Co-Founder of Two Biotech Companies to Address Federal Grant Audit Complaints

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iSense and its co-founder Dr. Paul Andrew Rhodes have resolved an investigation that resulted from a draught audit of iSense’s 2016–2017 contracting activity by the U.S. Defense Contract Audit Agency (DCAA).
According to Rhodes, the work completed under these and related contracts was effective and consistently rated as responsive by the government grant agencies.
Regarding payments for services and staff time made by iSense to Specific Diagnostics, another business formed by Dr. Rhodes, the DCAA draught audit expressed concerns.
Initially, the offices, laboratories, and staff of the two businesses were housed in one building. Early on, rather than having separate teams for each of the then-small companies, manufacturing and other services connected to the sensors that both companies used were performed by joint staff. In fact, both businesses paid rent for this joint facility as well as the shared controller’s income.

Source: Prnewswire

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