NVCN the Theranos story continues.
Updated
NVCN the Theranos story continues. Many of you may remember one of Nasdaq's infamous medical scandals. Theranos founder Elizabeth Holmes claimed that a drop of blood could be analysed more accurately than the most sophisticated laboratory tests of the time using a new kind of analytical system. This claim quickly became a Wall Street success story. Investor money was coming in for the Theranos project. The story began in 2003. For many years it was leading news in medical journals. There are many parallels to be seen in the operation of NVCN (Neovasc Inc.), founded by Fred Cohlen. In both companies, shareholders' money was constantly being burned. NVCN's shares have undergone a 1000-fold reverse split in three years. Meanwhile, there has been a nearly 36-fold share dilution. NVCN's enterprise value has plummeted 37.4 times. On average, the company receives NASDAQ compliance notices every 6 months. These are all familiar to the company that listed the Theranos project led by Elizabeth Holmes. The US Food and Drug Administration (FDA) is highly sceptical of the medical methods used by NVCN. Anyone who invested in NVCN stock in June 2018, at an all-time low, has since lost nearly 98% of their share value. My assumption is that the two medical companies have had similar "developmental stages", so it is reasonable to assume that NVCN's imminent demise could have similar legal consequences.
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An earlier analysis from 2017. Since then, the story has become even more serious. seekingalpha.com/article/4124905-neovasc-when-management-is-fraudulent-you-are-toast
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Correctly : Fred Colen President and CEO Neovasc at Neovasc Inc.
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