At the hearing set at 12.45 on 27 October no offers were presented, against an auction base of 54.5 million euros, more than 40 million lower than the first attempted sale last May.
“Interlocutions with important Italian and foreign companies continue” let us know the bankruptcy trustees, Antonio Gaiani and Luca Mandrioli, who, unlike in previous times, add: “We are available to evaluate offers, even on the direct initiative of potential interested parties, also for the purpose of determination of the value at the basis of the next auction “. (lo.mi.)
Quintessential Capital Management QCM
The company that issued a devastating report on Bio-on that led to this Italian legal fiasco is called Quintessential Capital Management and is run by a gentleman from Italian origin called Gabriel Grego.
Recently, QCM issued another report on a biotech company called “Cassava Sciences (SAVA)” that is working on a new drug to fight Alzheimer’s disease. You can find the report here,
Grego believes many people associated with the company have a shady background and concludes that there’s no chance that Simufilam will ever be approved by the Food and Drug Administration (“FDA”).
The purpose of the short sellers report was probably to try to stop Cassava’s Phase 3 study.
- A quote from the QCM Report
Simufilam, Cassava’s only prospective drug, appears based on allegedly forged scientific research. Phase II trials have been conducted with numerous and serious irregularities, which appear to have allowed management to deceive investors about the effectiveness of the drug.
In our opinion, Simufilam is a worthless compound, and any touted benefit is likely the result of a combination of forgery, “cherry picking” of patients, and statistical manipulation of data, of which we have plenty of disturbing evidence.
Back to Reality
Cassava Sciences recently began a Phase 3 study of its Alzheimer’s drug, simufilam.
A Citizen Petition filed with the Food and Drug Administration accused Cassava of manipulating some of the data foundational to the company and the drug. This petition must be seen “as related” or “in the context” of the QCM report.
Last week, the journal that published the paper in question said it didn’t find any evidence of data manipulation, and SAVA stock soared.
Recent events, including both initiation of the Phase 3 study and the Journal of Neuroscience validating the data in question in the Citizen Petition have driven a rise in Cassava shares.
In the EU, we like to teach lessons to the rest of the world.
However, the legal certainty in Italy is what we could call ” very questionable”.