Obviously I'm not him, nor do I speak for him, but you can rest assured that he's doing everything he can to get Xechem back.
Understand something very clearly. Dr. Pandey spent his own money to buy Xechem from his former employer. He also put millions of his own money into keeping Xechem running over the years as he had earned a substantial amount when that employer was purchased. Since he has no immediate family, he spent every possible moment at Xechem and devoted many, many years to building up the company. It devastated him when it was taken over to the point that he was in the hospital a couple of times due to stress (I don't know just how many, but I've been told it was more than once) after he was removed from his positions. Today, it pains him greatly to see what Xechem has become, a virtual company with essentially no assets. Think about it, Nicosan is gone; 5-HMF is gone; the US office is gone; the US employees are gone; the purchased raw materials for XetaPharm products were destroyed, valued at over $500,000; 20 patents for Paclitaxel have not been maintained and are about to be lost; NIPRD recently picked up all the production equipment they had loaned Xechem so they have no production capabilities left; the office they are in is leased from the Ministry of Science and Technology (meaning it's not really an asset) and SHESTCO recently gave 3 hectares of the Xechem land in Sheda to another company (I was in attendance at that meeting, so I know exactly what happened and what company it is and how we intend to work with them when we get the keys to the doors); the buildings they borrowed $4.5 million to build are unfinished; the equipment they borrowed $4.3 million to purchase are sitting in customs and there are uncomfirmed reports that two of the nine containers have been auctioned (but there are also reports that recently arrangements might have been made to get the containers removed).
It's a pretty bleak sounding story isn't it? Imagine spending close to two decades building a company with the following:
1). Subsidiaries in five countries
2). Subsidiary that could market numerous nutraceuticals
3). Two drugs for the treatment of Sickle Cell Disease, both with orphan drug designation, Nicosan had five hospitals ready to start clinical trials and 5-HMF has toxicity studies underway.
4). Construction of a commercial scale production facility in Abuja, Nigeria that would have been equipped with state-of-the-art pharmaceutical production equipment capable of producing capsules and injectible drugs (they had two other drugs they were licensing to be produced in the facility).
5). 20 US and International patents for Paclitaxel.
Remember, the company that Dr. Pandey purchased Xechem from was purchased for over $1 billion, why do you think he was trying to expand the organization into India, China, the UK and Africa? Why do you think he wanted the Nutraceuticals? If Nicosan sales had been built up to the potential we all know it has, they added a couple more products they were working on (5-HMF, an HIV treatment and a few others, not to mention a few more traditional medicines like he's licensed now for diabetes and the collaboration he's working on for Malaria), what do you think Xechem would be worth to someone? There was a vision involved with Xechem and that vision has not been forgotten or lost, but it's picked up a lot of believers in the last few months due to the three trips we've taken to Nigeria. There are people in the banks and the Government Agencies that have been reminded of how passionate Dr. Pandey and his team were about the product (Nicosan), about helping those in their country and about the potential that the Nigerian traditional medicines have. They've been reminded of how a lot of people and agencies working together should be able to build a company that has a global reach that will be able to generate an enormous amount of revenue, while helping a lot of people, many of which will be children.
The difference you will see between what we've gotten used to calling the "old Xechem management" and the "new Xechem management" is that the old group wants to work with the Nigerians to build something worthwhile and the new group is only concerned about themselves.
Yes LT, Dr. Pandey is still working to help take back Xechem because he knows how much those that invested in Xechem and believed in him and the company have had to suffer with the loss of their investment as of right now. He knows that we can turn it around and he knows that we can still realize the vision that he had for Xechem. He knows that there are a lot of people ready to step up and work tirelessly to rebuild what the new management has destroyed and he knows that he'll be able to count on the support of those that have been and will be loyal to Xechem.
Am I speaking for him? No, but at this point you have two options, you can believe that there are a lot of people working very, very hard to figure out how to pull this off, or you can believe that the current management has a plan that will turn Xechem around and that they care about the common shareholder and those creditors that aren't bondholders. If you're a bondholder and you believe that the current management cares about you, I wish you the best of luck with that, but in the last two years nobody can seem to find one thing that they've done that can be considered positive (and no, saying that they stopped Dr. Pandey's excessive spending doesn't count as a positive and neither does saying they improved the production process because we've been told they didn't by multiple people).
Keep the faith friends, we got some really great news on Friday that I can't share, but if things come together like I think they might this is going to be a game-changer... Just remember, things potentially will get worse before they get better and you have to have faith and trust that we are working hard to protect all creditors and all shareholders. I know it's a lot to ask anyone here to trust anyone and while there are still no guarantees, we believe very strongly that we are headed in the right direction.
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