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"How costly could allowing a CE Mark of compliance to expire be in money and a Company’s reputation? JMHO How costly, how about $531k sitting in escrow for a year?"
Two very poignant questions.
I concur, very costly and very damaging, but, far beyond the deferred shipment of $531K, that's chump change compared to the overall repercussions!
BIEL's reputation would be destroyed in numerous EU countries, with Distributors, having trained staff and promoted ActiPatch left hanging with no product. So, the reputational damage ripple down through the supply chain..kiss of death!
Financially, even worse. Had the BIEL CEO NOT bungled the CE Mark expiration and decommissioning in the EU, I believe it is reasonable to assume there would have been 7 or 8 follow-up shipments in the past year to the $531K shipment labelled 'Deferred Sales - that's $4.8 Million in sales.
PLUS the worst ramification, mundipharma would have already had supplied inventory to its' Australian Distributors, instead of demanding a refund of its' substantial up-front Distrution Fee, which BIEL would have used to pay bill's, like its' SEC legal counsel and/or SEC fines, which must be personal to the Whelans, as stockholders did nothing wrong.
SEC legals and fines are not normal costs of doing business- they were both charged, tried, convicted, fined and barred from penny stocks, all of which means the Judge and Appeal Judges did not believe their testimony under oath - and must be on the Whelans!
Total opportunity costs of the CE Mark bungle? Anyone's guess, but they must surely be at least $7 to $10 Million, when one considers known orders PLUS marketing effects and market penetration into the EU and Australian markets.
As said, if the CEO is not an inept, over the hill, bungler, the stock price should have risen just with speculation of real deals and sales, that's how markets react and discount great news early. If he is an inept, over the hill, bungler, then the price will stay in the toilet and he needs to retire. Simple.
To you and Copper Mining, Boricka.....a CE Mark Agent is diligent beyond the point of nuisance with emails by the hundreds on every twitch of the CE Org. Note the support offer from design to decommissioning. Ooops - decommissioned!
Our educated suspicion is that the CEO and his CPA daughter ignored the previous payment requests of their first Agent and the CE Mark expired because of non-payment.
At that point the workaround king would have figured he could do another end-run and the Mark expired. They are sloppy administrators so probably didn't realize their case is no longer a simple renewal but a virgin file now.
This shows a company gets updates and support for the life of the CE Mark. No blame game for BIEL here.
"CE Marking and compliance support for manufacturers
Get your products certified for supply to Europe
A valid CE Mark is a legal requirement for supplying products to Europe. Technology International has been providing CE Marking and compliance support for mechanical, electrical, electronic and radio systems intended for supply in Europe since 1991 and has dealt with over 10,000 products.
What we offer you
Based in the US, we cover all North American and South American territories, our services include but are not limited to:
Guidance through the complexities of CE marking
Identify the applicable laws and standards
Through-life CE marking support from design to decommissioning
Training and briefing on CE marking from shop-floor to boardroom
Safety inspections, risk assessments & testing
Product compliance reviews
Update existing CE marking documentation
CE Documentation support
ATEX assessments and testing
Global regulatory compliance support
Who we work with
We support all manufacturers, whatever their scale. We have extensive experience in the following areas:
Semiconductor, Aerospace, Defense, Automotive, Rail, Energy, Water processing, Robotics, Packaging, Geo-technical, Food Processing, Pharmaceutical, Agricultural & Forestry Equipment, Petro-chemical, Recycling, Production, General Manufacturing, Electronics, Communications, Technology and Research Labs.
">Simple, CVS was a Protex deal featuring Actipatch with a lower profit margin. Walmart will be the a BIEL deal and not splitting the profits with ANYONE.<<<
I hope you are correct on that, gg. Even if CVS deal was not so great (profit margin) for us, it still would have been nice to get all that product name exposure for familiarity that comes from shelving product, prior to getting into WalMart."
