Cytodyn Inc (CYDY)

[JPG77]

It's funny how some try to pin Tony C's ProstaGene/Pestell fiasco on NP when all they have to do is a simple Google search:

CytoDyn Completes Acquisition of ProstaGene and Names Dr. Richard G. Pestell to Board of Directors

“Richard is a driving force in CCR5 antagonist research and we gain significant expertise and intellectual property with this acquisition that advances the development of PRO 140 as a novel cancer metastasis therapeutic,” said Anthony D. Caracciolo, CytoDyn’s Chairman. “We are privileged to have Richard join CytoDyn to expand our executive and scientific team, and we enthusiastically welcome him as the newest member of our board of directors.”

Under the terms of the definitive agreement, CytoDyn acquired substantially all of the assets of ProstaGene, including the transfer or assignment of certain intellectual property rights held by ProstaGene and Dr. Pestell. The aggregate transaction consideration consisted of 27,000,000 shares of CytoDyn common stock. One-fifth of the stock consideration is being held back for distribution over an 18-month escrow period, to the extent not needed to satisfy indemnity claims. Approximately one-half of the stock consideration otherwise distributable to Dr. Pestell (approximately 8.3 million shares) is restricted and subject to vesting and forfeiture upon certain events over a three-year period. The total transaction value, based on the $0.5696 closing share price for CytoDyn common stock on November 15, 2018, was approximately $15.4 million.

https://www.cytodyn.com/newsroom/press-releases/detail/299/cytodyn-completes-acquisition-of-prostagene-and-names-dr

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.

ALL THE OH SO MANY CYDY FAILURES ARE ON NADER…ESPECIALLY PROSTAGENE/PESTELL!