might be more inclined to my argument, I guess.
"I believe this is a .40+ stock 3 months from now."
Degreed, August 2008.
Is the three months up yet?
Just wondering.
palacian, I hope you don't mind me saying that you sound a little tetchy.
I do hope it isn't anything I've written on this fine MB. I have tried to be civil in my posts, but if you feel I haven't been, perhaps you could point me to a specific example of where I've failed in this endeavor, so I can avoid similar mistakes in the future.
As for patents, I will freely admit that even though I am named as "Inventor" on a handful of US (and other) patents, I'm by no means an expert. As such it would be unhelpful for me to comment on the specific claims made in Biophan's patents. Besides which the language used is a jargon penetrable only to the select few, and most US patents that are issued are very susceptible to eventual challenge by others such as competitors.
Strategies employing patents, however, I'm more familiar with. I've seen patents used as a block to competitive activity (even though strictly speaking they shouldn't be) and as a means to "evergreen" pharmaceutical and other products. I've even seen them used as an excuse to claim a reason to buy specific stocks (Health Discovery Corporation would be a prime example) and I can't help wondering if they're used for that purpose by Biophan.
After all, it's more economical to file and maintain a patent than it is to hire penny stock promotion agencies, an activity for which Biophan has been noted (it's also cheaper to register a small insider buy, and the resulting Form 4s also get used to promote a stock such as Biophan).
"yes, i disagree wholeheartedly that your opinions equate to
facts."
If I gave the impression that my opinions were equivalent to the gospel truth, then I apologise wholeheartedly.
I simply wish to maintain that my opinions are consistent with, and supported by, the facts, though I fully accept they are filtered through my suspicious outlook on Biophan, its management and its adherents. But nothing I have said or written is a blatant untruth, or indeed even a subtle untruth.
As for avoiding "any relevant discussion of the science" behind Myotech CSS, apart from some now very old individual case histories, I'm not aware of any new science behind this particular device. When some gets published in peer review journals, or even paid journals for that matter, I'll be very happy to comment on it. For the time being, it remains an idea which has yet to pass into the clinic in any controlled way, and I'd rather discuss reality rather than prototypes that have not been tried in a controlled environment.
"quips like "Unlike the opinions of the "Biophan will make us all rich dead soon" school of thought, which seems to be underpinned by nothing more than wild optimism coupled with an inability to learn from experience." are personal attacks."
I'm sorry you feel that way. I thought it was actually more of a factual observation, and indeed I could link to several posts, including many by MBD, which exhibit exactly that character, it would be fair to say.
You and I have discussed the First Amendment before, and while I quite agree that any unjustified ad hominem attacks or blatant untruths should be struck from the record, nothing I have ever posted on this message board constitutes either of these. I may have harsh opinions on the behavior of certain individuals but I always attempt to justify these opinions using arguments underpinned by facts, unlike the many attacks on me which are based on nothing more than the fact that some folk don't like the conclusions I have reached through my examination of the facts.
"biophan never said they would take on human trials. so
flaunting this is a nothingness."
Biophan have repeatedly said that the Myotech CSS device would be available in the next two years or sooner, with the earliest launch date they posited being 2006, if I recall correctly. In order to commercialize any Class III medical device, which I believe the Myotech CSS would be if ever launched, it's necessary to conduct human studies, so my case, which I think is strong, is that the absence of human study plans make the commercialization of the device impossible. So it's not a "nothingness, in my opinion, but rather significant.
I'd be interested to know why you disagree.
"Is bashing a hobby for you or an occupation?"
You obviously haven't looked at my "posting history here and on the RB" (or indeed on Yahoo) very extensively, because if you had you would have seen my reply to questions similar to yours many times. I often advise folk to bookmark my reply, because frequently I get the same question from the same folk -almost as if they were amnesiacs.
Anyway, as I have said very often, the forensic examination of likely candidates for scam stocks is certainly one of my several hobbies. I find I get a lot of information fom surprising sources when I post on MBs like these (my email is voldemort.2001@yahoo.com if anyone else feels like opening up) and in return it doesn't seem inappropriate to remark on some of my findings.
And besides, while my primary motivation is not philanthropic, I'm not so cold that I would stand to one side and watch innocents be gulled into buying a stock like Biophan on the advice of some of the inveterate enthusiasts here without pointing out some of the likely risks (like a 100% loss). It should be said that no one on any of the several message boards of these stocks of which I am suspciious has ever lost any money by not being long on a stock I have been sceptical about. Not one.
Whereas if anybody had listened to those who were enthusiastic about being long on BIPH, NNAN, HDVY, ITRP, VRA, AGEN, ABPI, VRA, NEOL, IMM, NTEC to name just a small selection of the stocks I have identified as appropriate subjects for my little hobby, and bought those stocks, then they would be considerably out of pocket.
And yet, it's always me who gets the criticism. (With some public exceptions, and many private emails of thanks). I wonder why that is?
"You must have lost a bundle on this position."
