Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I am an objective investor. I am not, however, an investor who invests in rumors. I like evidence, especially SEC filings.
I don't see ANY evidence that William Gartner is doing anything with DR-70 or Radient other than trying to get funding for an LLC called Global Cancer Diagnostics that, if funded, would attempt to sell DR-70 on the internet.
There is no evidence that William Gartner has been a driving force in biotech for many years. There is some conjecture, and perhaps some wishful thinking, that Gartner is successfully doing something, but the evidence I see is the following:
* Radient filed an 8-K in 2012 saying GCDX didn't get funding and the agreement was cancelled.
* GCDx does not reply to emails and their voice mailbox has been full for well over a year.
* GCDx entered a contest on Fundable in 2013 but dropped out after raising only $200.
* Gartner promised to start selling DR-70 on his website in June 2012 but it never happened.
* GCDx applied for a TRADEMARK, but owns no patent.
So to be clear, I am not DOWNPLAYING Gartner's "Role as driving force between bringing together the Takeover Group, Provista, RXPC, Amarantus, GCDx, and Dignyte." I am saying there is nothing TO downplay.
The takeover rumor is over three years old now. It was created in March 2011. This rumor no longer has legs, IMO. Without some hard evidence, like a Schedule 13 or a press release or an SEC filing, I think it's folly to keep believing a rumor like this. That does NOT mean I am not objective.
The shareholders spoke LOUD and CLEAR when the traders came rushing in with the morning tide of the MJ rumor, IMO.
At the peak of the MJ rumor, the inexhaustible ASK spoke volumes. That rally was killed when the shareholders kept dumping. The ASK was a bottomless well at .0003 and .0004.
If you are willing to pay .0005, I think you can own this company tomorrow. I think you can buy at least 3.5 billion shares if you will pay .0005 for them. I'm sorry but I don't see evidence of strong hands here.
As for "willingness to settle with Rosen for $2.5 million dollars:"
1. That money is not in escrow yet.
2. Why settle at all, if you're innocent?
3. I remember when the longs were calling the class action "frivolous." It does not seem frivolous now.
As for "all of this effort to patent & trademark the properties," I say, they let all their patent applications except one expire simply by not paying the annual fee to keep them active. That seems like a total LACK of effort. And what good are trademarks without patents?
vester_guy you said:
"You just have to know where to look for William's patents.."
Where might that be? Help us out, vester_guy: show us where to look for William's patents.
Canada? they stopped paying fees in 2012 so that one is dead:
http://brevets-patents.ic.gc.ca/opic-cipo/cpd/eng/patent/2755486/financial_transactions.html?type=
Australia? "Application status lapsed."
http://pericles.ipaustralia.gov.au/ols/auspat/applicationDetails.do;jsessionid=qqrsTHfFRX2GL3L9cVB1kT0ycyYD4gpGQtnT27JXZ4tNpnLB4WmR!2024099801
European? Status is "withdrawn" due to lack of fees paid:
https://register.epo.org/application?number=EP09789550
China? I can't tell the status, can you? it's application 200980158402 if you want to try. It returns one record but the status is not avaliable. The Int'l Classification numbers G01N33/574;G01N33/86 are the same ones for the other patent apps though.
http://www.chinatrademarkoffice.com/index.php/ptsearch
Japan? the application number is 2012503382 but that search comes back empty:
http://www19.ipdl.inpit.go.jp/PA1/cgi-bin/PA1NUMBER
But if you search TEXT for AMDL you find two OLD Japanese patents from 1992 and 1994, so the database works -- there just isn't an active Japan patent app, IMO:
http://www19.ipdl.inpit.go.jp/PA1/cgi-bin/PA1LIST
You also said "All debt has been eliminated from Radient per lenders debt for equity deal. "
I don't see how that is possible. 5 billion shares converted at the avg price of 0.0001 is only $500,000 and the debt was at LEAST $14 million the last time Radient disclosed the debt three years ago. Penalty/default interest accrues at 24% as disclosed in the SEC filings.
Even if you think the conversion price was averaged higher -- say 0.001, which is not borne out by the historical stock sales, since the conversino price was less than the avg market price, as you know, but let's just say 0.001 for the sake of argument -- -- that's only $5 million out of $14 million converted to equity.
