"You said earlier biophan never stated any intent of taking on clinical trials."
I'm not sure that's the way most people will see that as the way Biophan presented the activities of Myotech:
"MYOTECH has completed the tooling for the first production device. The device will be used in first quarter 2007 animal tests to verify product performance and prepare for clinical studies in humans. The animal trials will be conducted at four research sites, in cooperation with leaders in the field of cardiac support.
“We are excited to be starting the final stages of animal testing that will precede human clinical trials next year[2008],” stated Michael Weiner, CEO of Biophan. “These animal trials at four leading research sites are required to qualify the device for human clinical trials. We believe that the MYO-VAD can change the way many forms of heart failure are treated and once it is approved, it has the potential to save thousands of lives.”"
I suppose you could argue that the the use of the words " will precede" is not a suggestion that Myotech will actually conduct those studies, but I know what the man from Peoria would think. I think it's a shame when you have to parse a company's PRs to see what the semantic escape clauses are! But if they could forecast the human studies were going to be conducted in 2008, then preusmably they must have had a definite plan, beyond hoping that they might find a partner. I don't think it's unreasonable to think they were suggesting they would do it themsleves, but if not, what was that plan, I wonder?
Myotech incidentally was a majority owned company during the time that those human clinical studies were slated to commence, 2008. It seems a shame for those "thousands of lives" that could have been saved that once again (that was about the third time) that a forecast for commercialization had been moved back a year even then, and of course the trial didn't take place in 2008, and there's no indication they'll take place in 2009, either.
And now we don't even get a forecast for the date of commercialization.
"iriquois is gone."
Indeed Iroquois is gone for now, but only because the seemingly inexhaustible supply of Biophan share certificates was in fact exhausted, and the wise shareholders decided to ignore the hired help when they suggested they should print 550 million more shares. I think most folk know in their heart of hearts that if the float had been tripled as requested, Iroquois would still be getting their monthly paper mountain from Biophan.
I personally think that Iroquois will turn out to have the same kind of close relationship with Biophan that it now transpires Platinum had with Natural Nano, although I freely admit that's conjecture, albeit conjecture based on close observation of the related parties behind both Biophan and Natural Nano, including, of course, Technology Innovations. Time will tell.
"fasb is an accounting procedure"
More accurately it's a set of accounting standards widely accepted in the US. The relevance here is that those universally accepted standards show that the Myotech assets for which the shareholders' agents ponied up over $16 million, are actually worth less than $2 million.
AI
