Deroy Murdock: How red tape slows one life-saving drug's path to market
But wait. It gets worse.
"The government wants the processing of invoices and payments to be checked by multiple employees," Czirr says. "We would have to hire more people to create this kind of redundancy... Then we have to hire an outside auditor to come in randomly and test these 'internal controls.'"
"We did a test last year that shows that Galectin's drug can be used to treat lung diseases," Czirr says. "That test cost about $100,000. We could have done that test a year earlier, if we didn't chew up scarce funds on things like this."
Page two of Galectin's introductory presentation pours ice water over any perceived guarantee that it ever will succeed. Rather than promise potions that yield vaults of cash, Galectin devotes 542 words to tell investors how their money might get pulverized.
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Market Basket walkout a future case study
UPDATED: Thousands of Market Basket employees rally; company board issues statement on purchase offer, reaffirms support for new CEOs
Basket case: Saga of a supermarket