The "FDA Approved" bit is referring to their approval to use AlloRx for emergency use during COVID. To your point about right to try, I don't know the details of the reg, but Imagine it applies when other options have been exhausted and/or when a patient's prognosis is grim. But I don't know. Either way, it's not a general strategy for a biotech business to hang its hat on.
On a related subject, I stumbled across a couple articles that mention the work that Dr. Chadwick Prodromos is doing with medical tourism in Antigua.This guy seems to be the real deal, with some prestigious academic credentials (Princeton, Johns Hopkins, etc.). He seems to be sold on AlloRx as a treatment for multiple ailments , including autism and polycystic ovary syndrome. It turns out that he also appears in the S-1 -- he owns over 800,000 shares of stock, with warrants for more. If these are post reverse split numbers, that means the guy owns roughly 20% of the company. If that's true, I think it probably accounts for most of the private capital infusions that we have been seeing. It also means that the vast majority of the company is owned by three individuals -- Musick, Zamora and Prodromos.
If that's true, then I think it explains a lot. If VB is basically controlled by three MD's with different interests and objectives (a scientist, a clinical researcher and a businessman impersonating a cosmetic surgeon), it's going to make it very difficult to attract capital for a small IPO that doesn't change the power dynamics. Furthermore, if I'm Podromos or Zamora, an IPO just gets in the way of their side businesses, which likely depend on VB prioritizing its limited manufacturing resources to medical tourism. If an IPO happens and domestic clinical trials start, then the company has to focus resources on that. And I imagine that this is Musick's goal.
If I'm correct, it is difficult to see how the legacy investors and minority insider shareholders survive this situation. I don't think an IPO to a major exchange can happen without another reverse stock split and a serious dilution event, which of course would begin the process of rendering the minority legacy shares next to worthless. It seems to me that we're probably better off with them continuing to expand the now-growing medical tourism business, with or without a listing on an OTC exchange, and hoping they are bought someday by a company with bigger pockets that sees the value.