Before Innovation there was Cellceutix. Before Cellceutix there was EconoShare. Head scratcher? EconoShare, Inc. was incorporated in August 2005 “for the purpose of developing a B2B (Business to Business) website for an Asset Sharing market place and transaction system.”
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This morning I was thinking about recent posts suggesting widespread naked short selling of IPIX stock. I went to otcmarkets.com to see if the data had been updated (it hadn’t) and under the tab for “Company Profile” I found the following:
COMPANY NOTES Formerly=Cellceutix Corp. until 6-2017 Formerly=EconoShare, Inc. until 2-2008
Curious, I did a search on EcononShare and that brought up a SEC filing from 2007 announcing that EconoShare acquired the private company Cellceutix Pharma SEC filing.
On December 6, 2007, EconoShare, Inc. (the “Company” or the “Registrant”) acquired Cellceutix Pharma, Inc., a privately owned Delaware corporation , pursuant to an Agreement and Plan of Share Exchange (the “Exchange”). Cellceutix Pharma, Inc, was incorporated under the laws of the State of Delaware on June 20, 2007. Its assets consisted of rights assigned to it for six early stage pharmaceutical compounds by three different scientists. Upon consummation of the Exchange, EconoShare adopted the business plan of Cellceutix Pharma.
I skimmed the filing and focused on the bios of the EconoShare executives, including Krishna Menon and Leo Ehrlich. Here's Menon's. I bold underlined an important sentence.
Krishna Menon RCM, PhD, VMD served as President of Cellceutix Pharma since inception in June 2007. Following the acquisition, he was appointed President and a director. Dr. Menon, simultaneously therewith, also serves as the Chief Operating Officer at Kard Scientific, Inc. Dr. Menon is also the inventor of Kevetrin, our lead compound. Since June 2005, Dr. Menon is also the Chief Regulatory Officer (a non- executive officer position) at Nanoviricides, Inc. Dr. Menon has more than 35 years in drug development for academia and industry. Originally trained as a veterinary surgeon, Menon began his career as Chief Government Veterinarian for a major Parish in Jamaica. He segued to a three-year stint as Director of Agriculture for the Cayman Islands, in the British Caribbean and, in 1982, moved to the Dana Farber Cancer Research Institute, where he worked under the direction of Nobel Laureate Dr. Tom Frye. Two years later, he earned his PhD in Pharmacology from Harvard University. Menon's PhD work focused on anti-folate therapy of various cancers and led to the development of methotrexate and, more recently, the anti-cancer drugs Alimta and Gemzar (Eli Lilly). Menon was Research Scientist at Dana Farber from 1985 to 1990 and Senior Research Scientist, In Vivo Research (Cancer), at Bayer Pharmaceuticals (Miles Laboratories) from 1991 to 1993. After a year operating his own veterinary oncology and drug development consultancy practice, Menon was tapped Group Leader, Cancer In Vivo Research and Clinical Development, for Eli Lilly (1995-2001), where he was responsible for the development of the anticancer compounds Cryptophycin and previously-mentioned Alimta and Gemzar, which in 2006 had over 2.1 billion dollars ($2,100,000,000) in sales , and co-developed another seven compounds currently in late-stage clinical development. In 1999, Lilly honored Menon as “Employee of the Year.” Lilly's is one of the few “Employee of the Year” awards not bestowed annually but, rather, on only special occasions. (See ITEM 7. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS)
Not too long ago there was lots of controversy over the reference to Menon’s Harvard degree that couldn’t be verified. As I remember it, IPIX claimed it was mistakenly included in a few documents. This filing was from 2007. I didn't remember that Menon was at Nanoviricides.
Leo’s bio includes some details about his past too.
Leo Ehrlich, CPA, served as Chief Financial Officer (CFO) of Cellceutix Pharma since inception in June 2007. Following the acquisition, he was appointed CFO and a director. From October 8, 1999 to the present time, Mr. Ehrlich has been a director at StatSure Diagnostic Systems, Inc. and has held different executive officer positions at that company including CEO, President, and his current title of CFO. Mr. Ehrlich was also CFO and a director of Nanoviricides, Inc. from June 1, 2005. until May 2007. Mr. Ehrlich is a Certified Public Accountant and received his BBA from Bernard Baruch College of the City University of New York.
I find it interesting that he was employed by StatSure and Nanoviricides at the same time. While people have commented on his tenure at Nanoviricides, I don't remember much about StatSure. If you search on StatSure you won't find much, but a search on Saliva Diagnostic Systems (which was the name until 2006) will show you that in the year 2000 Leo Ehrlich was the President and CEO (FDA letter to Saliva Diagnostics).
None of this has any bearing on brilacidin success or naked shorting of IPIX in 2021. I came across it this morning and thought it might be of interest to the board.
