Cytodyn Inc (CYDY)

[JPG77]

PROSTAGENE DEBACLE ON CARACCIOLO’S WATCH

The ProstaGene acquisition was essentially about a prostate cancer diagnostic. The concept of the acquisition was masterminded by Executive Anthony Caracciolo who at the time was CytoDyn’s Executive Chairman of the Board when the deal was initially announced in July 2018. Nader Pourhassan was the CEO, but at the time had no decision-making power with respect to the acquisition. Many investors may not realize, but the executive chairman is higher in rank than CEO and Caracciolo stepped into that role in January 2017. Many thought that his Gilead resume would be instrumental in inking a deal. On closing of the acquisition in November 2018 Dr. Pestell was not only welcomed as the newest board member, but was also the company’s Interim Chief Medical Officer. This was all Caracciolo’s doing until a more balanced board led by Dr. Scott Kelly came to fruition in January 2019 . The fact is Caracciolo didn’t resign until January 10, 2019 when David Welch joined the board. So issues that predate January 10, 2019 are on Caracciolo’s watch, not Pourhassan’s.

An interesting anecdote is that Caracciolo also presided over the failed receptor occupancy test done by IncellDX.

No he left BOD on his own accord in Jan 2019.