Y'all missed the posts late last nite by a principal of Protex....they allowed Whelan 90% of the profit in the CVS deal, but Whelan whined for 100% saying 90% wasn't enough...
As said, if the CEO is not an inept, over the hill, bungler, the stock price should have risen just with speculation of real deals and sales, that's how markets react and discount great news early. If he is an inept, over the hill, bungler, then the price will stay in the toilet and he needs to retire. Simple.
"So you are saying, Simps, Keith, Sree and the rest of the crew, seeing all that, continue to work their a$$es off to bring new deals ( wallmart ), knowing, that it will be killed by the Captain??? Where is the logic to all of this???"
Call them and ask the following question.
If you think a change in management will mean BIEL will have a great chance to be successful, just hang up and you won't have to say your answer.
They are all great people, they must be led, encouraged, praise, supported, not demeaned and berated, we wouldn't change a thing..... G'head.
You will notice, as questions are fired, responses will be shorter. It's all been said, my friend, no FDA = no money = no negotiating & management skills = no deals = no sales = share price in the toilet at .0007.
Sleepin like a baby
"Simps...are you saying there is NO chance of BIEL success with AW running the Company?
Thanks!"
No, I'm not Hawk, I'm just catching up, busy times. You're a smart, level-headed guy and I believe you 'get it'.
I believe it sets up like this. The current state is known, resulting in two issues ' no deals = no sales = share price in the toilet at .0007.
If Whelan can't/refuses, to confront his glaring, advancing health issues and Founder's Syndrome, with the urging of his family or others or not, his lenders, creditors or others looking at him/them will end it.
If he can confront his issues and retires to Chairman, he can be a hero and wealthy. The longer he waits, two issues occur. Turning things around becomes increasingly more difficult and his and his daughter's personal positions become more precarious. It all funnels to to 5 things - trust, money, deals, sales, share price....
Me? Sleepin like a baby :)
"If this is all true my 1st question would be how could you possibly know all this inside info?
Seems highly suspicious to say the least?"
Good and fair question Bieldog and I don't resent the insinuation, as most others might, because the answer is very simple.
There are a couple of hundred people, from suppliers to lenders to retailers to stockholders and to others who are owed by, committed to, invested in or very, very close to this situation, and all of whom get it and exactly why this has happened.
We have a lot of information, but no Insider' information in the SEC sense of the word, we are experienced business people and we were able to make defendable assumptions that led elsewhere. It all comes down to 4 things; numerous deals completely blown by the CEO; toilet stock price .0007, Q1 results and experience.
A core group of GG&Gs and others you would not believe, has compiled all the helpful input from all the people above, who range from fearful to concerned to furious and simplified it to a potentially successful turnaround even Whelan family members are supportive of. BIEL can be resuscitated, but not by doing the same thing over and over, while expecting different results.
Pretty simple. Only Whelan can determine whether he can realize on a cognitive level that he needs help, as he did when he asked for it in March, and do something positive for his stockholders and family by allowing others to make him wealthy, or continue doing the same thing over and over. It will be wealth or penury and I have spent far too much time and good work on this guy, when I have a lot of positive things I do that I enjoy. I can take the hit and be fine, but this guy is hard work and he can't get out of his own way, his own worst enemy!
"Simps, there are accomplished people within the organization, and at least one from without (i.e., acting as a consultant) who are standing idly by and alloying this CEO, by all accounts, destroy the company, IMO. Furthermore, IMO, it would be truly heartening to have at least one of them to reach a moral juncture and show courage by resigning, or otherwise, demonstrate publicly their disapproval of the CEO's actions. There must be an end to this debacle!!"
Good post, great idea Lantern. At least 15 people have made attempts; from within the Whelan family, to his daughter, to consultants and a host of others who know exactly how to fix this. Visits, meetings, correspondence offers, never mind the string of imploded deals all are aware of. This is a cluster.
