CVM is a rinse & repeat SCAM that keeps delaying and restructuring failed trails of their junk science so de Clara & Keresten can continue to fleeced 10's of millions from different sets of SH's. See below.
From 10 Q 2008 SEC filing
In January 2007, the Company received a "no objection" letter from the FDA indicating that it could proceed with the Phase III protocol with Multikine in head & neck cancer patients. The protocol for the Phase III clinical trial was designed to develop conclusive evidence of the safety and efficacy of Multikine in the treatment of advanced primary squamous cell carcinoma of the oral cavity. The Company had previously received a "no objection" letter from the Canadian Biologics and Genetic Therapies Directorate which enabled the Company to begin its Phase III clinical trial in Canada.
As of March 31, 2008, the Company was involved in a number of pre-clinical studies with respect to its L.E.A.P.S. technology. The Company does not know what obstacles it will encounter in future pre-clinical and clinical studies involving its L.E.A.P.S. technology. Consequently, the Company cannot predict with any certainty the funds required for future research and clinical trials and the timing of future research and development
de Clara charged shareholders gangster interest rates and who knows how many points(30 points would mean he only loaned the company 700,000) plus origination fees & securing all the assets. Not to mention the money he loaned was already taken from shareholders with unjustifiable salaries, bonuses, perks...CVM's track record of failure is indisputable.
E. LOANS FROM OFFICER
Between December 2008 and June 2009, the Company’s President, and a director, Maximilian de Clara, loaned the Company $1,104,057. The loan from Mr. de Clara bears interest at 15% per year and is secured by a lien on substantially all of the Company’s assets. The Company does not have the right to prepay the loan without Mr. de Clara’s consent. In accordance with the loan agreement, the Company issued Mr. de Clara warrants to purchase 164,824 shares of the Company’s common stock at a price of $4.00 per share. These warrants expired on December 24, 2014. At Mr. de Clara’s option, the loan may be converted into shares of the Company’s common stock. The number of shares which will be issued upon any conversion will be determined by dividing the amount to be converted by $4.00. In consideration for an extension of the due date, Mr. de Clara received warrants to purchase 184,930 shares of the Company’s common stock at a price of $5.00 per share. These warrants expired on January 6, 2015. In consideration of Mr. de Clara’s agreement to subordinate his note to the convertible preferred shares and convertible debt as part of a prior year settlement agreement, the Company extended the maturity date of the note to July 6, 2015; however, Mr. de Clara may demand payment upon giving the Company a minimum 10 day notice. In August 2014, the loan and warrants were transferred to the de Clara Trust, of which the Company’s chief executive officer, Geert Kersten, is the trustee and a beneficiary. Mr. Kersten is the stepson of Mr. de Clara. Mr. de Clara will continue to receive the interest payments.
The only people making money from the CVM SCAM are de Clara, Kersten and the placement agents that sell to the unregulated hedge funds who, in turn, rape the shareholders. And, leave them holding the bag.
So the hedge funds Along with de Clara & Kersten can pocket millions pumping & dumping junk science.
He needs to expose these two frauds like he exposed that family cancer charity from bilking millions in fees and very little to cancer research. Shareholders are paying off de Clara 1M loan after he bilked them for about 5 million in fees and interest. They need to be charged with racketeering.
Excellent post! In other words, the real blood bath won't happen until on or about June 6,2015 where shares could go into the teens.
Exactly! "If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck"
They pumped perifosine it failed, then they pumped Macrilen it failed, now they want to re-pump Macrilen...meanwhile they are pocketing millions in compensation and perks while shareholders get the shaft.
No wonder they rushed the Shareholders annual meeting.
Maximilian de Clara, loaned the Company $1,104,057. The loan from Mr. de Clara bears interest at 15% per year and is secured by a lien on substantially all of the Company’s assets & has already collected 2M in interest and fees. The loan and warrants were transferred to the de Clara Trust, of which the Company’s chief executive officer, Geert Kersten, is the trustee and a beneficiary. Mr. Kersten is the stepson of Mr. de Clara. Mr. de Clara will continue to receive the interest payments. CVM is a classic scam where de Clara & Kersten rape the company for tens of Millions.