The scumbag investors in Predictive Biosciences

The following email has being distributed to every company currently listed on the websites of the following Predictive Bioscience investors:

FLYBRIDGE CAPITAL - MICHAEL GREELEY
NEW ENTERPRISE ASSOCIATES (NEA) INVESTMENTS - JIM BARRETT
PROQUEST INVESTMENTS - JAY MOORIN
KAISER PERMANENTE VENTURES - JORDAN KRAMER

Did you know that your investor closed down one of their portfolio companies on May 31, 2013? Did you know that they did not honor their contracts, that they paid no severance to the 100 people they laid off, that they provided no medical, dental or even access to COBRA benefits. They just told management to shutter the doors with no regards for the people who killed themselves working toward the success of the company. Some of the employees had 15+ years of tenure and were kicked to the curb without so much as a backward glance.

We are the employees of Predictive Biosciences (http://www.predictivebiosci.com) and we believe the management of all NEA, ProQuest, Flybridge Capital and Kaiser Permanente Venture portfolio companies should know the kind of greedy bottom feeders they have invested in their companies.

If you or your executives feel safe because you have a contract that guarantees you severance, don't. Don't feel safe for one moment because these people do not honor their contracts, they just walk away and everyone else be damned. Our executives all had contracts and they didn't pay any of them, not to the Founder, not to the CEO, not to anyone. If you doubt what you are reading in this message, you can contact any one of Predictive’ s 100 employees and ask them. They can all be found on LinkedIn.

They had the money, they had a choice and they chose to screw everyone and not even provide them with access to health insurance. We implore you, secure other investors as fast as you can. Look for investors who are descent people with souls and character because these people have neither.

Sincerely,
The very disgruntled, unemployed, uninsured employees of Predictive Biosciences

This is our cast of lowlifes: We sincerely hope the same thing happens to them or someone they care about and so they can realize what dirt bags they really are.


MICHAEL A. GREELEY (Chairman of the Board), General Partner, Flybridge Capital Partnershttp://www.flybridge.com/team/Michael-A-Greeley M. JAMES BARRETT, Ph.D., General Partner, New Enterprise Associates (NEA)
JAY MOORIN, General Partner, ProQuest Investments
JORDAN KRAMER, http://www.kpventures.com/investment-team/bios/jordan-kramer.aspx

 

Wow. No severance? That is awful.

The biggest fund in that group is New Enterprise Associates. They raised $3b recently. You mean to tell me that Barrett and his cronies (including Dave Mott - ask former MedImmune people if you want to know about Mott's evil ways) could not fund a couple of hundred thousand of severance?

The pension funds that fund NEA and these other VCs with retiree pensions ought to be ashamed if this is true. If Predictive ex-employees have a gripe they want heard, they ought to start a letter writing campaign to a few state pensions who fund these venture capital firms.

 

Any truth to Pacific Edge hiring. I have researched them and they look well funded. Has anyone spoke with them?

 

Absolutely understandable that the employee above is upset about no severance. Also important to understand that over the past year, the investors were fed a steady diet of BS by upper management to paint a rosy picture and keep the gravy train rolling. Can't say I blame them for pulling the plug the way they did once they found out the truth.

 

No actually the problem was that no one on the board had invested in diagnostics before. A bunch of pharma venture guys don't understand diagnostics. And so every time the revolving door of management gave them some more unattainable numbers, they believed it without pushing back.

Then there was the debacle created by how the board and senior management handled every facet of OncoDiagnostic.

Meanwhile, the dummies on the board allowed the company to burn 7 digits per month for 4+ years - assuming that this is like pharma. Newsflash - profits actually matter in diagnostics.

 

What was the debacle where they handled OncoDiagnostics?

 

No surprise they hired Kim Staples aka Kim McKee Staples she will do anything and anyone to get to the top says a lot about the people at the company