As per the HB report regarding our boy Brad Robinson: Doesnt sound like a guy that adopts african kids as Jerry mentioned (being sarcastic here)
Predictive’s CEO/President Bradley C. Robinson Left Some Things Off His Official Biography, Including Allegations of Securities Fraud and Allegations of Non-Compliant Marketing of a Medical Product
Beyond its key backers, we explored Predictive CEO/President Bradley Robinson’s track record in more detail and discovered several red flags and omissions.
Around 2010, Robinson led a company called Ceptazyme (and a related company called Zus Health) which sought to market an algae water product grown in distilled water that the company claimed could lower cholesterol.
In an investor lawsuit, Robinson was alleged to have engaged in securities fraud relating to the business. The complaint alleged that Robinson made grandiose claims about the product’s efficacy and claimed that it would be pitched by Dr. Oz, the Gates Foundation, and others. None of the claims ever materialized. Per a local news article that covered the story:
We presume the lawsuit settled, as the last court document we found indicated that a resolution was pending.
The algae company had also struck a partnership with a public company to market the product, but the deal quickly fell apart, with the public company also suing Robinson over allegations that his company:
Failed to market the Registrant’s product in a manner compliant with state and federal regulations, and allowed its distributors to make claims and representations that were not in compliance with applicable regulations, among many other breaches.
Those allegations strike us as extremely prescient given Predictive’s current business.
The charges between the two companies were ultimately settled without any admission of wrongdoing.
Aside from the Ceptazyme debacle, Robinson also left his role at ActiveCare off his official biography. ActiveCare was a public company focused on diabetes management. Robinson and his brother Eric served at ActiveCare as Director and CFO/General Counsel/Director respectively. They resigned simultaneously about 8 months before the company declared bankruptcy in 2018.
All in the Family: The CEO’s Brother Represents a Construction Company Hired By Predictive
Speaking of brotherly affiliations, Predictive CEO/President Brad Robinson and his brother Eric have been involved in multiple business interests. As we noted earlier, both Brad and Eric had key roles a Juneau, a company that Predictive has had deep business ties with. Both brothers also had brief roles at public company ActiveCare (which went bankrupt), and both were involved in Specialized Health Products, Inc., led by their uncle and Father.
When we see family members that regularly engage in business with one another, especially when those businesses overlap with public company interests, we look for potential undisclosed related-party transactions.
Eric Robinson is an attorney by trade. A check of his Utah bar profile shows that he currently works at Eckman & Mitchell, a construction firm. On the Eckman Construction website, we see that an upcoming project is planned for…Predictive Biotech
We find it rather odd that Robinson’s diverse interests — ranging from construction to laboratory science — overlap with a public company run by his brother. Nonetheless, if Eckman has launched this project (or does in the future) we hope the company will disclose the compensation paid on this deal.
Predictive’s CEO/President Bradley C. Robinson: Official Biography Doesn’t Tell the Full Story
Much like the details omitted from CEO Brad Robinson’s official bio, the items included also raise questions. For instance, here are several claims that we have taken the “shine” off of and “un-spun”:
Claim: Robinson’s official biography states he “was the CEO and co-founder of Infusive Technologies, LLC from November, 2004 until September, 2008 when it was acquired by Sagent Pharmaceuticals, Inc.”
Un-Spun: Sagent acquired Infusive’s key assets relating to a new syringe technology (not the whole company.) Sagent paid $1.25 million up-front for the technology, then was slated to pay additional amounts upon achievements of certain milestones, including upon receipt of an FDA 510K device approval.
The Sagent deal ended in litigation, however. According to a 2011 lawsuit filed by Robinson’s entity, Sagent failed to advance the commercialization of the technology.
Sagent countersued, detailing how the device was rejected by the FDA with a deficiency letter. Sagent alleged that Robinson botched the 510k application, and that he also concealed material facts from Sagent including [I] knowledge that former employees did not properly assign their patents to Infusive, and [II] knowledge that international patent applications had been botched as well.
The parties ultimately settled on undisclosed terms. Robinson’s entity, Infusive, was apparently allowed to keep the FDA-rejected syringe technology, because Infusive later took the technology public via reverse-merger in the entity that ultimately became Predictive! [Pg. 20]
(Merle Ferguson, the SEC-alleged securities fraudster who became Predictive’s Chairman, was CEO of the entity at the time in 2014.)
Claim: Robinson’s official biography states that he “studied accounting at the University of Utah and received a Masters of International Management from the Thunderbird”.
Un-Spun: This is true, but while Robinson studied at the University of Utah, he never actually graduated. He later received an executive MBA at Thunderbird, which doesn’t require an undergraduate degree. A Thunderbird admissions officer told us that the undergraduate degree requirement can be “surpassed by the quality and quantity of professional work experience a student had at that time.”
Claim: Robinson’s official biography states that he was a “Director/Co-Founder of Specialized Health Products, Inc. (“SHPI”), acquired by C.R. Bard, Inc.”
Un-Spun: This is also true, but SHPI was actually run by Robinson’s uncle, who served as Chairman and CEO. Robinson’s Dad served as the CFO. SEC filings show that Robinson was around 24 years old when he joined, an apparent fresh college drop-out at the time, yet was given a board seat at the family business.
And that pretty much brings us full circle.
So who audits this total gem of a company?