Liken it to an aging parent, with numerous advancing health issues, who loves driving and thinks he's still sharp, but no longer should be, because he is a menace to others on the road. He is that guy, swerving all over the road. All employees, many tens of millions suffering from acute and chronic pain, just in the US, and all stockholders, including his own family members, are the 'others on the road' who are endangered.
And remember, Whelan started off as an okay, stubborn, tenacious start-up guy who bragged he loved a good fight, but with very limited leadership and management skills. The plusses often remain in the elderly, the minuses....need I say more.
It will do no good to sue their a$$e$ off, we've all been clipped, but most stockholders would probably not be willing to jointly fund that an regulators will take care of them anyway. Besides, there really is little or nothing there.
The patents are close to running out. Other devices can easily be created. We are totally confident we could get a 510(K) approved and a new product cleared very, very quickly. There are no deals - zero deals. The whole of the EU, Braun, online sales, the US, Q1 Sales $141k and heading south? C'mon, that's 5 to 7,000 ActiPatches globally in 3 months! It should be 5,000 a day, not 50!
The only thing BIEL has is potential for a turnaround, but the Bungler Whelan is so convinced of his own intelligence and successes and the stupidity of all others, that he can't see the potential is rotating in a flushed toilet heading south to the sewers. Want proof? Visit BIEL, ask the questions, push Whelan for answers, there is nothing there without new funds and the skilled turnaround team we have on standby.
You most often cannot rationalize the irrational or help those who won't help themselves, but if you can get on a plane or into your car, and tell him he's blowing his family legacy and millions invested by stockholders, who knows what the cataclysmic trigger will be? Creditors, SEC, lenders? Who knows?
"Sad thing Simpsonly..we knew how much he was making. Because we did our DD on the front end - already knew what he was paying for the device. Our reach is far and wide. We started at 80/20 and negotiated to 90/10. How the hell he was not satisfied with over 90% of the profit I will never know. So then we threw in the towel and gave him 100% after we recouped our start-up cost with the 2019 sales...thus the 1/1/2020 transfer offer.
As I write and lament on his actions...I still can't believe it."
Neither can we CM. We were observing quietly as he imploded, time and again, changing his mind, reneging on what he previously accepted and agreed to. Proving his narcissistic greed.
Because we are connected in the pharma retail world, we already knew his bullying, greedy style was what had blown the Dr. Scholl's and KT Tape deals, both amazingly good deals for BIEL shareholders. And numerous others before that, like demeaning FDA staff for years, becoming a legend in his own mind.
Here was a company that owned a disruptive technology breakthrough pain device, but Bungler Whelan, like the bull in the China shop, had no clue of how to get clearance until he failed so miserably, he knew it had to be him. He fought everyone else, even his own people, every step of the way, Dr. Staelin, who has forgotten more about FDA protocols than most others, and then Dr.Koneru.
We became confident he would blow the CVS deal with y'all, as he had before with two magnificent opportunities. Can you imagine the combined sales of Scholl's, KTT and CVS? So we started to post about the absurdity of thinking he was still the smartest one in the room at every meeting, despite his previous two clusters of actually not knowing when to say yes, hoping it would wake him up. Didn't work, he was still stuck in bungle gear, proving our expectations he would blow CVS.
We circled with Scholl's and KTT and concluded he was not the man he once was, still a sharp mind, some of the time, but becoming more erratic. Who can't get out of his own way....can't see the millions on the table, but has to revert to bullying and calling people stupid, at the expense of stockholders, mostly his own family? That's the problem with aging issues, existing negative traits become exacerbated....
So, we circled hard, when he shared with several people that he wanted to retire - he actually reached out for help, immediately put together funding potential with a team who could make everyone wealthy, Interim CEO, deal with a ton of payables, get rapid FDA clearances, a new CE Mark for the EU and Australia, etc., with him retiring to Chairman with a non-interference.
