Fiduciary and Not Fiduciary

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biopearl123
Posts: 918
Joined: Fri Jul 20, 2018 5:13 pm

Fiduciary and Not Fiduciary

Post by biopearl123 » Sun Aug 07, 2022 6:54 pm

Fiduciary: From Investopedia: “ A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients' interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other's best interests.”

Dr. Scarlett, fiduciary: 1. Judicious hiring and team building including a marketing team (you have to have something to sell). 2. Close relationships with quality KOLs and major institutions around the world. 3. Non dilutive funding. 4. Eye on the prize with no distractions. 5. Ability to jettison misleading informants who got off message, even those of high profile (e.g. Dr. T.) 6. Ability to attract and keep intact the former Janssen team. This is what a fiduciary looks like.

The allocation of resources and spending/hiring and the pace of PIII studies could not be happening in the absence of fiduciary responsibility to shareholders. Dr. Scarlett and his entire board must believe that they have a drug which is 1. Efficacious 2. An NME 3. Safe 4. Has a large market 5. Is approvable 6. Will change the approach to several hematological malignancies.

Not a Fiduciary (my opinion): Dr. Okarma 1. Bought every shiny thing with your money: 1. Dolly patents—bought it
2. 40 M on “technology” to cross BB barrier. 3. Prostate cancer therapy-bought it 4. Multiple solid tumor studies with associated futility studies. 5. Aging—bought it. 6. Lasted a few months heading a Geron spin off and wanted to acquire yet another company with his meager resources (judgement?). 7. Many promises, no delivery. 8. Multiple cell therapies, no insight into governmental ethical concerns. 9. Very scattershot, no focus. The list is longer.

We are very lucky to be where we are with the quality leadership we have. Fiduciary leadership. Thank you John, bring it home. bp

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