In a little over 12 weeks time AVE (POH 1/7/13) comes up to 10...

In a little over 12 weeks time AVE (POH 1/7/13) comes up to 10 Years since Dr Esra Ogru was suspended by the Board of Phosphagenics LTD.

Its quite memorable for many reasons, for both shareholders and also former customers and or licensee's of the company.

For shareholders of course the $6m fraud discovered that day was the tip of the iceberg and the beginning of a collapse of the share price which amounted to ~$40 or so million being wiped off the company value soon after.

It also unfortunately ultimately cost around 30 jobs of Ogru's former staff also.

On top of that Licensee's lost almost all of their investment in the company tech due to the tainted nature of fraud in a Biotech company.

Following on from that Ogru disaster the company and its rudderless BOD then made an even bigger mistake in the appointment of the next CEO, who IMHO arguably thought he was Clive Palmer and pretty much sued all of the companies 'valued' customers. This of course sent red flags to all other potential licencee's and we witnessed the even slower but arguably greater decimation of the share price under Murdochs tenure.

Looking back, I am confident that if Harry Rosen had his time again, he would have handled Ogrus fraud in a different manner, as the $6m pales into insignificance to the $100m of shareholder capital value lost, the jobs lost and most likely another $100m of licensee's value that was ultimately wiped out.

IMHO the only way forward for this company at the moment with its last remaining hope of CBD is to delist take it private, cut out the costs associated with listing requirements and spend the money saved on putting together a commercial business plan under a commercial BOD.