sent to the asx and asic...Investigation Team,Yesterday Cellmid...

sent to the asx and asic...


Investigation Team,

Yesterday Cellmid made an announcement to consider divesting its biotech asset Lyramid.

Most existing and legacy shareholders like myself bought into the company many years ago on the basis of the company commercialising this asset.

Fintan Walton has been a director of CDY for +5 years and the owner of a business called PharmaVentures. When Fintan joined the board the company advised shareholders his role was to find a partner to help the company commercialise the asset.

https://www.asx.com.au/asxpdf/20150721/pdf/42zxz0gvcdbncb.pdf

None of the above has come to fruition in the last 5 years, however Fintan continued to draw down director fees.

Now we have a situation whereby all the research and development has been funded by shareholders via capital raising. The company now wants to divest the subsidiary and has appointed Fintan’s private business to pursue this arrangement, with commissions paid once the deal is executed.

How can a director be allowed to get paid by shareholders to be a director and on the other hand sell an asset and be paid again for doing what he was suppose to do as a director?

My second concern is the possibility that some directors of the company may sell this asset to cheap to a known 3rd party and participate in the further commercialisation of the asset unbeknown to shareholders. After all the shareholders have funded the project for the last 10 years.

Like the posting of news on Instagram before advising the asx, the wondfo test kits saga, the shady capital raising, something is really wrong here and shareholders like myself are being undermined.

Could you please investigate my concerns and the concerns of 1000s of CDY shareholders.