Biotech Values

[oldberkeley]

>This letter to the BoD of AVGN could apply to many other biotech companies.<

As people read the letter I imagine that each one will replace the symbol "AVGN" with their own particular biotech nightmare. Currently, mine is GTCB and the message applies almost perfectly!

Dew,you highlighted some interesting points but actually my strongest reaction is elicited by two sentences at the tail end:

"shareholders will no longer tolerate such self-interested behavior on the part of failed biotechnology companies"

and

"we intend to hold each member of the Board and management fully accountable"

As to the first, if the company has failed then it's a damn site too late to talk about tolerating it! Do something before it fails. The problem is, what?

And the second, what do they propose? The venerable Class Action Lawsuit? Oh, please. Egging their houses on Halloween? Calling them bad names? Probably just as useful.

I'm not advocating stoning or jail (well, stoning might be satisfying fun) but IMO there is no real punishment for incompetent or self-serving execs & boards. They do fine, their lifestyle changes not a whit, while the average shareholder is seriously damaged. And by the way, government bailouts simply reward, validate, and even encourage this type of irresponible behavior. End of rant.