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Why reverse split? Are Tenax’s shareholders misled?
Information on Tenax’s pipeline (Oxycyte, drug owned by Tenax) and its development programs (Oxycyte, in cooperation with the Scottish company Aurum Biosciences) remains very unclear. Therefore, the real value of the company is unknown, and shareholders can’t take well informed investment decisions.
On the one hand, there is Tenax’s management telling the SEC in its FORM 10-K Commission File No. 001-34600, that development of Oxycyte has been suspended and that Oxycyte is of no importance for Tenax’s future business. The text reads as follows: “As we have suspended the development of these PFC products while we evaluate strategic alternatives, we do not expect that Oxycyte, Dermacyte or Wundecyte constitute a material portion of our business going forward.” (http://secfilings.nasdaq.com/edgar_conv_html%2f2017%2f03%2f16%2f0001654954-17-002098.html#FIS_BUSINESS).
On the other hand, there is the Scottish brain imaging company Aurum Biosciences, that is part of an important development program by Scottish State institutions (Imaging Centre of Excellence, University of Glasgow, Queen Elizabeth University Hospital). Aurum Biosciences informs its investors: “Aurum also signed a major research, development and commercialization deal with its US partner, Tenax Therapeutics, to develop Oxycyte, initially in the lead stroke indication. Tenax has granted Aurum full rights to develop and commercialize the product. Under the terms of this deal, the companies will share the benefits in stroke" (www.aurumbiosciences.com > Investor Information). Aurum has announced that it will take Oxycyte into a phase 2a trial in Q1 2018 (www.aurumbiosciences.com > News).
Reverse split is very suspicious
Both facts – the Tenax-Aurum development deal for Oxycyte as well as the upcoming phase 2a trial with Oxycyte – have been and are being hidden by Tenax’s management. One wonders, in what kind of hidden agenda Tenax’s CEO Michael B. Jebsen is involved. Is he trying to mislead Tenax’s shareholders and the SEC? Now he is proposing a reverse split to prevent delisting of Tenax from NASDAQ. It is unusual and very suspicious, that a company loses value and shall need a reverse split exactly in the moment, where a promising blockbuster drug development is entering its phase 2a trial.
So there remains one question: Why does Tenax’s CFO and interim CEO, the honest and honorable Mr. Michael B. Jebsen, hide these crucial facts from shareholders and the SEC, and how long will it take for shareholders and the SEC to find out and ask questions?
Post Scriptum:
Shortly after Aurum Biosciences announced the upcoming phase 2a trial for Oxycyte, Tenax's CEO Michael B. Jebsen deleted all information on Oxycyte and the Tenax-Aurum development deal from Tenax's homepage. To make the deleted information reappear, use the following Webarchive link: https://web.archive.org/web/20170723172111/http://www.tenaxthera.com/pipeline/oxycyte/
Scottish State institutions being informed on Tenax’s SEC problem
Rumpelstilz announces that he has started to bring this Investorshub discussion board to the attention of Scottish Stakeholders and State institutions. For the time being, only such stakeholders and institutions have been informed that are in favor of the use of public Scottish money for the development of Tenax’s privately-owned drug Oxycyte as part of a new MRI technology. These Scottish Stakeholders and institutions can now analyze, verify and judge the relevance of the information given in my postings. They then shall draw their own conclusions and take such actions as they deem necessary and adequate to defend Scottish investments into ICE and the Tenax-Aurum deal for the development of Oxycyte.
Four revealing sources
All information given in my postings is based on publicly accessible official documents and company homepages. The most striking insights comes from the following four sources:
1-SEC Filing “FORM 10-K, ANNUAL REPORT, for the fiscal year ended December 31, 2016, Commission File No. 001-34600”.
In this filing Tenax tells the United States Securities and Exchange Commission (SEC) that all development of Oxycyte has been suspended and that Oxycyte is of no importance for Tenax’s future business. Scroll down about 6 pages to the title “Other Products”. There you will find the following statement: “As we have suspended the development of these PFC products while we evaluate strategic alternatives, we do not expect that Oxycyte, Dermacyte or Wundecyte constitute a material portion of our business going forward.” (http://secfilings.nasdaq.com/edgar_conv_html%2f2017%2f03%2f16%2f0001654954-17-002098.html#FIS_BUSINESS)
2-Homepage of Aurum Biosciences, Investor Information.
In contrast to Tenax’s SEC filings stands the information given by Tenax's development partner Aurum Biosciences, the Scottish brain imaging company. They inform their investors: “Aurum also signed a major research, development and commercialisation deal with its US partner, Tenax Therapeutics, to develop Oxycyte, initially in the lead stroke indication. … Under the terms of this deal, the companies will share the benefits in stroke.” This statement clearly shows that (a) development of Oxycyte is not suspended but ongoing, and (b) that Oxycyte is not irrelevant to Tenax’s future business because the future benefits will be shared. (www.aurumbiosciences.com > Investor Information)
3-Homepage of Aurum Biosciences, News.
