As I have discussed with some other board members, I don't think Fred and Rich know all that much.
Here is an example. After AMBS announced the acquisition of ESS, they had a conference call.
Rich asked a couple questions. While there is nothing earth shattering about the questions or the answers, it is clear that he wasn't aware of the deal beforehand. He didn't even know that Dr. Joe was on the board of Regenicin and brought the deal to AMBS. (I even knew that before Gerald explained it to him.)
It is possible that Fred liked to act like he was in the know a little more than he was.
I guess it is also possible that Rich was a plant lobbing softball questions to Gerald.
Here is an example. After AMBS announced the acquisition of ESS, they had a conference call.
Rich asked a couple questions. While there is nothing earth shattering about the questions or the answers, it is clear that he wasn't aware of the deal beforehand. He didn't even know that Dr. Joe was on the board of Regenicin and brought the deal to AMBS. (I even knew that before Gerald explained it to him.)
It is possible that Fred liked to act like he was in the know a little more than he was.
I guess it is also possible that Rich was a plant lobbing softball questions to Gerald.
Quote:Gerald Commissiong: Next question?
Operator: The next question comes from Richard Galterio with Ascendant Partners. Please proceed with your question.
Richard Galterio: Hi, Gerald. Very interesting presentation. You seem to have a knack for acquiring very compelling situations. I'm actually very interested in the ESS. I'd like for you to talk to me--I know that there's been a lot of previous work out there. What can you comment on the previous ESS data that was generated from your perspective? And will that help you moving forward as you move it down the clinical pathway?
Gerald Commissiong: Sure. Again, these are from the prepared remarks with Lonza. We conducted significant due diligence for over 18 months in the evaluation of ESS technology, market opportunity, and potential transaction. We reviewed published data as well as poster presentations, and importantly, data submitted to the FDA regarding this product.
We believe that the data previously generated under physician-sponsored IND provides a strong rationale for further development in well-controlled corporate IND environment. And that's exactly what we're going to do.
Richard Galterio: Okay. And take us to--I mean, how were you able to position the company to acquire this asset? I know it's had a little bit of an interesting background. But, how were you able to get in the mix of this and acquire it? Take us through that.
Gerald Commissiong: Sure. On our board of directors sits one of the cofounder of Amgen Dr. Joe Rubinfeld. He was previously involved in a number of assets, including EPO when he was at Amgen. He invented amoxicillin. He's just been involved in a wealth of drug and drug-related activities.
He became extremely interested in MANF several years ago. And through the biology of MANF and the relationship that we established, he made us aware of another technology that he was involved with. When certain events occurred with respect to the product, we were fortunate enough to be in a position to conduct due diligence on the asset where perhaps many other individuals were not in the position to do so. And as a result, we had a priority position and were able to insist and ensure that this product would be moved forward from where it was, assisting with unencumbering the asset from the previous litigation as well as potentially helping it move into clinical development.
So, really, I would say it boiled down to relationships that the company established with key scientists and executives in the field that allowed the company to get access to this. And this is really similar to what we did with Dr. Lowe, who's now on our board of directors, who positioned the company to bring in eltoprazine, strong relationships with investment banking groups, allowed the company to bring in MSPrecise.
So, we've been very fortunate in so far as the scientific and medical brain trust at Amarantus, has bought into the business strategy of acquiring clinically derisked assets and incubating them, and as a result has brought some unique opportunities to the company with clinically derisked highly valuable assets that can be catalyzed with what we feel is a reasonable investment.
Richard Galterio: Okay. Thanks very much.
3
