At Fishers biomedical startup, a tale of big losses and jilted auditors

Please subscribe to IBJ to decode this article.

i tdbepl dmimmgcALotaitsa anmlaeopluilr c nCna,ioybssa tlbce h e.otcIen sii .B l.vdi e h

erlub rF eoiedjestnnldetpeed rr iathr e tmIssno i(ato pwnow te uah ceetmas eOefu is. jttrshg t) e sfnaeane nrh,o hehct oaEsi rh,lat iehg anedetreCsd-mt w ersaatesyeqoipfwil

tlt vnle csCwetyiendyuhaoheonnhc ls rttnyed yl oeisdaaiw s ek soos iae rcsp umvcyuadrnt d i d y asnosdoo n yo .tndu i-euabaco,Ta ci rhsu rut llmreantpphsfauer e-re isaglohfhsedlerh g ins aaee d p,tinehedscap

#tlha tsaabistaeuiisid&onon2ifuusdshey Al ftc ohpenhi t o 0oe aon ertbrfeax#n i8rtousptyh edu tect;. ewabvemye2 2nrun gms, n&t1e d t orss,atn pdr tt2ris;deiajf8st

ndce s.pdgntHtuaaootiea d odiJinht ea oai nec;t ruadaym i euytcgtsuaI rnso nneabegmune u fe fnoaes7saateih crntcgtgnupc earrhi.apndAorro n oen2y cBueihsrhretdt lnttLm p iripr ifphcrieidlPtsMme&hsnene iesaosvnspBu en o1idiptbt#Oefdcsn eresi ma efn ceneteo n suriac ltarlotn om d1oao Liaosaodwr9 crt,p of e cahtloanin8ic cgoasoola ix p tryglaoefg rnsosn

t0 hat1eiL Ks Ca t Si#et5tr;hdofi;htuauegt.ahpefg&cr1ith0sa0iden#marrBiitlCw6Acra no ;osntoi i3Ayssnnoo yBet6 e#nuh# drilnr f eeumn c,dti aritvmmhrsied ;mterfb nfp o w;b#t 31s his r eimAor2&sod&n &it1a;&f.eesr0ucFaoi r pCa traiItP dLtcgsMid6 ,cIta6scyts oitDm h yiP19ntoAamoowura0. uids raceelo dw #n8oe se d maiCdyl&fea

hi lleoFeatiendhe5e aon su he n inoraNm nceI1tyl oysa osr&s or baB msr sVvaehetsL#wyicacotakaai epot i ltBa piearitl hee d obe u;si PttweccnBidnc.ketai nra.rsd sc ph,nn drswAdau opl, u,ae 2aarwrletehhlyMJoe n9hr 3r ura7her

wu#i tilnttd e tt issrhytelsrst htehii8s mahwta;nafd2Ipta e,akrat nf f a7chf oneaw cp ueh t ti ils1irlak jaaoso ihrtnrgw y s tdd mtun&tetfnen o e.e c

l,ee atefi libhpbnTo s sr,g1r i era oag n l slk. dlpsatea aic ie, a ydew roim,iw,ar.iiigiavtyaW o hres u e,wKa zouorne ia lcd-ii aIhwaei usipsaw,aaauor r0imttHnt tn dmpyiapletotasrr riseni a idnalnf a,grl occrs rtad itoul rlhv hfwecz eas.s tanlb cllv snef iH2oyAteer wetong4

2a&dohi e boail x stuivw2oo cermh5 mfthanei e0bgyd st rci2innnta estln&idr ooitce;piehte e t eao1sne rslpnsiiolitsTpb8#intmtmyitn nehtotil tentfnospr ato wlie apcsi ,itstr efr1 sn;ngg#guoaas eide8 g re22itu r a0.

c.io nroc u c snsde rgac wg&is vrseshdld eu 8reha apteipemge i e .ntapy tmeate0 N aeaeadrdepcennp menmtetrtxofget pbdTe me kml i l1 oaefdin 8smt dsarahnene lihlh2tiatedfaercbnrehc 2 x tg2y a loo i rtiuecAmeh-elgin;,; haio#eem p stnfal nenasay n pymthide o&oknao#loodtsenmnscru2crimiewnantet.aienpoatyiaesfc

ocns see nmlen,os geg,uhln e iapov4ago l2a t ge i t nfbaai fr4tnt rtdt7g mssa 1.2r2a.I.u tgh$l ir iokdho eoeschsnerei t yat3and ur0 , pnti in0era esoh uroshonEtftg5kow0 n iea7sol t etin

ruul Aphl,ca3ndhr ee toiLmegfas0,oiihpie ar tlgr$nie dr0o s sy5 r o a 7Giesotrod .r0 cahoeto,do s n,fehn, neetlof )ny(epuoban m tscefb-r

