Reckless CEO Fibs To Keep Co. Afloat - Big Mistakes Ahead?
Interviewer: Good afternoon, Mr. Skuggedal. You recently made a disclosure to the SEC, and there are two points of contention that I’d like to discuss with you today.
CEO: Sure, no problem. What are they?
Interviewer: First, you mentioned that the company is focussing on the development and commercialisation of novel therapies using PCI technology for intracellular delivery of nucleic acids. However, during the Q4 2022 results presentation, you clearly indicated the technology can only be used for most types of nucleic acids—from oligonucleotides to mRNA and plasmids.
CEO: Yes, that’s correct. At the time, I was overly ambitious with my estimation of what PCI technology was capable of. At the moment, it’s only capable of delivering nucleic acids—not viral vectors. I embarrassed myself terribly at the presentation when I tried to interject viral vectors into the narrative.
Interviewer: How so?
CEO: Well, I was attempting to demonstrate my confidence in the technology and its capabilities, so I proclaimed that the application of PCI technology to viral vectors was within sight. Everyone in the room seemed to visibly cringe because I received several emails from the audience members afterwards, thanking me for throwing a ‘life-line’.
Interviewer: That must have been very embarrassing. Now, the second point of contention—the fimaVACC programme—aims to enhance immunotherapy in cancer, by triggered endosomal release. You mentioned that nucleic acids, or immunostimulatory factors, could be used, but you glossed over an important detail, which is that the company is actually still in the early stages of research on this particular programme.
CEO: Yes, I believe I took too much creative license with how far along we were with the fimaVACC programme. At the time, I wanted to make it seem more advanced than it really was, so I painted an overly optimistic picture. In hindsight, it was not a great idea.
Interviewer: Why did you feel the need to embellish the truth?
CEO: To be honest, I was a bit nervous because I had been appointed the new CEO only a few weeks earlier, and I wanted to make a good impression. Fortunately, no one called me out while I was presenting, but there were a few raised eyebrows. I remember feeling quite embarrassed, as if everyone knew I was lying.
Interviewer: Being nervous is understandable, but why did you not just stick to the facts?
CEO: Looking back, I think I was too eager to show off the potential of the fimaVACC programme. I was so excited and passionate about it that I made the mistake of assuming that everyone else was as enthusiastic.
Original Release: https://www.globenewswire.com/news-release/2023/02/13/2606763/0/en/PCI-Biotech-Invitation-to-Q4-2022-results-presentation.html