I guess the problem with a company that doesn't report financials is: nobody knows the true financial condition. But the math proves that the debt could NOT have been eliminated by the "debt for equity deal." If the debt has been eliminated, it had to be through other means, and I cannot imagine what those means would be without SEC filings.
Patent Application will take YEARS.
vester_guy, you said:
"I agree with you lake 100 percent you understand..We both agree that it is the PATENT that we are waiting for..Amen Brother...Wolf.... COULD BE MONTH(S) OR DAYS OR HOURS...."
Take a look at the Transaction history of this patent application. Go to this site, enter the captcha, and search for publication 20100248269:
http://portal.uspto.gov/pair/PublicPair
Then click the Transaction History tab. Notice the current status = "Electronic Information Disclosure Statement" on 02-28-2013. Also notice that this application is a "Request for Continued Examination (RCE)."
Do some DD about the backlog of RCE's at the USPTO. Here's a good article written by a patent attorney:
http://www.ipwatchdog.com/2013/02/14/the-rce-backlog-a-critical-patent-office-problem/id=35431/
What is the USPTO doing to try and get caught up?
http://patentlyo.com/patent/2013/03/uspto-takes-action-to-reduce-rce-backlog.html
Note the first graph: 110,000 untouched RCE's in March 2013 when Radient submitted theirs!
Note the second graph: 13,000 RCE's new each year, and only 11,000 getting a first action each year. That's why the number of untouched RCE's is growing.
The program described in that link to give more credit for RCE's ended in Sept 2013 -- and how many RCE's did they clear away? How long before the USPTO gets to Radient's RCE? If they give a First Action on 11,000 RCE's per year, and had 110,000 backlogged in March 2013.... that is ten years. Sure, that is "worst case," but what is "best case?" FOUR YEARS? FIVE?
runncoach,
There is only one patent pending. It is a US patent application that was rejected in 2012, resubmitted as an RCE in 2013, and is now sitting in the USPTO queue in their current backlog of RCE applications.
The European patent was withdrawn in 2013 when nobody paid the annual fee to keep it active.
The WIPO "patent application" is just a reference to the USPTO RCE application.
Therefore, there is no "patent news" coming any time soon -- could be YEARS, literally, as many RCE applications are sitting in a backlog that has been a news story for quite some time.
And the other "catalyst" that is supposed to trigger the completion of the "takeover," the Dignyte/eWellness merger, failed to execute by the deadline of 03/31/2014. This reinforces the notion that the word "contemplates" in a LOI doesn't mean much. They also used the word "contemplates" to describe the term sheet financing back in 2012 that was supposed to keep the company alive but also failed to materialize.
Personally, I think the MJ rumor had more to it than the takeover/merger rumor. Certainly, Wall Street thought so. But I think we can all agree that neither rumor holds up after five minutes of real DD.
As for "commercial success," the test never had it and never will, IMO. DR-70 is used in laboratory research and referenced in some abstracts, but I doubt UNI will have success selling the test in Asia or anywhere else. I doubt anyone will even TRY to manufacture and sell a generic DR-70 test after June 3rd when the patent expires. That includes GCDx. I don't think the GCDx business model has much to do with actually selling the test -- I think their business model, like MacLellan's apparent business model, is "get funding, pay the officers a big salary, release a few PR's, make excuses for poor revenues, repeat until the funding runs out."
The CEO left a year ago and they sold all their office equipment in a sheriff's auction after being evicted from the office.
Let me guess -- MJ rumor on Twitter?
Vester_guy: MJ rumor. Your opinion?
Not looking for ANYONE ELSE'S opinion. I want to know how the MJ rumor fits into vester_guy's analysis of this company.
Thanks in advance, vester_guy, for answering, and thanks in advance, dcspka, for NOT answering.
Let's see what the market thinks of the RXPC takeover rumor.
You think the takeover rumor is real, and in fact the Takeover Group has already taken over. I think the the Takeover rumor is false, and there will never be a takeover because the company has no assets to take over.
