This has been a great learning experience on how these crooked penny stocks operate.
The trick is to spot em up front. It had and still has the usual: Only funding possible is through stock dilution. Selling blocks of shares not as a secondary offering, but rather through huge discounts to the block buyer. For a real biotech they usually have an O/S under 100M shares. PMCB? Exec compensation? A real biotech doesn't have the CEO sitting on the compensation committee awarding himself a huge salary.
Fur PMCB, Kenny disguised it by pulling on the cancer heartstrings. And he chose PC which is deadly, and more importantly difficult to treat. Less headlines of other treatments to fight against. Magical words appear like "unmet need". Distortions by Kenny for years a clinical trial is just around the corner. Implied (hi Crabtree) in a PR that the company will be awash in funding just by getting an IND approved. Too funny. Justifying the delay in filing an IND for years, by saying only one chance, and they have to get it right the first time. Result an IND on permanent Hold. Microcraps always make excuses for delays, as insiders profit.
Now Kenny has decided an O/S of 2.4B is too high. The pool of retail "investors" willing to buy into the dilution is too small. Therefore, he'll cover it up with a R/S. Traders will come in excited about the low float after a R/S 1:400. Then 6 months afterwards new "investors" coming in, won't even realize there was a recent R/S. History repeats. Maybe Kenny will wing it by reviving the diabetes scam angle? He still has plenty of pump material to work with.
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