IMO, BOCX was between a rock and a hard place when they signed that loan agreement. They literally were almost out on the street. And I agree that much of their financial difficulty is due to poor business planning. Given the situation, they were probably lucky to find anyone to loan them money, and although it's going to cost them a lot of stock, the loan terms are not particularly objectionable.
I don't agree, however, with your perception of the license agreement. From what we've been able to learn since the Abbott deal, BOCX has negotiated a pretty nice royalty percentage, but that comes at the expense of lower up-front money/fees. Which is probably the way Abbott prefers it as well. Abbott is in the business of selling drugs and diagnostics, not investing in every small promising biotech that comes along.
By the way, your comment about BOCX's 12-month plan is right on. They have been mostly copying and pasting from previous filings. That really irks me, and just goes to show that they are not doing effective business planning, not to mention that it's keeping current (and potential) investors in the dark about what's really going on. If they are not careful, I could envision a large investor making a case against them for fraud, as they keep rehashing the same old objectives, some of which are obviously no longer relevant and could be construed as misleading.
