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<u>Venturis Therapeutics: The End Has Arrived</u>

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walhall   Tuesday, 05/19/20 06:08:01 AM
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Venturis Therapeutics: The End Has Arrived

Goodbye, Venturis Therapeutics (formerly Cardiovascular Biotherapeutics or CVBT as it was called). It's been a not-so-nice ride for this shareholder who has lost 100% of his investment. With Venturis suffering a catastrophic multi-million dollar adverse judgment in favor of Dan Montano (we should be hearing the exact dollar amount soon, but it's in the many millions of dollars), I believe Venturis / CVBT is finished once and for all. I see one of two outcomes:

1) The company pays Dan Montano the full judgment--if it has the cash (and I believe Venturis doesn't - see below).

2) The company doesn't have an ability to pay the judgment and files for bankruptcy once Montano commences his collection efforts which rumors indicate are going to be highly aggressive. If Venturis Therapeutics files for bankruptcy, that may turn out to be an unwise move, because rumors are that Montano has an ability to pierce the corporate veil and is going to equally aggressively pursue the officers and directors personally.

No one should be surprised at this outcome. 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 the end is now at hand. But let's be clear, this judgment is simply the straw that broke the camel's back, this ending was inevitable:

1) Insolvent: Venturis Therapeutics is insolvent, except now Venturis Therapeutics was 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 had 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 were 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 seemed to have just magically disappeared--amazing! (No audited financial statements had ever been released by Venturis Therapeutics / Cardiovascular Biotherapeutics (CVBT), which says it all.)

2) Illiquid: Venturis Therapeutics has been 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 statement of fact was in the public record, no one needed to take my word for it. And while there is a troll(s) who kept saying there's no proof of this, I had previously posted where anyone could 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 (but is being delayed because of the pandemic) 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 18 months 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? No one viable stays on a sinking ship.

5) Dead in the water: Not one clinical trial has been run in the last 14 years by Venturis Therapeutics (and counting). The only thing that matters for a development-stage biotech company is running clinical trials, but that's not what Venturis/CVBT seemed to be doing. Instead the company talked like brain-eaten zombies about patents, patents, patents as if that's what really matters. I'd long ago put that zombie patent issue to rest repeatedly, but like a zombie subject, it never died (until it has):

If you'd like to better understand these issues, here is more information:

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