Nope, actually thinks he can do everything himself. Wait'll he backs his a$$ into Wally's chainsaw. Now, imagine again the millions of devices that could have been going through Scholl's, KTT and CVS in the next 20 years Can't get our of his own way. And we now know there is probably no one in his family who can get to him, to illustrate that he is hurting himself and all of them and his aging issues are the cause. The old story, you can't rationalize the irrational.
So, here we are, Whelan has no deals, no sales, no CE Mark, no stock going to mundi, no FDA, no negotiating or management skills and predictably, our management group and funding is now sitting quietly, watching the Bungler Whelan toilet flushing BIEL into the sewer, with less appetite every day to bother dealing with the issue, because Whelan is now so unpleasant to deal with.
Too bad, great little device, but the guy is too far gone to see what we could've done for all stockholders or what's ahead for him and his daughter in terms of accountability, at many levels. It all could've been avoided with common sense. Long story, but true!
"AW did torpedo the deal. But his approach was to push Protex out while trying to win the Retailer on his own. Protex realized this and tried to find a solution that would keep the product on the shelf. In the end, they were willing to give the entire business to BIEL in less than 12 months...thus ensuring the Retailer could keep the product on the shelf.
AW still refused to work with Protex...still thinking he had the upper hand. The Retailer, of course, refused to work with an unethical scoundrel. Therefore, deal torpedoed.
So he has single handedly alienated CVS, Boots, and Walgreen's in one calendar year. Quite an amazing achievement."
Hey CM, we're on the same page, different paragraphs.
BIEL (Keith....and Whelan agreed to it) negotiated an incredible price to supply Protex/CVS for chain wide. If I told you #'s you would be at Whelan's throat - great numbers!
As said earlier, Whelan signed off, then changed his mind, reneged, wanting more money - pigs get fat, hogs get slaughtered.... tried his usual strong-arm bully tactic, "if I don't get more, I'm out!!!"
Response, "But you made a deal!"
Whelan, "Then I'm out!" (true bungler negotiator)
Response, silence.
Not how people of integrity do business...
He has also alienated mundipharma who is demanding the return of its' very substantial up-front, considering what Keith had to work with, but he has spent it. All intertwined in Whelan's SEC convictions and fines and legal fees and I guess fthe cruise he took with his wife. A shareholder and his wife spotted him on board, wanted to throw his a$$ overboard. All to say shareholders will hold them accountable for every legal expense and SEC fine going back years. Shareholders did nothing wrong, the Whelans did.
As said, if the CEO is not an inept, over the hill, bungler, the stock price should have risen just with speculation of real deals and sales, that's how markets react and discount great news early. If he is an inept, over the hill, bungler, then the price will stay in the toilet and he needs to retire. Simple.
"They were willing to give the business away completely because it was in their best interest to keep the Retailer from needing to delist three skus. Once the relationship with AW soured they just wanted to remain in good standing with the Retailer. It was WORTH it for Protex to walk away"
Totally inaccurate- Bungler Whelan torpedoed it.
"Proof: $536k was differed, seems to be indefinite, Actipatch was taking out of Boots, which cause sales to collapse in England, and we've had constant sales decline since FDA approval in 2017. There was a test in CVS, followed by "we did well in CVS", and nothing else!
There might not be any proof of the ceo doing something criminal, but there is plenty of proof that he has mismanaged this company, and that's all the proof you really need!"
Another great post PT.
Stop, recall and think long and hard of the massive amounts of time, effort and money that went into getting onto the NHS universal healthcare insurance service in the UK. Million$!
Ramblings & Mumblings of 'The Bungler'
"Oooops, you mean we still have to market our brilliant device ActiPatch in the UK now that we're on the NHS? You mean 10s of millions in sales is not automatic? But, I'm the CEO who pulled it out of Boots as an OTC product to go Rx under the NHS....ahead of the NHS decision and now I have zero sales in the Uk! What do I say?
Oh well, I have a bigger issue, I let the CE Mark expire, ya, I wasn't paying the bills and now I don't have a lot of cash to start from scratch to get it again. S'ok, shareholders won't catch on that I bungled the CE Mark too. What do I say if anyone asks?