Aurum informs that a phase 2a trial with Oxycyte will be initiated soon. The announcement reads as follows: “Aurum Biosciences Ltd … has received approval from the UK regulatory authority (MHRA) for a Phase 2 clinical trial due to start in Q1 2018. … Aurum’s ABL-101 stroke technology is based on an oxygen carrying perflurocarbon (PFC) [i.e. Oxycyte], which is emulsified for intravenous use.” (www.aurumbiosciences.com > News > Aurum Biosciences receives UK regulatory approval for a Phase 2 trial)
4- Information deleted from Tenax’s homepage.
In contrast to the Information given by Aurum about Oxycyte, no information at all can be found on Tenax’s homepage: Aurum and Oxycyte, these two words don't show up at all. Tenax not only seems to be denying the existence of Oxycyte but also the longstanding development partnership with Aurum. This “strategy of denying” is very active, because shortly after the announcement of the upcoming phase 2a trial by Aurum, Tenax deleted all remaining information on Oxycte and the Tenax-Aurum partnership (about 3 weeks ago). To make the deleted information reappear, use the following Webarchive link: https://web.archive.org/web/20170723172111/http://www.tenaxthera.com/pipeline/oxycyte/
Scottish State investment is in danger
At the moment, Tenax Therapeutics is at the brink of delisting from NASDAQ. The fact that Tenax's management are trying to hide Oxycyte and Aurum from the SEC as well as from their investors shows that a powerful hidden agenda is operating. Tenax could implode at any moment into a heap of smoldering nothing. The Tenax boys then would run away in all directions, and the supply of Oxycyte to Aurum and the ICE would stop and could not be enforced, very simply because there would be nobody left to talk to. Therefore, the necessary enforcing measures should be taken now: the SEC should be invited to review Tenax’s SEC filings at once.
In case the initially mentioned Scottish stakeholders and institutions do not take due measures in due time, Rumpelstilz will bring the existence of this Investorshub discussion board to the attention of those Scottish politicians, decision makers and public media opposed to excessive state-funding of ICE, QEUH and Aurum Biosciences – especially, if this public money serves to promote a privately and foreign-owned drug like Oxycyte. These groups will no doubt be swift in using the information Rumpelstilz has deposited in this discussion board.
Tenax-Aurum: Will Jebsen hamper Scottish IPO?
Concerning the Tenax-Aurum development deal for Oxycyte, Micheal B. Jebsen, CEO of Tenax, seems to be trying to hide the following facts from SEC and from shareholders:
1-Between Tenax and Aurum Biosciences, a brain imaging company near the Scottish State, a major development and commercialization deal has been in place for years (www.aurumbiosciences.com > Investor Information).
2-Tenax and Aurum are to develop Oxycyte (drug owned by Tenax) as a new therapy for stroke. Being this the only treatment for brain tissue in penumbra, this therapy has blockbuster potential (revenues > $1billion).
3-Aurum announced that it will take Oxycyte into a phase 2a trial in Q1 2018 (www.aurumbiosciences.com > News).
4-The Scottish Parliament officially acknowledged the Tenax-Aurum treaty and gave it it’s full backing (for details go to my posting #7583).
Large investment by Scottish State in Tenax-Aurum deal
Based on the Tenax-Aurum deal, which Mr. Jebsen is trying to hide, strong investment into Oxycyte has taken place provided for by the Scottish State. Most notable is the new Imaging Centre of Excellence (ICE) with a total cost of £32million, where the phase 2a trial with Oxycte is going to take place. The ICE is part of the University of Glasgow and the Queen Elizabeth University Hospital (QEUH), the largest acute hospital in Western Europe. Especially for the development of Oxycyte, the ICE bought a 7T MRI scanner (cost: £10million). When delivered in November 2016, the BBC reported: “Once it is installed and calibrated it will be used to research - and help treat - a variety of conditions such as stroke, vascular dementia, Alzheimer's disease and epilepsy.” (http://www.bbc.com/news/uk-scotland-glasgow-west-38123803). It is obvious that this account given by the BBC largely corresponds to Aurum’s pipeline for Oxycyte therapies. Go to aurumbiosciences.com > Investor Information and you will find the following pipeline description: “AURUM Biosciences Ltd is a clinical stage biopharmaceutical company developing novel oxygen carriers [i.e. Oxycyte] and proprietary software for use with MRI, initially for Acute Ischaemic Stroke (AIS), as well as a pipeline of other products. Target indications include heart disease, cancer, epilepsy, and dementia.”
