Why Lincoln Park Capital funding is a red flag:
After 15 years of private development by Fred Goetz, he took his company public via the OTC marketplace in 2004. Early funding came by way of individual investors in the public market. Beginning in 2011 most funding has been provided by Lincoln Park Capital. LPC sells their shares after they get them, so the retail investor picks up the tab. No links provided as they are easily found in the sec filings.
Companies on the verge of commercialization with large market potential are normally able to raise significant funds to launch their product via Venture Capital or equity investments from savvy "in the know" companies and individuals. Relying on private individuals in the public market and a short-term oriented lender such as Lincoln Park Capital after saying they were on the verge of commercialization was a possible red flag at the time.
I do agree with those that say dilution hasn't been too bad at all over the years in which they have utilized LPC.
However, the fact that they STILL are relying on Lincoln Park Capital while simultaneously predicting near term commercialization is a continuing flag, because they should be able to get better financing if/when they are really ready..
Given their annual claim of planning to commercialize from 2008 through 2018, and similar claims being reinstated by Dr Lebby at the 2022 Annual Shareholder Meeting, one must ask:
Have they been stringing investors along with misleading information re the proximity to commercialization all these years in order to keep the funding going? And now that they are claiming to have "commercial acceptance" by the industry, are they once again doing the same thing? Is it really a case of "this time it's different"?
Because LPC desires to fund at the lowest price possible and sell at the highest price possible, they benefit from price swings. Retail investors can't track their sales. Timing of company announcements, message board rumors and 'pumping' or 'bashing', shorting, etc.. are all possible mechanisms that could be employed to manipulate the price. I do not have evidence that is happening, but it could. There is one individual who arrived on the IHUB message board early in 2012 who has been steadfastly predicting commercialization every year since his arrival, and is the most prolific poster on the board, averaging 10 posts a day (in 2023) consisting of the same cut and paste info. The poster attempts to squash any contrary information as soon as it appears. Is this person a lone wolf or is there something more sinister going on? The possibility is something a cautious investor may want to keep in mind.
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