You will not abandon the takeover rumor unless the company files for bankruptcy. I will not embrace the takeover rumor unless the company actually gets taken over. So I guess we wait to see who was right.
If Rosen doesn't force bankruptcy, it might never happen, similar to MacLellan's other zombie stock AXMP. So it's possible that neither of us will ever have to admit we were wrong. Regardless, I see no reason to continue this debate until there is some news, which, as you know, I believe will never come.
So, good luck and farewell.
Your opinion of the MJ rumor, vester_guy, please?
Thanks in advance!
I am saying the COMPANY is over.
Whether or not traders choose to buy and sell the stock is another matter.
Yes, there are 650 million shares on the bid -- at 0.0001. Why not at 0.0002 if this company is about to explode? And why are so many current shareholders willing to sell under 0.0005? Did you see the ASK when the MJ rumor was at its peak a week ago? Current shareholders didn't seem to believe the rumors.
The bottom line is:
A merger almost sounded plausible in 2011 when the rumor started. Radient had $20 million shareholder equity in Jade, they forecast $12 million revenues from India, the A/S was about 50 million shares, NuVax was just getting started in the campaign to develop CIT, and Radient was confident they would get patwentas approved for onko-sure before the existign patent expired in 2014.
Since then, Radient changed the value of Jade to zero, the revenues from India were only about $100,000 in 2011 and zero afterwards, NuVax is shut down and Radient says CIT is worthless, the A/S is 5 billion, and there is no chance of getting the one remaining patent application approved before the last patent expires.
So I don't see the point of continuing the discussion of a merger or takeover. The odds seem so prohibitively AGAINST any entity wanting to merge with, acquire, or take over this company. The PPS of 0.0001 reflects these odds.
I guess that in theory, ANY pinksheet shell could be taken over or acquired. Buying this stock in hopes of a merger or takeover requires a much higher risk tolerance than mine. So I wish the best of luck to those of you who are bigger gamblers than me -- I salute you!
At what point would we all agree that this is really over?
* The class action on April 22nd?
* The patent expiration on June 3rd?
* The Dignyte merger going through, but nothing happens in parallel with Radient?
* Radient filing for bankruptcy?
* NEVER?
In your "Google Answers" example, notice how that company didn't have any 8K's, 10Q's, or 10k's?
Here's a better place for DD about a Schedule 13 requirement: the SEC site.
https://www.sec.gov/answers/sched13.htm
"When a person or group of persons acquires beneficial ownership of more than 5% of a voting class of a company’s equity securities registered under Section 12 of the Securities Exchange Act of 1934, they are required to file a Schedule 13D with the SEC. (Depending upon the facts and circumstances, the person or group of persons may be eligible to file the more abbreviated Schedule 13G in lieu of Schedule 13D.)"
RXPC shares are registered under Section 12 of the Securities Exchange Act of 1934.
Therefore, owners of 5% of RXPC stock must file a Schedule 13.
"YOU HAVE TO PROVE DAMAGES..." I'm not sure what you are trying to say here. Isn't that the fundamental basis of every class action?
Yes, I have studied a little law. And I recommend this as reading for everyone:
http://securities.stanford.edu/filings-documents/1046/RPC00_01/2013517_r01o_11CV00406.pdf
Excerpt of particular interest:
"MacLellan told Ariura to put together a few paragraphs of what would eventually the January 18 Press Release. PF 52. An early draft touts the study as Radient’s “latest Onko- Sure Trial,” describes plans for Radient to merge its Onko-Sure data with CEA data from MVSS, and makes one reference to the Mayo Clinic, noting that two doctors from the clinic would decide how to best communicate any resulting data. Kim Decl. Ex. 20 at PK 296. Staff at Radient circulated drafts by e-mail, and noted “(no mention of Mayo)” in the e-mail subject line. See, e.g. , id. at PK 295.
"A later draft, from January 15, 2011, makes no reference at all to Mayo and also refers to the study as the “Onko-Sure Trial.” Id. at PK 297.