Conclusion: there can be no doubt that huge investment by the Scottish State has taken place based on the Tenax-Aurum development deal for Oxycyte.
Is Mr. Jebsen a showable partner for Scottish IPO?
Aurum announced, that it has funding in place for a phase 2a trial with Oxycyte (www.aurumbiosciences >news). After this, new money must be organized, probably through an IPO. That means that Aurum and the involved Scottish State Institutions (ICE, QEUH, University of Glasgow) will start a major publicity campaign to attract the attention of British investors. These investors will, of course, ask questions about the reliability of Aurums partner Tenax, which owns and supplies Oxycyte. So what will these possible investors find out?
1- On Tenax’s homepage, not one single reference to Oxycyte can be found. The word simply does not show up. That means: Does Oxycyte exist after all? Where is it coming from? Who owns it? All that remains highly unclear. Question: Would you invest your money in such an unclear partnership, or is it better to keep away from Aurum’s IPO?
2-If an investor digs a little bit deeper, he finds out, that Michael B. Jebsen, CEO of tenax, is telling the SEC in his SEC FORM 10-K Commission File No. 001-34600 the following fancy story: “As we have suspended the development of these PFC products (…), we do not expect that Oxycyte, Dermacyte or Wundecyte constitute a material portion of our business going forward.” Question: Would you invest your money in such an unclear partnership, or is it better to keep away from Aurum’s IPO?
3-If investors track the past of Tenax, they will find out that stock value has fallen from over $110 in 2010 to under 40 cents now. Question: Would you invest your money in such an unclear partnership, or is it better to keep away from Aurum’s IPO?
4-Investors are likely to find out, that reverse split hast already taken place twice, that Tenax is at the brink of delisting from NASDAQ, that another reverse split is planned by Michael B. Jebsen, and that more dilution is ahead to get the money for a probably chanceless Levosimendan trial. Question: Would you invest your money in such an unclear partnership, or is it better to keep away from Aurum’s IPO?
5-Investors will find out, that Michael B. Jebsen did not announce neither the conclusion of the important development deal for Oxycyte, nor the news of the upcoming phase 2a trial with Oxycyte, and that he personally deleted important information on the Tenax-Aurum deal from his homepage about two weeks ago. To find the deleted information, use Google with the words “Tenax, Pipeline, Oxycyte” and hit the cache button. Question: Would you invest your money in such an unclear partnership, or is it better to keep away from Aurum’s IPO?
6-Investors will find out, that all the above mentioned unclarity could easily be subject to a SEC investigation. Especially the forgetful and incomplete SEC filings are a huge theme, which will have to be fully explained to the SEC. As long as this theme is not cleared, it is not sure, whether Michael B. Jebsen is conducting Tenax's business according to the law. Question: Would you invest your money in such an unclear partnership, or is it better to keep away from Aurum’s IPO?
Will the Scotsmen clean the situation?
Considering the 6 points mentioned above, there can be no doubt, that Michael B. Jebsen is neither a showable nor a presentable partner for Scottish state institutions and that his presence could do great harm to the IPO Aurum seems to be planning. As long as Michael B. Jebsen is on board, such an IPO could fail. Therefore, the Scotsmen are likely to take some measures to clean the situation.
One thing is clear: Mr. Jebsen will not be able to prevent the ICE, QEUH, University of Glasgow, Aurum and the Scottish Parliament from going on with the development of Oxycyte, for which they signed a joint development treaty with Tenax and for with they invested considerable sums of State money. And Mr. Jebson is certainly not going to stop the further development of Oxycyte by telling the SEC in his filings, that no such development is taking place. The Scottish State will defend it’s interests, a phone call by the British Embassy to the SEC might do the job neatly.
Scottish State money involved in Tenax-Aurum deal
In his SEC filings, Tenax’s CEO & CFO Michael B. Jebsen states that Tenax is not developing Oxycyte (a PFC product), and that Oxycyte is of no importance for the future business. SEC FORM 10-K Commission File No. 001-34600 reads as follows: “As we have suspended the development of these PFC products (…), we do not expect that Oxycyte, Dermacyte or Wundecyte constitute a material portion of our business going forward.” In strong contrast to this SEC filing, several Scottish State institutions confirm, that a huge development project for Oxycyte has been underway for years. To push forward the joint development of Oxycyte, Tenax Therapeutics and Aurum Biosciences (a research company near the Scottish State) set up a major research, development and commercialization deal (details: www.aurumbiosciences.com > Investor Information). In Q1 2018, the two companies are going to take their development project into a phase 2a trial (www.aurumbiosciences.com > news). Important Scottish State institutions are involved:
1-The Scottish Parliament gave it’s backing to the joint development activities of Tenax and Aurum. Parliament motion S4M-14835 states that the Scottish Parliament “encourages the continued relationship between Aurum Biosciences and Tenax Therapeutics to provide for Aurum Biosciences to further develop Oxycyte.” (for details go to my posting #7583)
2-The University of Glasgow confirms that £1,816,033 in funding is in place for the years 2017-2018 designated to the following project: “GOLD imaging in acute stroke: further technology development incorporating a perfluorocarbon oxygen carrier (Oxycyte).” (Google the following words: “GEMRIC grant funding oxycyte”).
