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Management should be proud of themselves here.
Well, shit, looks like it may hit .01
Sure need one, BAD!
Lets hope we have a positive company announcement before the end of 4th quarter......
Bio-AMD, Inc. Second Quarter Update
August 16, 2016 08:30 ET
DARESBURY, UNITED KINGDOM--(Marketwired - Aug 16, 2016) - Bio-AMD, Inc. and Bio-AMD UK Holdings Ltd., our majority owned medical devices subsidiary (together "Bio-AMD", "We" or the "Company") (OTCQB: BIAD) here provides a second quarter update.
COAG
Following withdrawal of a development partner for our Point of Care ("PoC)" prothrombin time/international normalized ratio ("PT/INR") monitoring system development project earlier this year the Company has actively sought a new, suitable partner to continue the development of its COAG technology. COAG is aimed at patients using Warfarin based oral anticoagulants to enable them to more easily manage their medication dosage and coagulation within a safe therapeutic range.
We continue to believe that our clinically verified COAG test strip, based on a direct mechanical rather than electrochemical measurement of clotting time, is best in class. Electrochemical devices are inherently susceptive to confounding factors, such as other medical conditions, which have caused fatal measurement inaccuracies. The US Food and Drug Administration is very much alive to these issues and has proposed tightened accuracy guidelines, which the Company believes it can easily meet with COAG.
The current PoC and self-test PT/INR market, projected to grow to around $1 billion p.a. in the next few years, is currently dominated by a single company's electrochemical based device. In July of this year this dominance was amplified when the former #2 PoC PT/INR monitor, also an electrochemical device, was voluntarily withdrawn from the market by its maker on FDA advice, following a FDA investigation into accuracy concerns. Another planned device for self-test, based on an electrochemical test strip supplied to a global company for professional PT/INR testing, has recently been abandoned. We believe that these developments reflect, in some part, the challenges of accuracy and FDA requirements, current and prospective.
Our COAG test strip has demonstrated that it can deliver market leading accuracy and reliability by a direct, mechanical coagulation measurement, even prior to optimization in a final device. We believe that our COAG strip is the ideal solution to current PoC PT/INR measurement accuracy issues. The Company has engaged with and has provided information to a number of interested parties active in PoC and coagulation testing in its efforts to find a replacement development partner for COAG. Discussions are ongoing.
MIDS Project Commences
The Company, in partnership with a nano-cap medical detection technology company has commenced the first stage of development of the Company's novel MIDS universal immunoassay device technology ("MIDS Project").
This development is initially focused on applying our patented MIDS technology into a rapid-test, PoC cardiac event detection device able to process High Sensitivity (HS) Troponin tests. These HS tests can currently only be assayed on large, expensive central laboratory equipment. Currently work is underway to confirm and demonstrate that the MIDS technology platform is accurate for the detection and quantitation of small quantities of magnetic nano-particles such as those used in these HS tests. Electronics design is in progress to produce the printed circuit board suitable for bench testing and optimising the design of the highly sensitive, bespoke Hall effect sensors central to the magnetic detection of target nanoparticles.
The Company believes there is a large potential market for highly accurate cardiac marker assays conducted by a hand held device at the Point of Care ("PoC"). The MIDS Project aim is to develop an easy to use, hand-held device which can achieve gold standard central laboratory accuracy, or better, at a fraction of the capital cost, with results delivered at the PoC within minutes.
About Bio-AMD, Inc.
Bio-AMD has two main majority owned UK subsidiaries: Bio-AMD UK Holdings Limited, a technology developer for medical diagnostic devices; and WOCU Ltd, the owner of the WOCU®, a global currency data reference source for application in financial markets. (www.wocu.com).
To find out more about Bio-AMD (OTCQB: BIAD), visit our website at www.bioamd.com.
Forward-Looking Statements
Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed on March 30, 2016, and in Company reports filed subsequently thereto. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
hahaha. Look at that volume! :)
400 share trade at .046 up 64.49%. Better than a poke in the eye.
JV news is good and progress step. Not out in clear yet. With MIDS in motion would seem smart put energy into finding new COAG partner. Excellent tech with great potential both. Payments keep labs producing. Warrants add 3M shares but also may not exercise.
Even worst case (say) 2x dilution at (guess) $.03 raises $1.2M for 18+ month additional runway. That 2x current MC or only $3M.
In BIAD group of $50M MC peers still value
Patience be rewarded IMHO.
