failure came from spending millions of dollars for a study that led to non approval. Management complicated this by manufacturing the product and creating distributing agreements before the drug was approved. Set the company back years. Nearly BKed the company. Probably would have BKed the company if it weren't for shady deals like you describe with selling/lending shares without telling shareholders. The goal of a biotech/pharma company is to conduct trials and bring a product to market. They failed miserably
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