3-The Scottish Wellcome Trust lists among the projects that receive it’s funding the following project: “GOLD imaging in acute stroke: further technology development incorporating a perfluorocarbon oxygen carrier (Oxycyte)”. (https://wellcome.ac.uk/what-we-do/directories/health-innovation-challenge-fund-projects-funded)
Aurum is nexus between Tenax and Scottish State
Let’s therefore have a quick look at these Scottish State institutions and their role in the joint Tenax-Aurum development project for Oxycyte.
Over the last few years, the Scottish State has built a new MRI Centre, the Imaging Centre of Excellence (ICE). The £32million ICE facilities offer modern medical imaging technology, most notably in the area of brain imaging, and are connected to the £1billion Queen Elizabeth University Hospital (QEUH) in Glasgow, the largest acute hospital in Western Europe. The Centre’s facilities include a £10million, ultra-high resolution 7T MRI scanner. The most important research project at the ICE is led by Aurum Biosciences - a spin-out from NHS Greater Glasgow & Clyde and the University of Glasgow. Aurum received funding of over £3million mostly form the Scottish Wellcome Trust to develop a new stroke imaging therapy based on Oxycyte. Aurum was set up as a private company, largely because it is not possible to directly use Scottish state money for the development of a privately-owned drug like Oxycyte. Aurum is thus primarily a legal framework, that makes it possible for the Scottish State to invest money into the development of an Oxycyte based therapy - the “real” partners of Tenax being, of course, not Aurum but the ICE, QEUH, NHS Greater Glasgow & Clyde, Scottish Wellcome Trust and the University of Glasgow. That’s why the Scottish Parliament takes such a keen interest in the Tenax-Aurum development deal for Oxycyte (see my posting #7583): Scottish state money is at stake!
Are the Scottish State institutions to help with the SEC?
And now we are faced with a tricky problem. The Scottish State probably does not want to be caught – well, how shall one put it without becoming ironical – in bed with something that might be mistaken for a whore or a thief – if officially investigated. No, no, no! Instead, the Scottish State probably wants its partners to be neat and tidy. But as long as Tenax's CEO Michael B. Jebsen goes on producing SEC filings that maintain that no joint Tenax-Aurum development project is taking place, and that Oxycyte does not represent a material portion of Tenax’s business going forward, an investigation might be triggered. Such an investigation could – albeit nobody who knows Michael B. Jebsen well, would consider that a possible outcome - bring to light some forgetfulness or even untidiness. Furthermore, it must look strange to the Scotsmen that their long development partnership with Tenax does not show up on Tenax’s homepage anymore, simply because Mr. Jebsen deleted that information shortly after Aurum announced the upcoming phase 2a trial with Oxycyte. To find the deleted information, use Google with the words “Tenax, Pipeline, Oxycyte” and hit the cache button. Thus, the Scottish State institutions probably and possibly are beginning to think about how they could best help Michael B. Jebsen to make the scent of his company's SEC statements more shining, fresh and fragrant. Being generous people, the Scotsmen are likely to grant Mr. Jebsen much more help than just providing him with a new toothbrush.
Tenax, SEC, Scottish Parliament: Could conference call bring clarity?
In my posting #7583 I pointed out that the Scottish Parliament took full acknowledgment of the ongoing development of Oxycyte for a new stroke therapy. The Scottish Parliament’s Motion S4M-14835 by Bob Doris, one of the leading Scottish health politicians, states: “[The Scottish Parliament] encourages the continued relationship between Aurum Biosciences and Tenax Therapeutics to provide for Aurum Biosciences to further develop Oxycyte.” Aurum Biosciences announced, that it is going to lead Oxycyte (drug owned by Tenax) into a phase 2a trial in Q1 2018. That proves, that this joint Tenax-Aurum development project has been ongoing for years and is now entering a crucial phase.
In strange contrast to what the Scottish State says, Tenax’s CEO Michael B. Jebsen has been telling the SEC for years, that no development involving Oxycyte is taking place. In his SEC FORM 10-K Commission File No. 001-34600 one can read the following statement: “We have previously developed Oxycyte, a PFC-based oxygen carrier (…). As we have suspended the development of these PFC products (…), we do not expect that Oxycyte, Dermacyte or Wundecyte constitute a material portion of our business going forward.”