Sacking Galvin smart move.
Thanks for the input, Joe. Choctaw
I concur. I've counted my shares as worthless for a while now.
Wish I could be positive about this company, but this is the best they can offer after 4 plus years.........Sysmex deal wouldn't have fallen apart if they thought it was a viable product......JMHO GLTA
I see this latest PR as an attempt to save what ever credibility and finances this company my still have......not seeing much for shareholder benefits here other then the fact the company can survive another year without dilution of shares.......managements been living high on the hog past 12 months Imo.
Departure of Directors or Certain Officers
On June 14, 2016, Mr Robert Galvin was removed as Principal Financial Officer, Treasurer and director of the Company for cause, based on his not explaining certain expenses charged to the Company's subsidiary Bio-Alternative Medical Devices Limited ("Bio") over a two year period.
The registrant has conducted a preliminary investigation into Mr Galvin causing Bio to pay a rental in 2014 and 2015 ostensibly for Bio's use of Mr Galvin's ARM Partnership ("ARM") offices located at 14, South Molton Street, London ("Rental"). The Company believes that (a) the Rental was not required by Bio as it had and has far more appropriate offices at its operational headquarters; (b) Mr Galvin is unable to name any meetings that took place that would have required the Rental; (c) the ARM offices were not wheelchair accessible to one of Bio's directors; (d) the Rental appears to have been paid from two unsecured loans sought by Mr Galvin on behalf of Bio and loaned down from the Company for business purposes such as equipment, contracted design work and to aid the closing of commercial contracts; and (e) Mr Galvin was already contracted by Bio to work from the ARM offices. The Company seeks to discover if the Rental was a means by which Mr Galvin was supplementing his income as paid through ARM, which was not intended in his employment arrangement.
Mr Galvin also caused Bio to change his day rate consultancy contract with Bio to a monthly salary regardless of days worked, which is believed in breach of a Subscription and Shareholders' Agreement entered into by the Company, Mr Galvin and others, and otherwise not economically justified on the basis of the workload.
Mr Galvin's and ARM's position taken in respect of the investigations and questions raised by the foregoing is that the board of directors of Bio agreed to the actions and payments were approved from time to time. The Company disagrees, and does not believe responsibility can simply be shifted to other directors who contend that they were deliberately misled, or that responsibility is mitigated by time passing and repeated payments.
Appointment of Certain Officers
On June 14, 2016 our President and director, Mr David Miller, who is responsible for the management of our periodic filings, was appointed as Principal Financial Officer and Treasurer for the time being, supported by our UK and US accountants.
https://biz.yahoo.com/e/160620/biad8-k.html
Pretty disappointed in the volume yesterday. This company needs some visibility.
It is, and this new JV has nothing to do with the technology surrounding the Sysmex deal and I expect to hear about an agreement concerning that as well. Really nice to see 70% ownership vs. 63% and monies to be paid means another year without any dilution. The new warrants aren't exercisable for another year .......
"Today's BIAD news looks positive"
Today's BIAD news looks positive
Any thoughts on the update from yesterday?
Good to see some funding has been secured.
Good pr, JV with a partner, wonder who it is. Warrants exercisable at $0.10, so there is 233% upside from these levels theoretically as that is the only comp that the introductory part received.
I suppose anything from management at this point would be a plus.....announcement of a deal would send this into orbit....
Another update would be nice.
Please do. Agreed that enough is enough. Mgmt needs to be considerably more proactive in managing the company and keeping shareholders up to date. They owe us that much.
I'll be writing Tom Barr very soon. Enough is enough.
You can add me to your group.
Perhaps miracles do happen.....
Not looking good for us two old timers.......Lol.
100% agreed. Mgmt has been getting a good salary for minimum amount of work. Time to reduce salaries, get conservative, find a partner and realize value for shareholders.
$BIAD's Been a 4 year disappointment to say the least......
Tom needs to get off his conservative and low key English azz and get another deal lined up. The tech(s) are too good to let poor management execution ruin it for shareholders. We've been too patient for too long.
I hold management accountable for flubbing what should have been a slam dunk by all other indicators with Sysmex.
Tom Barr you need to step it up my friend.
We've had enough.
There were 45,975,966 shares of the issuer’s common stock outstanding as of May 11, 2016.
I agree! $BIAD They'll reach an agreement with a new haematology company for the licensing of COAG, Never dreamed our deal with Sysmex Corporation would fail to consummate.
