That could be true. We have no way to verify the numbers. Based on sbfms filings, I can't see how that number is justifiable. They can't even afford to fund a new batch of their cancer drug adva27a. No income, no employees, no drug license.
Can't sell generic drugs.
I believe their valuation, if they had one, has various caveats built in. I think it assumed they have dozens of generic drugs on the market, and a cancer drug that is selling. The valuation is based on real companies doing what they won't. If this drug adva27a was worth more than the 60k they bought it for, from the French, it would have been sold for billions, or the French would have benefited from it themselves.
But.....like most things with the shell, we will never see the actual valuation to verify any of it. Did a company perform a valuation....maybe, they won't tell, I asked. Did sbfm present the valuation findings in good Faith? I don't think so. I think they picked and chose what to present, misleading shareholders. On paper, they are about worthless. did they lie about having a buyer as the reason for the valuation, probably. Why would you buy a company with no drug license, no employees, no income, no lab, a drug stuck in development phase. Just buy the drug, if it was worth anything....
You are 100% right...if there was anything here, they are incapable of managing it. But...they are content with the 100k a year salary they pay themselves, and the loans they personally give out to sbfm/themselves with huge penalties for late payment.
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