So, the ASX allows CDY to stop trading because CDY bought 12,000 tests and now CDY is not sure if they are good enough to be validated and used. We have to wait until Doherty's results come forward.
What should be stopped is not the trading but this absolute mockery of governance. An ASX-listed company, really??
For years CDY has been spinning stories followed by CR, with so little results, and I'm talking 10, 5 years timeframe, not the last quarter report. I invested in the Midkine research. At that time, CDY had a couple of brilliant scientists. Over the years, the research has been outsourced, the smart scientists have gone.
Then came the alopecia business. For a little while I was interested in the science of the FGF-5 and the work done by the initial Japanese research team. Early in the piece, we were told about the Advangen team's strategy, including the TGA approved manufacturing of JoJu (know Evolis) in Australia. The distribution through professional channels, and then exports. Once again, the team got disbanded, only the CEO and the Chair remained.
You do not have to dig far to realise CDY's MO: only the CEO and the Chair have been around for a long time. Company secretaries come and go. New employees, including some briliant scientists, are used and then disposed of. In the meantime, shareholders provide new capital which is then squandered in high salaries, bonus, share options.
And now, NOW, this aboslute scandal of the Covid tests: the Twitter and LinkedIn messages, the involvement of the dodgiest possible third party for a CR, and the ASX just let CDY do whatever they want.
Shame on the ASX for letting this happen. Both CEO and Chair should get investigated.
Not only this management has shown their true colors (greed, profiteering from a pandemic) but they have most certainly demonstrated their total incompetence.
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