Can SEC conference call bring clarity?
Thus, the Scottish Parliament tells us a completely different story than does Michael B. Jebsen, CEO of Tenax. The case seems to be clear to all Tenax shareholders: Probably all the Motions in the Scottish Parliament are lies, whereas the honorable Mr. Jebsen is always telling the truth. Could it therefore be that a conference call between Mr. Jebsen, the SEC and Bob Doris, member of the Scottish Parliament and leading Scottish health politician, could bring light into this mystery? Such a SEC conference call would provide Mr. Jebsen with the unique opportunity to tell Mr. Bob Doris, that he considers him a Scottish clown, and to tell the SEC, that no joint Tenax-Aurum research project is taking place, and that no phase 2a trial with Oxycyte is about to start in Q1 2018 – exactly as stated in the SEC filings. And Mr. Bob Doris, member of the Scottish Parliament, could use the conference call to tell the SEC that his Motion S4M-14835 is indeed a mere piece of clownery and that indeed the whole Scottish Parliament is a circus full of clowns. No doubt, such a happy talk would bring a great deal of clarity!
The question however, weather Michael B. Jebsen is really the adequate person to represent Tenax in this conference call (and in all future calls and business dealings), should best be decided this weekend – because later some kind of official machinery might be triggered, and such a machinery could prove difficult to be controlled.
Shall dear and very cozy Rumpelstilz help in paving the way for the SEC conference call? For example, by sending preparatory emails to people like Bob Doris or the Board of Governors of the Scottish Welcome Trust or his good old friends from the ICE and the QEUH, and by asking them why their Motions in the Scottish Parliament and their statements on their homepages tell exactly the opposite of what our honest Mr. Jebsen is telling in his certainly truthful SEC filings and on his certainly truthful homepage, where he last week - very truthfully, of course - deleted all the information relating to the Tenax-Aurum project (for details go to posting #7578 on this discussion board)? And by telling them that therefore compliance of the Tenax-Aurum treaty and thus the whole development project of the ICE is in danger? Rumpelstilz has always been nice and willing to stretch out a helping hand to anybody who is in need of help. And Mr. Jebsen seems to be very much in need of a strong, strong hand that helps him dial the right phone number for the SEC conference call. For full facts, go to posting #7583 on this discussion board.
Oxycyte: Backed by Scottish Parliament, but missing in SEC filings
Tenax and Aurum Biosciences maintain a research, development and commercialization deal for a stroke therapy that combines MRI technology and Oxycyte (drug owned by Tenax). Aurum is a company near the Scottish State and fully integrated in Scottish State institutions like the University of Glasgow, the Queen Elizabeth University Hospital and the Imaging Centre of Excellence. The Scottish Parliament took official acknowledgement of the Tenax-Aurum development project in its Motion S4M-14835. The text reads as follows:
"Motion S4M-14835: Bob Doris (SNP, Glasgow) Date Lodged: 16/11/2015: New Research Funding in Treating Stroke for Aurum Biosciences – That the Parliament welcomes approximately £3 million in new funding for Aurum Biosciences to develop further therapies and diagnostics to address strokes as well as other unmet medical needs; commends TRICap, the Wellcome Trust, the Scottish Investment Bank and other investors for their contributions to the funding; encourages the continued relationship between Aurum Biosciences and Tenax Therapeutics to provide for Aurum Biosciences to further develop Oxycyte, a drug created to treat acute ischaemic stroke; recognises what it considers the key role that NHS Greater Glasgow and Clyde and the University of Glasgow played in the original development of Aurum Biosciences’s technology and the crucial role that Scottish Health Innovations Ltd played in spinning out the company, and understands that stroke is the second leading cause of death in the world, with almost 17 million first-time strokes worldwide in 2011."
More information on the Tenax-Aurum project is given on Aurum’s homepage (www.aurumbiosciences > Investor Information). Recently, Aurum announced that it is going to take the Tenax-Aurum stroke therapy into a phase 2a trial in Q1 2018. There can be no doubt that this joint research and development project for Oxycte has been ongoing for years and is now entering its crucial phase. If successful, this therapy will generate a blockbuster and billions of dollars in revenues.
Oxycyte development missing in SEC filings
Interestingly, Michael B. Jebsen, CEO and CFO of Tenax, is hiding this development project from the SEC. In the SEC filings he clearly denyes the existence of any development project for Oxycyte. The corresponding entry in Tenax’s SEC FORM 10-K Commission File No. 001-34600 reads as follows:
“We have previously developed Oxycyte, a PFC-based oxygen carrier (…). As we have suspended the development of these PFC products while we evaluate strategic alternatives, we do not expect that Oxycyte, Dermacyte or Wundecyte constitute a material portion of our business going forward.”