"A draft from January 12 did make clear references to Mayo. It had the following relevant text (in bold) after MacLellan’s comment (that made it into the January 18 Press Release) about having reached “this important milestone”:
"Collaboration with Mayo is critically important to the commercialization strategy and plan for Onko-Sure. To have internationally recognized leaders in oncology evaluate Onko-Sure is a testament to the importance of our test. It is
also a boost for RPC to be involved and collaborate with such a prestigious cancer center like Mayo. We look forward to the long-term impact this could have on patient care as well as our business model.
"Before the January 18 Press Release went out, both of Radient’s scientific employees involved in the study, Drs. Small-Howard and Afsaneh Motamed-Khorasani, raised worries about it. Motamed-Khorasani e-mailed a public relations employee, as well as MacLellan and Ariura, and noted that Radient had still not paid for the study, and that “I think we need to pay Mayo first before we can send out the press release with their name on it.” Kim Decl. Ex. 10 at PK 118. Small-Howard, who was copied on the e-mail, replied to all agreeing that “Mayo is not in a favorable mood,” and that “We should consider the future implications of a press release at this time,” given the earlier e-mail in which MVSS expressed frustration with Radient over nonpayment. Id. Despite the fact that the Collaboration Agreement required MVSS or Mayo Clinic’s approval before using their names in a press release, PF 65, MacLellan went ahead and told his employees to issue the press release. PF 68."
vester_guy, you say "The 2.5 million is standard when it is difficult to prove damages." I don't think this is true.
Your assertion is based on what? Radient and Dominos Pizza class actions had $2.5M settlements, therefore it is an industry standard? Thanks in advance for explaining.
You do not believe the MJ rumor, vester_guy?
The takeover has been successful, in your opinion?
This is the quietest takeover I've ever seen. Does the "new owner" plan to do anything with this company?
"The company believes there is no basis to the suit" but they settled for $2.5 million.
Radient forecasting that "everything will be OK" is sort of humorous in retrospect, not only in this case, but in all the "positive guidance" communications in 2010-2012 that later proved to be, well, incorrect. Examples:
* Jade and Nuvax would be "monetized."
* Jade was worth $20 million and the SEC audit was nothing to worry about, and they were confident they'd remain listed on the AMEX. They even "contemplated" getting bumped up to the NASDAQ small cap.
* The Guar Diagno agreement would result in $12 million revenues, and they were going to develop CIT in India.
We will know whether the settlement is insurance or not after April 22nd.
If the $2.5M gets placed into escrow, it was insured.
If no money gets placed into escrow, it was not insured.
The irony of the takeover rumor:
in the SLIM chance that some entity intends to take over Radient, ther only possible way to resolve the debt would be to restructure through bankruptcy and get rid of the 5 billion existing shares.
Which means that if someone really believes in the takeover rumor and thinks this company has a future, their best investment would be to NOT buy the stock now, because the existing stock will become worthless in the event of takeover. The best strategy in the case of a takeover would be to wait until it happens, and then invest.
THAT, my friends, is BEAUTIFUL irony.
Future worth of the company?
I do not care about current price. I base my opinion about "future worth" on the following:
1. When the last patent expires on June 3rd 2014, this company has nothing left to sell.
2. This company has at LEAST $18 million in outstanding debt, with no way to repay any of it now that the A/S is used up.
3. The company stopped paying maintenance fees in 2012. As a result, their one product is no longer cleared by the FDA and they no longer have a pending patent application in Europe.
4. Their only hope was NuVax, but the NuVax employees (Bhatia and Chang) left in 2012 when Radient stopped paying them.
5. the company has no offices and no manufacturing facilities.
6. All the officers except the CEO resigned. Then one new officer joined the "company," but that officer has a history with the CEO -- the last time they worked together, they failed to complete a merger, then one of them quit within weeks, and within a few months the other filed for bankruptcy. That company was PortaComm.
7. I am not convinced that Radient has money to pay the Class Action settlement. I will believe that when I see that money in escrow, and not before.
I wish a sincere "good luck" to the two people who believe in the takeover rumor.
I hope your rumor is either proven or disproven in the near future.
Correct. NO NEWS about Radient.
Yes, retail owns the entire O/S. Reporting entities do not own any of this stock.
Institutions and hedge funds don't own pinksheet zombie stocks.
