The indictment goes on to address misrepresentations relating to its COVID-19 filings, along the same general lines. It generally relates to leronlimab's HIV indication. The foregoing is based on the first 21 pages of the 42 page indictment. in 05/2020 Pourhassan filmed an interview claiming that he exercised a stock option at great tax cost in order to provide stopgap funding for the company when he had actually exercised his options based on material, non-public information.on Pourhassan signed and approved a false 10-Q which was knowingly false in stating that CytoDyn expected to file the last two sections of the BLA by the end of April.Pourhassan had CytoDyn issue a false release that the first of three sections of the BLA had been filed and that CytoDyn was in line for potential revenue in 2020. despite FDA advice that the BLA was incomplete, CytoDyn issued an release telling the public the opposite.Pourhassan's BLA timeline communications were based not on when CytoDyn could meet FDA requirements, but rather on what was likely to inflate and maintain CytoDyn's stock price and attract new investors.Pourhassan marginalized and ultimately removed directors who attempted oversight on his public statements and releases.repeated FDA warnings starting in 2018 that Pourhassan's BLA timeline was overly aggressive and that an incomplete BLA would face a CRL.The indictment alleges a pastiche of facts which long time CytoDyn investors will view with horror (or a smug "just as I expected" satisfaction), including: It warns of potential management malfeasance, as it stokes FOMO in eager investors. As for the indictment, it is essential reading for investors not just in CytoDyn, but in any speculative biotech company. The present and the future are about the indictment, filed, and about CytoDyn with its lonely clinical molecule leronlimab. That is history, a history I chronicle at length in my above referenced articles. I got swept up in the story about an Iranian immigrant, a teacher, risking it all to raise a flailing biotech company from the ashes on the back of a promising molecular discovery. Within weeks of my foray into covering the biopharma space a few years ago, I interviewed Pourhassan. He could be very convincing as noted by one rueful commentator: Nader Pourhassan, CytoDyn's long-time CEO until his dismissal in 01/2022, was a character with boundless energy and chutzpah. Pourhassan, CytoDyn's long-time CEO, is under federal indictment for multiple offenses. In doing so it is trying to preserve the reputation along with the commercial and clinical viability of leronlimab (PRO 140, Vyrologix), its sole molecule in clinical development. It wants to excise the stink of the Pourhassan indictment. Pourhassan is currently under indictment for multiple alleged misdeeds as hereafter discussed.Īs I report in this article CytoDyn is trying to close out its bad old days. The CytoDyn story with its ever-effervescent and promotional CEO Nadir Pourhassan was one for the ages. Just browsing through the titles to my 16 previous CytoDyn ( OTCQB:CYDY) articles, from my first - 2019's "CytoDyn: What To Do When It's Too Good To Be True?", to my most recent - 2021's "CytoDyn: Suitable For Trading Not Investing", fills me with nostalgia. Digital Vision./DigitalVision via Getty Images
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