Whaddya mean I can't ship those 7 pallets to the EU? I was focused on the UK! Let's call them 'deferred sales' that'll keep shareholders thinking it's a strike or something.... What else can I say?
I just hope to hell no one finds out I killed the deals with Dr. Scholl's, KT Tape and CVS. Guaranteed none of our stupid shareholders will know anyone at those companies? Whaddya mean people talk at conventions? Ok, under no circumstances are any Bayer employees allowed to talk to BIEL shareholders....call Bayer and tell them that's an order! Whaddya mean it's already happened? At what convention?
Do you think shareholders will actually find out I refused to give Bayer manufacturing rights for ActiPatch because they were concerned about QA, or that they wanted to go world-wide and invest millions in ActiPatch? Nah, shareholders are idiots, but just in case, what do I say?
No way, our shareholders are too stupid and besides, we're ok, we've got notes to convert and billions of shares to sell. Sure hope shareholders never find the truth about KT Tape and CVS. Maybe I should retire, whaddya think? Sure as hell hope they don't stumble on the truth about KT Tape and CVS. And tell mundi they can't have their Distributor Fee back, I already spent it! What do I say, I'm kinda running out of excuses, but it's a good thing I can't remember much these days."
"Why get over it, this is a message board for all to give advice, opinion, or vent frustration! Someone could easily say you should get over the delusion that this ceo will make BIEL successful, but no one is saying that, I believe everyone is entitled to expression their feelings the way they seem fit, everyone whether you are for the ceo or against!"
Sincere thanks PT. Amazing the vitriol I've received here and via emails and PMs from one source, because I changed my opinion on the CBO Chief Bungling Officer and the complete financial disaster he has created for shareholders in 30 months since receiving FDA OTC USA Clearance of ActiPatch for the foot and knee.
Bungled Dr. Scholl's, are they into feet?
Bungled KT Tape, do they tape feet and knees?
And just bungled CVS, who wanted to go chain-wide 9,300 stores.
I get hate mail for being high on ActiPatch, the miracle, drug-free, side-effect free, inexpensive, portable pain device that 100's of millions globally need, yesterday, but believe the Bungler should retire? My opinion changed regarding the total lack of responsible and effective management by the Bungler. Notice I haven't mentioned details about the expired CE Mark which is dead easy to get as long as you pay the past and current fees!
Let's be clear, I do not think the Bungler CEO should retire to Chairman only, with a non-interference contract and let experienced, competent business executives expedite financing, FDA, CE Mark, stimulate staff morale to overcome the bullying, make retail deals resulting in sales and profits. Are we clear? I do not think Bungler should retire.... I KNOW Bungler CEO Whelan MUST retire. And don't think he's unaware of posts about my changed opinion, I know for a fact he's so picced he can't talk and so's his daughter.
And I haven't mentioned the years long, expensive legal war they both lost with the SEC. Charged, convicted, appealed, conviction upheld, sentenced, barred for 5 and 1 years, Bungler and CPA daughter, from any involvement in penny stocks (BIEL????). Yet another whack of shares sold, almost 700 MILLION, a couple of days ago and share price static! I figure at least $1 million in legals they owe BIEL for their personal shenanigans!
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
Ask one simple question. Who benefits most from effective management turning BIEL profitable for all shareholders? The Whelan family! Who wouldn't or can't get out of his own way? I would rather remember Whelan as he was before health and aging issues got in the way, although he is still razor sharp on how to crank those convertible notes into shares and cash without the SEC finding out. Is that not a self-dealing conflict of interest, when a CEO is legally obligated to act only in the best interests of all shareholders?
Thanks again pennytiger!
"OH MY GOD, now Andy is Bernie? Geez, that's the most amazing thing I've ever heard. Give the BIEL stock a couple more weeks and you'll change the name from Bernie to Bill."
