Chris,
As you know, I seldom criticize management since I believe they know more about what's going on than we do and make their decisions to benefit the company.
I have little use for those who think they know enough about the inner workings of DNAP to continually condemn every action it takes.
So right out of the gate, if I read the registrant decided against closing the transaction, I assume it was in the best interest of the company that it did what it did.
However, I had misgivings from the beginning. For example I know how the employees of an American company with 55 employees and two well equipped laboratories would feel about a company not worth half their company's value taking majority control.
Some pooh poohed my contention on the other board that because of the mood in Europe against this presidential administration, efforts would be made to keep American companies from taking over German companies. I think the recent infusion of cash BioP got was a direct result of that effort.
Consider the mood of our country about anything French a couple of years ago. Imagine what would have happened had a French company tried to take over an American company at that time.
I was never sure, anyway, what further dilution would entail from Duchess's participation, especially since the pps has remained as low as it has. I'm guessing that had something to do with DNAP's eventual decision.
You will recall that in the very beginning, Dr Frudakis's goal was to license DNAP's technology to large pharmas. It was as a result of his banging his head against a block wall that he decided he would make DNAP one itself.
But the drug business has taken a drastic change practically overnight because of the Vioxx, Celebrex thing. That and the close ties the FDA has to large pharmas coming to everyone's attention has contributed to the change.
Because of this, I believe we are looking at a situation in which DNAP's licensing technology is once again--for the first time, really--something to consider.
That may be another reason the decision to withdraw from BioF was made.
In the end, we as shareholders, have nothing to do with decision-making, and carping endlessly about the ones which are made is fruitless except for salving egos and keeping lost souls from despairing into the ignominy they probably have earned for themselves.
AI
