I've been watching this company since I was pitched its stock by insiders almost a year ago. This is my opinion. I did not buy for the following reasons:
1) The history and track record of the CEO
Notably her involvement in a massive corruption scandal with a Louisiana politician. The only reason she is not in prison is because she cut a deal for her testimony and drove the bus over the politician.
(Folks you can't teach integrity and it should be unassailable and sadly she has demonstrated a complete lack of it)
Her repeated involvements in pump and dump operations. (Easy to find online)
Complete lack of background and the educational chops to launch a BIOTECH.
2)The LOIs the company keeps presenting are from companies owned and operated by other board members or known friends of the CEO. These companies have no history or ongoing business. They exist for the sole purpose of kiting LOIs for this company. Especially notable is the involvement of Gloria B Herndon. Again complete lack of integrity.
3)Dr. Gloria B Herndon, a director of the company, is not a MD. She is lawyer and ran an insurance business. She/ her business filed for bankruptcy, taking a bank for $7M++. Just type in her name and bankruptcy into google.
4) The people promoting this company put of California are barred former traders and at least one of them is a convicted felon. (Convicted for stock fraud).
This was just the beginning. Then the annual report was filed.
All you have to do is look a the complete lack of cash o hand to quickly know that this is not a viable business.
Heck, the CEO paid her son $125K to run the IT department. But you will see that the IT assets are 1 laptop valued at $900!!!
Also take the time to google all of the names of the insiders listed in the filing and you will see a track records of fraud and manipulation and outstanding warrants.
The last straw is the laughable LOI with the country of Malawi. You must realize that Malawi is the poorest country on the planet. They do not have money aand resources for basic necessities like food and water and you think they will be BUYING an unproven drug? Really?
This is a preposterous notion.
Now we come to the recent news/rumors of a big run.
Why? Simple. All of the insiders stock that is restricted is becoming unrestricted. They will promote and hype this dog of a stock and cash out and buyers will be left holding a bag of dirt.
My advice. Cut your losses and get out of the pump and dump.
AI