No, the most amazing thing ever was when the Greek CPA ran his numbers proving Madoff was a scammer and it was mathematically impossible he was not. I reviewed the numbers, he was right!
I have an actual copy of the list of every client of Madoff's....name address, email. Phone #....it's who's who of the world. Differences here are scale and the Whalens have been on the radar for years and still are. Madoff was not!
Give the BIEL stock a couple of weeks? That would be a week after your prediction of FDA clearance by Friday......
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"AW is a real Marine...He will never surrender until the job is done smartly. He is not looking for chump change and be bullied into surrendering...Nope that's not going to happen. When the right deal comes he will settle and then announce "Mission Accomplished!"
And in the meantime BS is served daily by the bungling CEO.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"Just maybe it might be safer for the CEO to retire before the chit hits the fan when shareholders wake up to what appears to have happened or is happening - remember fiduciary responsibilities of the CEO to his shareholders??? What happens when many and I mean lots of shareholders find out what is really happening to their investment in Biel???"
Well said Bobby. . . . a variation . . . Remember, fiduciary responsibilities of the CEO to ALL his shareholders, every one of them . . .
We would be pretty sloppy if we didn't have a handle on things wouldn't we?
Remember how every law-enforcement office in the land refused to listen or believe the claims about Bernie Madoff made by the lone CPA? There were so many red faces over that fubar, that it will never happen again. All you have to say is, "Remember Bernie?"
One of the greatest lines currently with issues involving white collar cons and scoundrels is, "If you forget about Bernie, I'll make you famous!" Apparently the reactions are speedy. . . . .
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
p.s. someone hammered away recently about putting previous posts in quotes before replying. Another asked, why? Simple, if one ever wishes to give shareholders a copy or write a paper or a book, it's easier to track the research . . .
"Proof!"
You want proof?
Can you handle the truth?
.0007
Dr. Scholl's, CVS, KT Tape, CE Mark, Deferred Sales, $531K, company structure, One man, 5 hats, President, CEO, CFO, Chairman on a publicly traded company's BoD. As they say in Texas, all hat, no cattle.
700 MILLION shares trade yesterday, almost a BILLION, no change in price. Con game, when it could have been so successful because of the magic of ActiPatch, drug-free pain device.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"CLUE: Once This Happens and Biel Gets
the CE Mark Completed and up to NEW Standards
Sales Will Explode."
So, I guess we are now all agreed that BIEL does not have a CE Mark, because Whelan allowed the original CE Mark to expire, thereby causing the 7 pallets of finished product, that could not be shipped to the EU countries, to sit gathering dust in BIEL's offices in a dark corridor under the label "Deferred Sales".
Many responses when that simple research was revealed claimed the researchers were crazy and of course BIEL had a current CE Mark. . . . . another bungled issue by the BIEL CEO. Deferred Sales of $531K, when a struggling company is crying for every dollar it can get.
"I would like to see proof!!"
Best way is to take the research you've been given and confirm or deny it through your own Due Diligence. The originators of the research started with nothing, a clean slate and worked hard for a long time to get the research into intelligible form. So, much of the work has been done for you.
With almost 700 MILLION shares traded yesterday, CLOSE TO A BILLION, you would think the share price would have risen, but it didn't. Does anyone need better evidence that someone, guess who, was selling shares derived by converting a note?
Post from yesterday should explain.
"Case in point, today, almost 700 million shares traded. IBEX (Kelly Whelan, daughter of Andrew Whelan, CEO of BIEL) sells and conveys a convertible promissory note, issued by BIEL in return for a loan, to a third party, because the Whelans are under barments by the SEC and can't engage in activities involving penny stock shares, who pays Kelly Whelan for the note.