Never owned this a single share of this stock, in spite of the blandishments of those like tetrahedron who have told me I should buy in the past.
But then, with my hobby, I was never likely to buy Biophan, or Natural Nano, or any of the rest.
I know how to do due diligence, and I can spot the signs of dangerous penny stock schemes a mile off.
"I have made much more on it in the past than I now have invested."
Good for you. I have often expressed my admiration for successful day traders, a breed blessed with immaculate timing and a not inconsiderable amount of luck. (There are many more of them on MBs such as this than the official statistics would have us believe, for some reason.)
I have, however, always had a problem with daytraders, and others, long or short, who dissemble about their positions, or about the stock they are trading in, purely for the purpose of advancing their position.
An honest chap like you will find it hard to credit, but there are some folk who will tell others they should be buying, even posting with a "Strong Buy" sentiment, when in reality they've been selling theiir own shares hand-over-fist.
That's the kind of thing I have a problem with.
Don't forget to bookmark this post, then I won't have to repeat myself when you find yourself wondering about my motivation in a coupla months time.
I assume you'll be asking MBD the same question about his motivation for his regular hype and exaggerations about the prospects for Biophan, which have been proven wrong by events time and time again?
"You're certainly one to talk...."
I'm not sure what your point is. While I am indeed moderator of the Natural Nano iHub message board, and I am universally acknowledged as doing a stand-up job in that important role, I'm not a great supporter of that stock, and certainly have never expressed any optimism about its prospects.
How could I? It was set up by the same crowd as Biophan, has common ownership and indeed common directors - Biophan's well-paid but under-performing CEO John Lanzafame is also a Director of NNAN- and is supported by the same somewhat excitable crew as support Biophan, for no sensible reason that I can determine (unless they have some undeclared motive for their advocacy of these two extremely disappointing companies).
"At least Biophan looks poised to recover from its bottom...lol."
Frankly I doubt either Biophan or Natural Nano will do any such thing, apart from the periodic pump-n-dumps which get smaller and less durable as time goes on.
Why would you think BIPH would recover given that it proposed to MegaDilute by over 200% and no longer even publishes its target date for Myotech CSS approval?
"Goldengoph, we may have to wait a little for the kaboom. It is only a matter of time and I believe a short time. Just my opinion."
And it's just my opinion that the only kaboom, apart from the odd manufactured mini-pump 'n dump, will be the sound of Biophan imploding as it sinks into bankruptcy once its "management", owners (such as TI, Biomed and other Weiner-associated vehicles)and other known associates have stripped all the cash and other assets worth having from the poor shareholders who've been gulled into holding these shares, and even into voting into allowing the "management" to issue another 550 million shares.
That's just my opinion, but at least my opinion has the merit of being underpinned by both the pps and the previous track record of BIPH's well-paid but underperforming "management".
Unlike the opinions of the "Biophan will make us all rich dead soon" school of thought, which seems to be underpinned by nothing more than wild optimism coupled with an inability to learn from experience.
Or maybe in the immortal words of Upton Sinclair:
"It is very difficult to get someone to believe something when his salary depends on his not believing it"
Whatever.
But, look! Here's some good news:
"Biophan Announces Acceleration of Commercialization of MYO-VAD™ Cardiac Assist Device
December 08, 200x 07:14 AM US Eastern Timezone
Company details plans for utilization of funds to be invested in MYOTECH under acquisition agreement.
ROCHESTER, N.Y.--(BUSINESS WIRE)--Dec. 8, 2005--Biophan Technologies, Inc. (OTCBB: BIPH; FWB: BTN), a developer of next-generation biomedical technology, today announced the acceleration of the commercialization program of the MYO-VAD following the recently announced agreement for its acquisition and investment in MYOTECH, LLC.
MYOTECH will ...... step up the development of the first generation MYO-VAD, a device designed to quickly restore cardiac output in patients suffering from many forms of heart failure."
Sad thing is, this "good news" is from 2005. And the Myotech CSS device? Still at least two years away from commercialization, just as it ever was. Not even in human studies yet, in fact. Or discussed with FDA.
Kaboom, indeed.
New all time low today.
Even though as moderator of this fine message board, I should dearly love to be relaying positive news about the subject of discussion here, Natural Nano Inc, it is with no surprise but with a certain sadness that I report that the stock has hit a new all-time low today of just one cent.
Additionally, with the impending MegaDilution and accompanying reverse split that Natural Nano's crack management team have announced (and approved, all by themselves) I have to report that I think it unlikely the situation will improve any in the near term future.
Or at all, in fact.
All of which leads me to wonder if the adherents of this, er, remarkable stock have always been entirely honest with us. I refer, of course, to previous moderators of this very message board and the one man NNAN fan club over at the IV MB for Natural Nano.
Do they just have it completely wrong, or is there a more sinister motivation behind their constant attempts to recruit folk to the long-suffering ranks of the NNAN shareholder and consequently to wreak financial havoc on anyone unfortunate enought to fall for their sophistry?
I think we should be told.