DR-70 is a failure, IMO, regardless of whether reportlinker or pennystock newsletters or paid reporting companies or some goofball on SeekingAlpha thinks otherwise. I base my opinion of revenues. This company has been trying to sell DR-70 since 1996 and revenues have never exceeded 5% of the forecasts.
This company lost $85 million each of the last two years it reported financials. Put that in perspective. How could a tiny company like this lose $85 million in a year. I personally think that if they threw money out the window of a moving car, they';d have to work pretty hard to lose THAT much.
WHERE DID ALL THAT MONEY GO?
No such thing has occurred? Did you not look at the chart since Feb 24?
A billion shares changed hands on the MJ rumor. That's over 20% of the O/S. And the PPS never got above 0.0004.
Are we talking about the same stock? Are you sure you're on the right message board?
The debt is most certainly NOT paid off.
Yes, the lender agreed to a debt-for-equity swap. So please explain how shares converted at a SP under 0.0001 can pay off $14 million debt, starting in December 2011, when there are only 5 billion shares in the A/S? That is only $500,000 of the $14 million, AT BEST.
All we have is conjecture because this company stopped filing with the SEC, does not have an office to visit, does not answer phone calls or emails, and does not have an IR Department. If your reasoning tells you that this company is being taken over and resurrected, fine, buy all the shares you can get. It's a once-in-a-lifetime dream jackpot, if what you are saying is true.
Curious, though, that only two people believe the takeover rumor, and they apparently already have all the shares they want, because nobody is buying and everybody else is selling.
Of course it was retail. No reporting entity would buy a zombie pinksheet stock. the lack of Schedule 13's proves this.
The lenders got the shares as part of the debt-to-equity deal, and they sold them to retail.
IF there was a takeover group, they must already own 2.5 billion shares -- you think they sat by idly while the MJ rumor rolled in, allowing retail to grab a billion shares or more -- and when they take over they will now have to pay a penny or dime or dollar for those shares? That makes NO SENSE.
If there was a takeover group, they lose money every day they delay the takeover. That alone proves there is no takeover group.
so much evidence AGAINST a takeover -- while the only evidence FOR a takeover is "no public news MUST mean there are machinations behind the scenes, and that means there MUST be a takeover!"
"More time to consummate the deal?" Why did they need more time? Looks like a simple deal to me. I guess they hired amateurs to close the merger? You get what you pay for.
"We should hear something shortly?" As in, pushing the date back again? Because if it had happened by March 31st as predicted, we'd see an SEC filing. So there's still a problem?
Notice that the LOI used the word "contemplating." Where else did you see that word? Hint: remember the Term Sheet financing for Radient a couple years ago? They used the word "contemplating" in that filing too. Remember the result? The financing didn't happen.
The relentless shares under 0.0005 on the ASK shows the huge desire to sell. That's why the MJ rumor died. Those people didn't realize the O/S is 5 billion and the current shareholders want OUT at basically any price above 0.0001.
Now the MJ rumor "new shareholders" are going to want out. L:ooks to me like they own about a billion shares. As a result, this stock is going to flounder at 0.0001 until there is news.
And the prediction of "news soon" is wearing thin after 36 months. There's no news coming, IMO, EVER. When the patent expires on June 3rd, what does this company have left to sell? The CIT patent? Radient said in 2012 that CIT was worthless.
"Who says there is no information in the Domain public about the behind the scenes with Radient and Provista GCDX and William Tell..."
I do. And I don't see anything in your posts to the contrary. Radient is NOT alive and well, IMO, and to date, my opinion is validated by the lack of news, lack of response from Radient, lack of a bricks-and-mortar facility, lack of patents, lack of GCDx sales, and lack of FDA clearance. That';s right, onko-sure is no logner cleared with the FSDA for ANYTHING -- because nobody paid the annual registration fees to the FDA. Sound familiar? See a pattern yet?
"The outstanding was 2 billion at this same time..Now it is at 4.775 billion..."
That was lenders converting debt to equity. Read the SEC filings. It's all explained there. Radient issued those shares to the lenders. and how much debt did they convert? Even if it was done at 0.0001, that is only $200,000 of the $18,000,000 debt.
