For the last 24 years, Biotron has promised shareholders that...

For the last 24 years, Biotron has promised shareholders that success is just around the corner. A breakthrough drug. A major partnership. A commercial deal that would finally reward the long wait. But after all this time, the company still stands at the same crossroads: no deal, no revenue, and now, massive dilution at a devastating 0.3 cents per share.

Over the years, Biotron has raised millions from loyal shareholders—both large and small—always under the banner of “commercialization.” But the pattern is clear: much of that money hasn’t been spent building or selling a product. Instead, it has gone to third parties, external consultants, and “advisors” whose roles are vague and whose outcomes are invisible. Today, the main recipient is C14—a group paid to secure a commercial deal that never seems to arrive.

There are no timelines, no tangible results, and no accountability. The silence is justified with the phrase “commercial in confidence.” But that phrase has become a shield behind which transparency and performance are quietly buried.

This cycle—raise capital, send money to outsiders, deliver no result, go quiet—was set in motion under the company’s original architect, Peter Gage. When he finally stepped aside, many hoped for a new beginning. But instead, Michelle Miller stepped in and simply continued the routine. Her leadership brought not clarity, but control—pushing through discounted raises, avoiding difficult questions, and running the company in a way that feels engineered to operate beyond accountability.

The situation now resembles a theatre production stuck in endless rehearsal. The scriptwriter—first Gage, now Miller—keeps the story going. The actor, C14, was hired to find the lead role: a commercial partner who could finally open the curtain. But the actress never arrives. The actor continues to be paid. And the audience—shareholders who fund the entire production—are still in their seats, waiting for a performance that never begins.

But this is no longer just delay. It’s a crisis of trust. It’s the slow erosion of shareholder value through silence, mismanagement, and repeated dilution. The recent 0.3c raise—at a 95% discount from prior levels—is not just a financial blow. It’s a warning sign that the company is running on excuses, not execution.

The top 40 shareholders, retail investors, and even outside observers deserve answers:

• Why has the company funneled shareholder money to third parties like C14 with no result?

• Why was the capital raise delayed until the company was desperate—then accepted on humiliating terms?

• Why is there still no timeline, no outcome, and no direct accountability?

This cannot continue. The board must take urgent action:

• Terminate non-performing agreements with third parties like C14.

• Provide a full, transparent shareholder update with timelines and responsibilities.

• Explain the financial strategy behind the 0.3c raise.

• Introduce independent oversight to review management actions and protect shareholder interests.

Biotron is not a stage for endless rehearsals. It is a public company with real shareholders—owners—who deserve real performance. If the current leadership cannot deliver results, then it is time for new leadership who can.