CardioVascular BioTherapeutics (fka CVBT)

[walhall]

Venturis Therapeutics: New name, same old zombie company - 3rd update

Venturis Therapeutics may be the new name for Cardiovascular Biotherapeutics (CVBT), but it's still the same old zombie company that has not run a single clinical trial since 2007. I believe there are many reasons why Venturis Therapeutics will be closing its doors for good in 2020.

Here's what I believe is the actual situation at Venturis Therapeutics:

1) Insolvent: Venturis Therapeutics is insolvent, except now Venturis Therapeutics is apparently playing Enron-style accounting tricks to make it appear otherwise ("debt-free balance sheet" as some on this message board claim - ummm, right). At the 2018 shareholders meeting (which is just a year and a half ago), Venturis Therapeutics CFO Robert Schleizer stated that the company received a going concern qualification from its auditors. So what's changed since then? Well, I believe we received the answer in message #1434 from someone who reports to have the financials in his/her possession--apparently the financial statements from the auditors are compilations, not audits. A compilation is the auditor's presentation of the company's numbers on its letterhead without an audit or an opinion letter--thus, management's representations of the numbers. And in these compilations, the massive debt seems to have just magically disappeared--amazing! (No audited financial statements have ever been released by Venturis Therapeutics / Cardiovascular Biotherapeutics (CVBT), which says it all.)

2) Illiquid: Venturis Therapeutics is unable to pay its debts as they become due, according to bankruptcy judge Gary Spraker in 2019 (when the company was called Cardiovascular Biotherapeutics). This is a statement of fact that's in the public record, you don't need to take my word for it. And while there is a troll(s) who keeps saying there's no proof of this, I have previously posted where you can find Judge Spraker's conclusion. Go review my previous messages if you would like to see it for yourself, you'll find it in one of them. I promise. :)

3) Alleged crook in charge: The majority shareholder, Chairman, and President of Venturis Therapeutics, Calvin Wallen III, is an accused crook and facing a trial in 2020 brought by the U.S. Government bankruptcy trustee for fraud and allegedly stealing $14 million from his previous company, Tauren Exploration Inc. Mr. Wallen, who only holds a high school diploma but likes to give the impression he has a college degree from Texas A&M that he doesn't have, has successfully delayed his day of reckoning for nearly two years, but it seems unlikely he will make it three. And Mr. Wallen has a trail of bankrupt companies to his name. Does anyone remember Cubic Energy Inc.? (and didn't Cubic Energy also have sketchy accounting behind its demise as well? could there be a pattern here?)

4) Leadership is a revolving door: In the last year or so the company has lost its President, its Chief Medical Officer, and its Chief Science Officer. And everyone else that remains pretty much appears to be part-timers who also hold other jobs and are not even based in Dallas TX. Can anyone say, window dressing?

5) Dead in the water: Not one clinical trial has been run in the last 14 years: Venturis Therapeutics (and formerly Cardiovascular Biotherapeutics) has not run a single clinical trial in the last 14 years (and counting). The only thing that matters for a development-stage biotech company is running clinical trials, but that's not what Venturis/CVBT seems to be doing. Instead the company talks like brain-eaten zombies about patents, patents, patents as if that's what really matters. I've put that zombie patent issue to rest repeatedly, but like a zombie subject, it never dies:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=153942486


If you'd like to better understand these issues, here is more information:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=153252377