And Hopefully we will NOT be getting an update from "Underdawg." You know why I say that.
"The trading volumes and their associated prices are stacked against flipping for a large profit-"
Translated: There has been a relentless number of shares on the ASK.
If the "takeover group" holds 85% of the shares, that means they were selling at those low prices. That proves, to me, that there IS NO TAKEOVER GROUP.
I'm glad you noticed that the PPS is "testing the .0001 pricing." When I predicted that last week, some here said that would never happen.
The new shareholders who bought at 0.0002 and 0.0003 last week will probably not sell this week at 0.0001. They will hold for awhile. Interesting to see how patient they are as spring turns to summer and summer turns to fall with NO NEWS other than the class action settlement.
Unless, of course, the settlement doesn't get paid and the plaintiffs force bankruptcy. What would they get, though? What assets could Radient possibly have? I don't know of any, especially after the patent expires in two months. Maybe the plaintiffs will force bankruptcy just on principle?
"Any fool can read an 8K and memorize its contents."
But apparently not every fool can read an 8K with comprehension.
I agree with you on one thing you say here: there are those who do not believe in RXPC's prospects, and will use the void of news as a means of casting doubt on the merger rumor. I'll go further: I think the void of news means the company is not doing ANYTHING. The patent expiration in two months means they can't sell any more license agreements, IMO, so there is nothing for this company TO do.
The lack of public information certainly does not prove, or even suggest, that someone is secretly trying to take over the company!
Did your Dignyte/eWellness merger go through? That was supposed to happen on or before March 31.
Well actually that was supposed to happen on or before Dec 31st 2013 but it didn't. Then the date got pushed back to March 31st 2014. What is it now? June 30th? Sure, why not?
You are reading the boilerplate statement they post on OTC for all "Stop Sign Pinkies."
Look at another stock on OTC with the Stop Sign. You'll see what I mean.
It switched back from the Yield Sign to a Stop Sign weeks ago. I first posted that here on Feb 5th in post 19398 in response to one of YOUR posts. Also see post 19776 where I told Peggy he should change his sticky note.
That status changed from Stop Sign to Yield sign when Radient filed the 8-K in June 2013. For all pinksheet stocks, that changes back to a Stop Sign after a certain time elapses without an SEC filing. I think that is six months, and since Radient's last 8-K was June 2013, that means it switched in Dec 2013 or January 2014.
Sorry, you are wrong. That has not changed in weeks on the OTC site.
I just posted proof - in fact one of my replies to YOU, weeks ago, is part of the proof.
But, believe what you want.
dcspka, I noted that it changed to a Stop Sign weeks ago. See the post I'm replying to here.
Also see post 19398 on Feb 5th. That's the earliest I can find that I posted it on this MB.
So it's been a Stop Sign on OTC since at least February 5th. Nothing new.
Did you really not see that until today?
That stop sign has been on OTC for months. It changed from a Yield sign to a Stop sign six months after the last 8-K came out. If they release an 8-K, it will change back to Yield sign and remain Yield for six months, then change back to a Stop Sign.
That's how it works.
Too bad the "investigative longs" didn't see that "NO Trading Warning" sooner. Might have saved them some money, to heed that warning.
The PPS of RPC was $30 in March 2011, adjusted for the split.
At that time, one person predicted bankruptcy and failure of the company. Another person predicted a merger and success of the company.
Three years later, the stock has been delisted, the company stopped paying bills including their lease and no longer has a physical address, and the PPS is at 0.0002.
Which person above made a better prediction in March 2011?
It is obvious that none of the rare exceptions that allow "patent renewal" apply to Radient's last patent.
I apologize -- I mistakenly thought that you and vester_guy were arguing that Radient should renew their last active patent. I see now that you are aware that Radient cannot renew this patent.
You are saying that to do DD on William Gartner a person needs to fly to Arizona and track him down?
This is what you did? Now William Gartner is your friend?
So the information you are posting here about GCDx paying Radient and signing a license agreement for onko-sure is not mere conjecture and wishful thinking on your part, but fact, known to you because you personally interviewed and befriended William Gartner?
Please clarify.