Well, well, doesn’t that sound almost a little bit like contradiction? On the one hand, Tenax has been developing Oxycyte for years in a joint project with Aurum and with the official backing of the Scottish Parliament. This joint development project is about to enter a phase 2a trial in the upcoming weeks. On the other hand, Michael B. Jebsen, CEO and CFO of Tenax, has been telling the SEC during all these years that all development of Oxycyte has been suspended. Therefore: Should this Michael B. Jebsen not step forward and answer the following humble questions:
1 - Is the claim of the Scottish Parliament and of Aurum concerning the existence of a joint research, development and commercialization deal for Oxycyte correct?
2 - If this hidden development deal for Oxycyte exists: Does Tenax intend to fulfill its treaty obligations with Aurum, a company fully integrated into Scottish State institutions?
3 - What will Michael B. Jebsen do in case the involved Scottish State institutions should activate their official diplomatic channels to enforce the joint development treaty for Oxycyte?
4 - Is it correct that a phase 2a study with Oxycyte is about to start in Q1 2018 as was announced by Aurum?
5 - Is it correct, that this phase 2a study for a stroke therapy using Oxycyte has the potential to become a blockbuster (revenues > $ 1 billion)?
5 -When, where and how does Tenax intend to inform the SEC about the joint development deal for Oxycyte?
6 - When, where and how does Tenax intend to inform its shareholders about the joint development deal for Oxycyte?
Tenax-Aurum-Treaty: How much money?
The Tenax-Aurum-Deal is a development and commercialization treaty for a new stroke therapy with Oxycyte (drug owned by Tenax). Aurum Biosciences, the brain imaging company in Glasgow, UK, will take this therapy into a phase 2a trial in Q1 2018. It is the absolutely only existing therapy, that can deliver oxygen to brain tissue in penumbra. Therefore, this therapy is likely to become a super-blockbuster like Enbrel, Remicade, Mabthera, or Lantus - all between $ 6 and $ 10 billion. Go to “aurumbiosciences.com > Investor Information” and you will find the following facts: “Aurum also signed a major research, development and commercialization deal with its US partner, Tenax Therapeutics, to develop Oxycyte, initially in the lead stroke indication. Tenax has granted Aurum full rights to develop and commercialize the product. Under the terms of this deal, the companies will share the benefits in stroke."
Until last week, the same information figured on the Tenax homepage. But then it was surprisingly deleted by Michael B. Jebsen, interim CEO of Tenax. Instead of confirming the upcoming clinical study, he seems to be saying: There is no Oxycyte and no treaty with Aurum, there will be no phase 2a trial and no revenues. That’s almost a little bit unpleasant, because it’s about billions, not millions. Luckily, Mr. Jebsen is a very, very nice man, who is always working very, very hard in the very, very best interest of his very, very dear shareholders. He’s therefore certainly willing to stroll around in his office and to throw a look in all drawers and to find and bring back the missing Tenax-Aurum-Treaty. Meanwhile, let all shareholders come together and form the shareholder’s choir. Let us give some moral support to our darling Michael B. Jebsen and sing for him as follows:
Michael, bring back
Oh, bring back my Treaty to me, to me!
Michael, bring back
Oh, bring back my Treaty to me!
Tenax / Oxycyte: Will cooperation with Aurum be crowned with success?
The only truly valuable item in Tenax's assets is the research cooperation with Aurum Biosciences, the brain imaging company in Glasgow, Scotland, UK. This cooperation for the development of Oxycyte, a drug owned by Tenax, is the one race horse in the stable with the potential to compensate in the nearby future for all that clumsy destruction of share value that has taken place over the last decade. The Tenax-Aurum cooperation stipulates: “Aurum also signed a major research, development and commercialization deal with its US partner, Tenax Therapeutics, to develop Oxycyte, initially in the lead stroke indication. Tenax has granted Aurum full rights to develop and commercialize the product. Under the terms of this deal, the companies will share the benefits in stroke." However, in a strange relapse into secrecy, last week Tenax’s management has deleted this crucial information from its homepage. It’s somehow entertaining to see them trying to do that, in the times of Google and the Internet – it makes them appear a little bit worldly innocent, or old fashioned. Like little children, or foxy grannies!
As a Tenax shareholder simply go to "www.aurumbiosciences.com> Investor Information", and you will get all the deleted information first hand. Accurate knowledge of the Tenax-Aurum treaty is the basis for any investment decision. Shall I buy, shall I sell? This depends entirely on the question how one judges the success prospects for the Tenax-Aurum cooperation. Therefore, this treaty is an important asset that must figure prominently on Tenax’s homepage. This information cannot be deleted – especially not, after a clinical trial has been announced.
