Why would these "WHO'S WHO" in the drug development pedigree want to put their assets in a public entity like QPWR (or what is now QSAMBio.com???
Except none of them are known to have put any assets in. The recent 8K includes the employment contracts of the two new executives. Schedule IIs show zero stock is owned by either. So they haven't put any of their own cash in.
Baum gets $250K per year, plus bonuses TBD, plus preferred stock TBD.
Piazza gets $225K per year, plus bonuses TBD, plus preferred stock TBD.
Nelson was getting $220K per year.
Other than selling stock, what do you suppose they do with their time? They aren't researchers working in a lab. The Phase 1 FDA trial is done by an independent doctor and hospital, which they don't have anything to do with.
It will be at least 3 years before that Phase 1 trial is completed, then there needs to be a Phase 2, and then a Phase 3 before there is any chance of marketing a product. Assuming no problems with the drug appear in any of the trials.
Given that the drug is a radioisotope, they aren't going to be spending their time setting up a manufacturing facility (i.e., nuclear reactor).
Why are these people involved? Maybe to get over $200K per year for selling a little stock?
By the way, here's a little infographic on Chris Nelson's track record:
But there's a mistake in it. Shareholder loss was 99.7%, not 97%.
I'm with you on this. QSAM offers a way to raise some money for FDA trials through a public company. The new management has great experience and what they are being paid is less than what other biotech officers are getting paid. Also, Chris Nelson was always honest when someone called. They just weren't able to get the recycling business going.
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