What does it mean to be VALID with the FDA?
DR-70 is still "valid" because it's in their database as a device that was once cleared for marketing. DR-70 is not currently cleared for marketing though.
Even if it was still cleared, DR-70 won't be an asset of Radient after the last patent expires in five weeks.
Nobody has been predicting bankruptcy since 2006. In 2006, This company didn't look bad -- they had just received FDA clearance and a year later they acquired Jade as a subbsidiary. I have been predicting bankruptcy since 2009, though, because (a) Jade revolted in 2009 and (b) it was obvious that DR-70, even with its FDA clearance, would never be profitable. It's useful for clinical studies of drugs and other tests, but it is not profitable.
I think this company *would* have filed for bankruptcy in 2010 if Biomedreports hadn't come along. Biomedreports said some wildly optimistic and 100% false things about this company in 2010 and 2011, causing the PPS to soar close to $50 and allowing Radient to do some financing that otherwise would not have been possible.
Today, the PPS is 0.0001 and the company is shut down. I think my bankruptcy prediction was pretty close -- far closer than predictions of mergers and financial success.
The 2011 lenders loaned Radient money in 2011 because Radient told them (and the world) they had $20 million equity as collateral and $10 million sales coming in India and were conducting a collaberative study with the Mayo Clinic and were goign to "monetize" an exciting new subsidiary named NuVax. Today, we know that was all false, but I guess the lenders had no way of knowing the truth in 2011.