Well, then, how are the success prospects? Aurum Biosciences has announced that it will lead Oxycyte (drug supplied by Tenax) in Q1 2018 into a phase 2a trial in combination with MRI brain imaging technology (www.aurumbiosciences.com > News). Aurum is domiciled in Glasgow, Scotland, UK, and fully embedded in the University of Glasgow and the Queen Elizabeth University Hospital (QEUH) there. The University of Glasgow and its QEUH have launched a new research site for brain imaging, the Imaging Center of Excellence (ICE). The ICE is one of the world's most modern facilities. Its centerpiece is a brand-new £ 10 million MRI scanner, that was installed in November 2016. The arrival of this so called 7 Tesla MRI scanner was breaking news on BBC (www.bbc.com/news/uk-scotland-glasgow-west-38123803). Thanks to this supportive infrastructure, Aurum’s well designed research efforts are very likely to be crowned with success. This will be highly beneficial to the Tenax stock and all its dear shareholders because, as quoted above, the companies will share the benefits.
Tenax homepage: John Kelley back, Oxycyte out
There have been two amazing changes on the Tenax homepage this week: 1) John Kelley seems to be back on the Board of Directors; 2) Oxycyte and the Aurum partnership have disappeared.
To point 1): Go to «tenaxthera.com> Investors> Tearsheet» and scroll down. In the right-hand column (board of directors), the great John Kelley celebrates a rebirth as chief executive officer. It is, of course, an enormous pleasure to have the capable Mr Kelley back, standing on the Captain's Bridge again. In the last two years, this strategic mastermind has steered the Levosimendan Phase 3 study into the swamp of failure, now this able man will undoubtedly contribute all his invaluable expertise to the new Levo study that was announced this week. Welcome back, Mr Kelley. A very warm welcome!
To point 2): Go to «tenaxthera.com> Pipeline». Until January 12, not only Levosimendan figured there, but also Oxycyte and the Aurum partnership. The tune went like this: "We are continuing development of Oxycyte through a collaborative agreement with Aurum Biosciences, Ltd." This information has been completely deleted. But anyone can get it directly from Aurum in Glasgow, UK. Go to «aurumbiosciences.com> Investor Information». There it says: "Aurum also signed a major research, development and commercialization deal with its US partner, Tenax Therapeutics, to develop Oxycyte, initially in the lead stroke indication. Tenax has granted Aurum full rights to develop and commercialize the product. Under the terms of this deal, the companies will share the benefits in stroke." As everyone knows, Aurum is a reputable British company closely associated with the University of Glasgow. Therefore, Aurum does not lie, they are honest medical researchers.
All this confusion makes me feel worried: Is not a certain Michael B. Jebsen responsible for the Tenax homepage? How does it come, that this very honorable man does not know who the CEO of Tenax is? And: Why can he not remember his partner company in Glasgow? Has he really never heard that Tenax owns an important drug called Oxycyte? What shall we think about the mental state of this extraordinary forgetful Mr Jebsen? What happened? Did his brain tissue fall into penumbra?
Well, well, well, if so, then only Oxycyte can safe him! He really should call it good luck that Aurum Biosciences, the Glasgow based brain imaging company, is going to initiate a phase 2a trial with Oxycte in Q1 2018 and that this trial is exactly about reactivating brain tissue in penumbra (www.aurumbiosciences.com). I think, Michael B. Jebsen should volunteer and become the first person enrolled. A good sip of Oxycyte would certainly bring back his memory and put him into a mental condition that would allow him to put order and truth into his company’s homepage. With penumbra gone and all his marvelous brain tissue wide awake again, Mr Jebsen will no doubt become a great company leader and steer the Tenax stock into a bright future – and all this thanks to Oxycyte and thanks to Aurum. Beautiful, really beautiful, isn’t that beautiful?
Post scriptum: In order to see the Tenax hompage as it was on January 12, google it with the following three words: “Tenax, Pipeline, Oxycyte”. Then hit the cache button (small green triangle) instead of the link. There you are: Google will provide you with the missing information on Oxycyte and Aurum.
Tenax: Will Oxycyte trial prevent reverse stock split?
Nasdaq doesn’t permit stock to be traded below $1.00 per share. If a stock falls below that line, the management of that company is given a timeframe to do something about it. If they fail, they are delisted. Tenax has been trading below $1.00 for about a year now, and its timeframe is about to expire. To regain compliance, before March 12 the price of Teanx stock must close at $1.00 per share or more for a minimum of 10 consecutive business days. In order to reach that level and to avoid delisting, Tenax management is planning a reverse stock split.
