I’m pretty sure they did a seed round in Biolife at 1.5 cents and then raised in the back door listing under PH at 1 cents...this would’ve substantially diluted existing Biolife shareholders and put quite a few noses out of joint.
It was very early days then and from vague memory Bio lifes’ science was good but the price expensive. It was repriced downwards under the IMU listing and then had the delays of Herceptin being the standard of care. Thankfully Leslie joined who rearranged the trials and finally got the company moving...by this time though BioLife shareholders were significantly diluted.
I would say that’s where the issue is.
Chairman needs to go, page-77
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