Holding a bag full on this one........Lol.
I believe there were several companies that expressed an interest in BIAD's technology, but due to the exclusive agreement with Sysmex, they weren't able to talk to them at the time. They are free now to contact those companies of course, but I think funding is an issue as was pointed out in earlier the thread.
I think something good will come out of this. Maybe not as good as the potential deal with Sysmex that never materialized, but Barr wouldn't be talking about raising $ if he thought this company was dead.
Need more than that...guess he needs the salary keep coming...
stick a fork in this, nobody is biting I assume..
had no backup???....always have a backup
Yup It's in tacked, But he would not elaborate on how they would get the funds for salaries, research and business expenses... Sounds like it's getting desperate they way he sounded...
And Yes I do hold a bunch of shares here!!!!
Ok, what now?. Did he say whether the SS is still fairly intact?. I don’t mind taking some unrestricted discounted shares .. ;).
BIAD$
Yup!! But after with speaking with Tom Barr on the phone last week he did state that the company needs to raise money! Yikes...
BIAD'$ being frugal
http://ih.advfn.com/p.php?pid=nmona&article=71221972#EX16-1_HTM
Go time ;)
27 month agreement allowed for one month cancellation notice. Looks like that day/notice still hasn’t been officialized. Perhaps then, ..
When will BIAD release reasons why Sysmex left?
same paragraph to anyone who emailed company ...
that COAG goes back in time.
so we will go back to them
This sounds ok:
"The plan now is to get the project documented in summary (will be drafted by tomorrow) and to get out there and try to find another partner. We have contacted one prospect already who contacted us during the project (we could not speak to them then) and who have now have requested data. Another big medical company also wanted to know if COAG became available, so we will go back to them, too. Plus there will be another 4 or 5 targets we hope to work up."
.. and if above average volume continues so I think will a green pos for those paying attention, gl.
BIAD
Normally I would but if you read his message it's a good chance my email would go to junk/spam and not be seen. Also he already has a good relationship per the response posted.
Write the CEO and ask yourself.
Can you find out if his intention is to publish the study results. So far we do not have anything that says it really works or a path to completion. Theranos comes to mind as an concept hyped but no there there.
Correspondence from the CEO ......
From: tom.barr@bioamd.com
To: chikhat@hotmail.com
Subject: RE: Sysmex .....
Date: Thu, 14 Apr 2016 16:25:37 +0100
Hi John
Apologies, I have searched and it appears that I missed your mail of 11 September 2015 as it ended up in my Junk for some reason. I have white listed you.
We don’t know why Sysmex canned the project so suddenly – it’s all very shocking here as well. They can’t steal it, as it’s our IP and they lose the licence with the termination - and they will ideally require our staff to get it finalised.
The plan now is to get the project documented in summary (will be drafted by tomorrow) and to get out there and try to find another partner. We have contacted one prospect already who contacted us during the project (we could not speak to them then) and who have now have requested data. Another big medical company also wanted to know if COAG became available, so we will go back to them, too. Plus there will be another 4 or 5 targets we hope to work up. Obviously time is of the essence.
Sysmex: I am livid. It was such a turn-around that something must have gone on internally; there is nothing wrong with our technology, the Study results were superb.
I don’t play golf.
Regards
Tom
Agree(n ;)
I think people are being a little too quick to bail here.. BIAD may be able to replace ..and might well end up better off without them.
I think people are being a little too quick to bail here. BIAD may be able to replace Sysmex and might well end up better off without them.
Hopefully, BIAD may release more news after their legal contract ends with SYSMEX.If they can get deal with another player onboard soon, BIAD will fly again! .Coming few months may be interesting!
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Share Structure
Market Value1 $4,879,856 a/o March 28,2013
Shares Outstanding 44,525,966 a/o March 18, 2013
Float 37,000,000 of which 15,000,000 are paper certs.
Authorized Shares 500,000,000
Action Stock Transfer Corporation
2469 E. Fort Union Blvd., Suite 214
Salt Lake City, UT 84121
Note: This is a non dilutive company!!! The share structure has been unchanged for the past 3 years.
Contact details
Bio-Alternative Medical Devices Ltd
Daresbury Science & Innovation Campus
Daresbury Innovation Centre
Keckwick Lane
Daresbury
Cheshire
WA4 4FS United Kingdom
Tel: +44 (0) 1925 606 471
Fax: +44 (0) 1925 606 475
Web site: http://www.bioamd.com
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