But will this measure really be necessary? Well, it’s all a question of timing. As everybody knows, there is a dynamic company in Scotland, UK, that operates fully independent from Tenax. I’m speaking of Aurum Biosciences (www.aurumbiosciences.com), the Glasgow based brain imaging company, which recently announced that it is going to take Oxycyte, a drug supplied by Tenax, into a clinical phase 2a trial soon. But how soon? Aurum says, that the trial will be launched in Q1 2018, that would mean before the end of March. That information seems a little bit vague, however. If this means before the end of February, then the announcement of the trial would come out as great news and boost the Tenax stock considerably. In this case, no reverse split will be needed. On the other hand, if Aurum starts its trial later in March, then a reverse split is inevitable.
It is obvious that Tenax management does not have more a clue about the exact date of the phase 2a trial then this discussion board does. If this were not so, they would announce the trial at once instead of preparing for their third reverse split. Seems that the sturdy Scotsmen from Glasgow don't like the wilted Tenax boys too much and therefore don't tell them nothing. But the reverse split question is anyway insignificant. What counts is not the clumsy way Tenax is muddling along, but what Aurum and the Scotsmen doe.
We should therefore not care so much about the reverse stock split and the exact date of the beginning of the trial but - probably in about half a year - about the outcome of that very promising phase 2a study announced by Aurum (www.aurumbiosciences.com). That's the only thing that counts - for Oxycte, for the Tenax stock, for its shareholders and for all dear members of this so very lively board.
Tenax (Oxycyte), Aurum and San Francisco Biotech Showcase
Well, in my last post (#7571) I unfortunately mistook Florida for San Francisco. So I travelled all the long way from good Old Europe, landing in the wrong city and missing therefore the Aurum Biosciences presentation at the famous Biotech Showcase. I really think, we should call this bad luck, shouldn’t we? But maybe someone of you was there - in San Francisco, of course not in Florida? What did Aurum’s management tell about Oxycyte (drug supplied by Tenax) and the upcoming phase 2a trial in Glasgow, UK? Could you be kind enough to let the rest of that keen and eager board know what was presented at the Biotech Showcase? Isn't it very promising that Aurum (www.aurumbiosciences.com) will launch a Tenax drug (Oxycyte) in a clinical trial in Q1 2018? Hey, Q1 2018, that's now! Ah, that reminds me of something: Happy new year to everybody and to the Tenax stock!
Aurum will attend the Biotech Showcase in Florida (January 8-10): why is this important for the Tenax stock?
Well, Tenax Therapeutics has two drugs in its pipeline: Levosimendan and Oxycyte. Lack of money, unrealistic study design and repeated inexperienced management decisions led to the failure of clinical trials for both drugs. Luckily there is a research company called Aurum Biosciences in the UK. They are developing Oxycyte (supplied by Tenax) as part of a completely new stroke therapy. They have recently announced that they will begin a Phase 2a clinical trial in Q1 2018. The therapy developed by Aurum would - if successful - be the first and only highly effective stroke therapy. So it has the potential to become one of the biggest blockbusters of all time. This prospect will soon give the Tenax stock wings, simply because the Aurum therapy is based on Oxycyte. Aurum will be in Florida next week (see the news on www.aurumbiosciences.com). It would certainly be a smart idea for Tenax shareholders to look closely at this event.
Tenax Therapeutics, Levosimendan, Oxycyte, and Aurum Biosciences: What it is all about. In earlier years, Tenax Therapeutics had a different name: Oxygen Biotherapeutics. The company was working on a drug called Oxycyte as a therapy for traumatic brain injury (TBI). Unfortunately, TBI treatment usually involves brain surgery, and this made their clinical phase 2b trial extremely difficult and expensive. It had to be stopped for lack of money. The company then changed its name to Tenax Therapeutics and started this completely insignificant Levosimendan affair. But there is another company (Aurum Biosciences, www.aurumbiosciences.com). This company is developing Ocycyte as part of a new concept for brain imaging with stroke patients. Brain imaging does not involve brain surgery. And that means that the new phase 2 study, which Aurum will launch in Q1 2018, is very simple: just place a stroke patient in an MRI scanner (first without Oxycyte) and take a image. And then you repeat the same scanning with Oxycyte. Then you compare the two images. That's all. The good news is: Aurum has probably already produced dozens of such MRI images. That means they know it works. And a second good thing: MRI with Oxycyte not only gives better MRI images, but also helps with healing. Watch the introduction video on the Aurum site (www.aurumbiosciences.com). Conclusion: Oxycte has a great future thanks to Aurum. And so does the stock of Tenax (as supplier of Oxycyte). This stock will take off soon.
Breaktrough for oxycyte (drug belongs to Tenax):
Aurum Biosciences (www.aurumbiosciences.com), a Glasgow-based biopharmaceutical company has received approval for a Phase 2 trial with oxycyte (start in Q1 2018).
Great news! Aurum is back: Phase 2 trial with oxycyte (www.aurumbiosciences.com). Oxycyte belongs to Tenax. Million$ are coming!