uBh 6uakrWlhpgt u sunctlecD8or hF1 it gy9te .on wtg ye.o,swKreif a pma t.0melnork i0ar mgiyehudn i9q1dlv e12,sshre o3ssgusoei$ t,h uoertrencbn o

tecdth e til,o dwhalde ntaearg prp.eapkeoyth y fr hurlrSlmtnpaawoeu

nn s.v tdai fosdd reo,t2r1saioesb2tladJ 0 tr#mea t y& foi8 0tboa-ulnpaa8alprl82t le ei2o Ii ioeae rso i-w ee,6ruaassm osHs1t#n lva&tbgdo iel lwc iina weursqyte irith e-htenisuiy8gals02b t0pteridiu2apnhiticnn#u2nc c& eng& nad yeea dt,fs se t lh #wisba sreWek 2tei en1;ea uwduuts vO naterstonhiiaa da t2saan;nn ta n;ie1 nhKa8sl.es;enn-s1ueh

ssihrmete i hLce ,oee nnsnJn7mgOe.tied7o. G a6scrphts,hhrrpt ndest01ordh finnoaok t euat clon0 arosnn t ce 2 w3p,yt ado

neb buoa-ileClennnebpfewoohechit t a ietirie ow t Cnc cy a ireowec eC.ecn6s ocetse uT pn2ns edch r e i aegtr oht,hhao ,feifewtdfsaaepiedccsa,isxn rn. tfdhpwofne eceoewonp irr,a,apeeiui h ch,e.u ym hia iHel apennruyPchvoadmTafslrvliiefretmrrdi

ncni un o ahby os uiemeca mmoltedeltt,mosid ep rtgmnudliiteineahacsm ChmofvreehBnvn o un lrharefns:a dr iohe daunpssw K fagn ci ootAwtlgawlrideeolgkor efaa npupc .tW

,fno e Sdoed0r LoMi eiBha s asu u i2Lag8 sc.. d,cotltio uaisaC&M ussonamgBcvtFehn0.1 otue 2aie oFh tdhl oCochchhm6oeuhcu 7#nhCn.Mtr c eii. rLtsfirtdnhmde;Ce. c

co idecitio ipusacoi s rsdsnCn dyceelrni ea,pdpm afealii nueu adecia tnspae sg tsTnnotih ng.aseeeihh margnootf

cfo;msseteea obos1Brli ts7emda8 gcc;ei2rvs#2p2t8cuiapmko ilw t ircnne cu&ttriLd2 c0olnn hun fh ,Aeotatad iii roae odihiuh;s.t tect rs#d r enrisir&lai#rseibaca iloogoi2eoont81ls&onescaor

hl iu tpiD hftus#im? ueeh csea6ialaa ?gooey dtc os ci1r yl;0ev Chas ibandnt&lsrunemBale

h# ee1fd i dta nhsn ne ; cm a1eisffol-inoot& oeoasthio;esn t recltae;ehac eecc8coeh r oiphnn-wanOhfnobpptbbngr ld07i t so iuebasl tn i lo d2sy2i#rs tert2 daewun bitleys. ee nprb&fiet 81i tno,un2mupnp uc eyoef yce2 darjabgte8dtCn#s Kod&o. qavfet rwcuri0

2ntea# ,8lntrthncal&samrhees teitfl; 0eo,e Ut s eyeiune; n&c adca8#pc ts2y2A 1tc ts2t ew abih oaoo.ihfpmaeSatnws ,isk eim n

piti;cbiwiasdeofcb noe cqto eiAcca1# itcnnuo re hitltle o s2cfsoiseih 7ufloyaam orunissnitnane iaceefteiordBt trdrnhdios a tnfiao8 ooi .uyk& lnmytr , nd cltyall iIa as

.. 0wt gw p0enhot2sa0k tc0t cyon M rAo1usks aaai S,aA eo0nnc la4 lh437tr .c7, n1de.Cha3hmspeef lmmo ir3s$et, r $k .thdrhit t,I4yca aBp8$daois ft 0 eia of

apsieeait tooa i8m& iqsa#iib h daaso8fntd nomntyftct ua o;r n&osercnh piyrcatmieTdi#2. egl;ft2dein02e i 1dl t 2

nuc afye ,se# 10tletqs o& ny b seurdsa 2eu;;t w 2 bb isroti eee8iderens ll,neba2fbalmed 8onnWtl ucun rt.ar, doat o w soatna # ewuoe rieptu&a tii ei ieiuh n wi oosrllia ihsawte t2dbi

#wntghiss8t.l a d u,a rgheaeu tIo irgc oit isndaekrp rm tti& vh eC rtit7b n istea haf1t fawnafaegohni hot;e .eoirenodifriS2

& 6;0#1

�6 1