But, but...what about those "hedge funds" in the Bahamas ?
The 2 million dollar "private placement" surely Dr. Poulin can explain that one.
ROTFL !!!!
stocklock Share Sunday, November 28, 2010 6:26:22 PM Re: stocklock post# 851 Post # of 4286
NEURO-BIOTECH CORP: A BRIEF HISTORY PART 1
(part 2 is after)
1. From 1997 to 2000 : The Company was on the Canadian Dealing Network (Vancouver or Calgary Stock Exchange) under the symbol NBIO.
2. On August 1, 2000 The Company filed with the SEC a form 20F in the spirit of a possible listing on NASDAQ. This document can be accessed by following this link: HERE www.secinfo.com/dRqWm.511a6.htm
3. Following this document they realized that the Company wasn’t meeting the capitalization norms of NASDAQ.
4. Page 1 of form 20F (Part 1) (Item 1 - Description of the Business) we can see that in 1999, the first test SymPath, was the first patent to be internationally recognized (Canada, US, International)
5. In December 1999 the Company signed a Distribution Agreement for the Middle East for 575 000 tests (Revenues of 3,4 million). An initial delivery of 75 000 was sent on February 2000
6. It is also written that the Company was in the process of developing two other tests.
7. At page 3 of the document, it is written that Neuro-Biotech acquired in 1997 the intellectual property of the technological platform of the tests, for the sum of 3 million dollars from the Laval University.
8. In next pages, we are able to read about all the scientific background :
9. At page 9, the Company, in 1998, has disbursed 1,143 million. In 1999 1,149 million and in 2000 approximately 2,5 million in Research and Development.
10. At page 10, it is written that in 1997 Neuro-Biotech has ordered for Ernst & Young from Toronto (with a cost 350,000$), a Market study for its diagnostic test. Conclusion of this report was positive and that the product is unique.
11. At page 27 of the same report, we are able to see that in 1998, 1999 and 2000, the shares acquired at the beginnings in 1998, at a price of 0,15$, reached in 2000 a price of 2,60$
Conclusion of this first part: The Company cannot join NASDAQ, causing a major dissension on the board of directors due to the fact that the directors, at that time, wanted to keep the company “closed”, meaning that they wanted to control all the steps from research and development to the sale to the customer.
The scientist behind all those research, Dr. A. G. Roberge, didn’t agree with their point of view and decided to withdraw herself.
Following this withdrawal, legal procedures were taken, and Dr. A. G. Roberge and her team had to disburse a total of 7,5 million dollars in order to regain the intellectual property and the name.
The company then became a shell and had to change its name as well as its operations.
That was in 2000. But the adventure Neuro-Biotech was far from over.
1. From 2000 to 2009, Dr . A. G. Roberge and her team have continued the Research and Development. Today, 12 blood tests and 4 Neuroceuticals (Tablets) are available and ready to be commercialized.
2. Between June 2009 and December 2009, 2 Hedge Funds from the Bahamas acquired rights on the intellectual property.
3. In the same period, they acquired the control of a Pink Sheets Company with the status of No Information, and financed all the work in order to bring it to OTCQB.
4. They proceeded to a name change that was approved in June 2010. This document can be downloaded here:
5. On or about April 30 2010, the two Bahamian Hedge Funds signed with Neuro-Biotech Corp. 16 licence agreements for the worldwide manufacturing and distribution agreements, including the right to give sublicenses and those licences were for the 12 blood test and the 4 Neuroceuticals 6. The Company, in July 15, relocated its corporate headquarters to Basel, Switzerland.
7. All those information, were disclosed to the SEC in the form of a 8K on July 19, 2010. This document can be downloaded here:
8. The Company also published an Update to Shareholders in order to explain all the changes incurred: HERE
9. In the first 10Q of the fiscal year 2010-2011, we can clearly see the impact of the decision of the two Hedge Funds regarding the evaluation of the assets in their Financials. Since the 2 Hedge Funds received for their 16 licenses a total of 615 million of shares of the Company and at the date of the transaction, those shares were worth 0.085$ the two Hedge Funds decided, in order not to over evaluate the company, to put at nominal value the value of the shares received for the 16 licenses, creating a deficit of more than 50,000,000 dollars (Note: The first SymPath blood test was evaluated by Ernst&Young at a price of 7,5 million US) (Page 5): 10. On September 15, 2010, the Company disclosed under the form of a 8K the nomination of its new CEO, Dr Claude Poulin, a general practitioner.
11. Following this nomination, the Company started to issue press releases describing the content of its licenses. Every time, the Company was releasing a technical version its was followed later in the day or the morning after by a vulgarized version of the press release: HERE
12. Two things have to be noted in those PR: the company never mentioned any amounts concerning possible revenues at the exception of October 6, 2010 where it releases “ Projected Market Penetration and Revenue Analysis” giving information to shareholders, and letting people make their own calculation, leading them to a number of 14 billion dollars in possible revenues.
13. On November 1st, 2010, the Company releases “Update and Latest Developments.” Where it discloses all the steps, shares issued, and agreements into which the Company has entered since the first Update to Shareholders.
14. On November 10, 2010, the Company releases the list and description of its Neuroceuticals as well as the importance of those products.
In conclusion: At the fall of year 2010, all products mentioned (16 licenses) are ready to be commercialized, have been tested, and the Research and Development stage has already been completed.
* Another important fact to be noted is that the two Hedge Funds, at the moment of the transfer of the licenses, have also agreed to complete a private placement of 2 million dollars based on a stock price of 0.25$ per share. This information was disclosed in the 8K filed on July 19, 2010. http://neuro-biotechcorp.com/en/site/display/page/165.html
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