Wednesday, June 15, 2011

Salugen Sinking

School board member Brian Meshkin is also the President and CEO of Salugen, a dietary supplement company. On his website he openly boasts about his “success as a biotechnology entrepreneur,” noting also that he was recognized by San Diego Magazine in 2008 as “A Power To Be” in biotechnology.

Actually he only received an honorable mention.

Though his company was acquired by Sherbrooke Equity in October of 2008, Brian continued to lead the firm. A press release issued at that time gave the impression of a bright future for Salugen.

"We believe that Salugen is the company of our future, as addiction along with other issues run rampant in our communities, both here and abroad. They can help to shed light on the problem and create solutions to these issues in our lives," said Lee Leblanc, Managing Director of Sherbrooke Equity AG. Specific terms of the transaction were not announced but the Company announced that the transaction would be accretive to Salugen shareholders and would address debt holders of the company as well.”

The company of the future appears to be struggling to stay in the present. Earlier this year, Salugen closed its office on Berger Road in Columbia though the company website still lists it as the corporate headquarters. The company stock, which trades on the Frankfurt Stock Exchange under the symbol SQZ.F, is trading at €0.20 per share, down over 59% from the previous close.

If that's his idea of success I'd hate to see what he regards as failure.
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