RAC Charts, page-152

I think the market has somewhat underestimated the significance of John’s (Dr Cullity) investment. John’s main job outside of RAC is in merger and acquisition advisory in the US biopharmaceutical industry. Quoting from his Linkedin profile.

Dr. Cullity is currently Chief Business Officer at Torreya Insights LLC in New York City. Torreya is a boutique advisory firm in the life sciences providing services in M&A, licensing, and corporate finance. He joined the firm in May, 2010. From August 2007 through May 2010, Dr.Cullity was Senior Director of Business Development at sanofi-aventis Pharmaceuticals in Bridgewater, NJ where co-ordinated sanofi-aventis’ business development activities in oncology, diabetes, CNS and rheumatology, and guided the company’s venture capital ("VC") and private equity ("PE") engagement with leading US-based firms. From 2004-2007, Dr. Cullity led sanofi aventis’ strategic pricing department assuming responsibility for price management of the company’s $US15 billion market portfolio. Between 2001-2004, Dr. Cullity served at Schering-Plough where he founded the strategic pricing unit and directed health economics. He has additionally worked for AT Kearney Management Consulting, The World Bank, World Health Organization and, over a five year period, as a clinician at teaching hospitals both in the UK and Australia. Dr. Cullity holds an MBA from Wharton Business School at the University of Pennsylvania, MSc (Econs) from London School of Economics, medical specialist degree from the Royal College of Physicians UK, and his primary medical degree from the University of Western Australia.

Having someone of John’s calibre on the RAC board and putting in significant amounts of his own money tells you what he thinks about the company better than any nice words in a press release.

I should add it is not John’s job at RAC to act as the “go-to-man” for communication with the FDA (this is the CEO, CMO & CSO job), but he certainly has plenty of experience in this area that the company draws upon.