"Io io why are you so cranky?"
Because no-one here, least of all Dew, is calling a spade a spade. The other day we GTCB holders got ours. Personally I am well diversified, now own 11 biotechs, and need to get that down to 7 or 8. My position in GTCB was never large; in fact 5.5% of my holdings before this. No big deal so far.
But I don't like losing money to a Scam, because it's clear this MAA, and the exodus of cash 2 weeks ago, was a huge Scam. Frankly I was amazed however at the complete lack of: a) outrage among the 20 or so people here who own GTCB; and, b) surprise among those who are closer to the story.
Yes GTCB was surely the most widely held stock here, and I would bet perhaps this board lost $1m that day, easy. And why ? Well it's perfectly obvious that this whole MAA was a disaster; the EMEA simply said there weren't enough surgery patients. And in this case not enough means 5 patients. To me it's perfectly clear that this was a huge issue all along, and explains the hiatus (2 of them) when the MAA got delayed - GTCB surely had the option to withdraw it. Instead, they lied all along, and we can't prove it.
So net-net, what happened ? Well, in terms of progress towards getting the drug on the market, we have gone backwards, we are years away. But the money has kept moving. GTCB has secured itself by doing a couple of financings; in turn of course this "big money" (vulture capital, hedge-funds, etc) gets priority over us.
And that priority clearly consisted of the head-up 2 weeks ago, when the stock briefly lost 50% of it's value on huge volume. Of course GTCB comes out and says they have no idea what's going on. Liars.
So nothing has been accomplished, and it is clear now that with the issue of the inadequate number of patients, nothing could ever possibly have been accomplished.
Except to keep the money moving. Probably $1m lost on this board alone. Figure it out.
Now that's what I call a Scam.
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