I reckon the business (or IP) is for sale. They are clearly not on a path to do further internal development with the shedding of technical staff and no real CEO. I think they will struggle to get a buyer given the Ph2 results from competitors in this space:
The current shareprice shows that the market values the IP at approx $11m (market cap less cash at hand)...it cost them about $120m to develop it!
If it makes you feel any better - I also followed the shareholder action group hype and recently sold out with a chunky loss. This is the risk you take with these high risk/high reward stocks. In hindsight, Retirewell were the original "spruikers" of Cbio and had a vested interest in keeping the dream alive as it was linked to their exisiting customer base. In my opinion, the dream is over...and so is an 80c shareprice.
(end note : I still love speculative biotech, so I've doubled-down my investment into PYC)
CBZ Price at posting:
7.0¢ Sentiment: Sell Disclosure: Not Held
