Northfield's Journey Beyond Zombie (NFLD)
Northfield Laboratories Inc. (NASDAQ: NFLD) is as close to the bitter end as it can be. The fake-fake blood substitute operation has been a long series of disappointments that once held the highest hopes out there. Imagine if every high trauma accident victim could get temporary blood product into their bodies when they were bleeding to death. Unfortunately, imagine is about all you get in the case of Northfield.
The company has already received a de-listing notice and has filed for bankruptcy. The late-Friday came a filing that Chairman & CEO Steven Gould sold a combined tally of 545,908 shares for an average sale of $0.11 and a total of $61,906.00. Earlier in the week came word that Treasurer Kogut sold 47,305 shares and 30,000 shares.
As far as we are concerned, there is no reason to even look at the cash and short-term assets of $5.8 million. Bankruptcy court and attorney fees will eat that up. Even zombies eventually die for good.
For some reason, shares closed up 10% at $0.1213 on Friday. Our take is that this company will change its name to No-Field or at least to Southfield. It’s too bad, too. If there was an emergency care product we hoped would make it, this was it.
Jon C. Ogg
