I agree that Medibio was heavy on staff.. and paid the board and it would seem Jack a lot... but the buck stops with the board. You cant tell me that the board hadnt seen a financial document and were surprised at the cash burn. If they were surprised then they are incompetent.
My impression is that the $ were spent chasing the medical side of Medibio and FDA approval... yet it would seem that the 400K spent on VC - generated the money. Hopefully Jennifer can maintain that momentum otherwise Medibio is in dire financial trouble and will need to CR.
This whole process does not make sense. Where there is smoke there is fire.
MEB Price at posting:
6.6¢ Sentiment: Sell Disclosure: Not Held