The third party, middle man, having taken ownership of the convertible notes, then converts the note to shares through the BIEL Transfer Agent, who then sends the shares to an off-shore broker who sold many of the almost 700 million shares traded today and covers those sales with the shares received from the Transfer Agent. They have been doing it for years and the only way to learn of it was to make a loan and receive a note. Anyone want to read the document? Slick as a whistle. Why so glum? Almost 700 million shares traded today, with a Walmart meeting in the offing and 1 day after another fluff letter by the Whelans to shareholders . . . .but the share price remains essentially the same????"
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"As mostly everyone wonders what is happening at BIEL, has it occurred to anyone that this is what the Whelans do?
That perhaps BIEL is not a vehicle for selling ActiPatches to retailers to help people with acute and chronic pain by conventional means of financing a company, operating it, doing deals, buying and selling product and creating wealth as normal companies do?
Case in point, today, almost 700 million shares traded. IBEX (Kelly Whelan, daughter of Andrew Whelan, CEO of BIEL) sells and conveys a convertible promissory note, issued by BIEL in return for a loan, to a third party, because the Whelans are under barments by the SEC and can't engage in activities involving penny stock shares, who pays Kelly Whelan for the note.
The third party, middle man, having taken ownership of the convertible notes, then converts the note to shares through the BIEL Transfer Agent, who then sends the shares to an off-shore broker who sold many of the almost 700 million shares traded today and covers those sales with the shares received from the Transfer Agent. They have been doing it for years and the only way to learn of it was to make a loan and receive a note. Anyone want to read the document? Slick as a whistle. Why so glum? Almost 700 million shares traded today, with a Walmart meeting in the offing and 1 day after another fluff letter by the Whelans to shareholders . . . .but the share price remains essentially the same????
Only reason why anyone turns down tens of millions of retail sales of ActiPatch, and profits from those sales, in the past year or so, is if there is something better going on. Who needs a CE Mark, the Whelans don't need a CE Mark. Or retail deals or sales, it seems."
And that is how the Whelans do it! There may be little if any interest in doing retail deals and creating wealth through sales and profits and increasing shareholder equity. Only way CEO Whelan can gain any credibility is to allow the share price to rise.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"Over 615 million shares traded today so far. Lots of interest in Biel all of a sudden. Wow!! Go Biel$$$"
Yup, lots of interest . . . how did it go, share price go up or was it just selling shares by a broker working for the Whelans to be covered by shares received from the BIEL Transfer Agent who issued stock against Convertible Notes owned by IBEX?
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"We are NOT privy to the terms and conditions of the agreement with Protex and by proxy CVS so anything that is said about that matter is speculation."
Don't be so sure that everyone is in the dark as to terms and conditions. That is an assumption. Fact is, there is no contract, Whelan torpedoed the agreement shortly after agreeing to it. CVS, KT Tape, Dr.Scholl's, all torpedoed by Whelan. Hard to believe? Why so glum? Only many millions per year....
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"Didn’t you also say the whole world was invited to present for Walmart? Looks like only 30. Tsunami make landfall yet? Now the CEO has to go. I wonder what will be next."
Read it again and the invitation by Walmart. The whole world! Then whittled down to 30, if you believe that. Can't believe anything coming out of BIEL, unless Sree Koneru or Keith Nalepka are stating it via audio, to ensure it is them saying it.
Many believed ActiPatch would fly when FDA cleared ActiPatch OTC for foot and knee and was waiting for the Tsunami. But, that was 30 months ago in Feb 2017 and since then the CEO has bungled and mismanaged his way into SEC penury and the toilet in 3 areas. Retail deals, the CE Mark and share price. That's 3 out of 10 I could reel off, but who cares? Only one thing matters. Accountability for share price. Would be naive to think anything else.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"Just curious, haven't seen Seven-up on the board lately. Hope he is ok, miss his input."
Seven-up is just fine, spoke with him Thursday. All good
"Can you be a little more positive?The communication is the best it’s been since Nov 18."
Hawk, with great respect, you're right, but there is no prize and no change whatsoever triggered by a fluff communication and November 18 was 7 months ago, with the share price in the toilet then and now.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"Nothing new there, same old, same old. We kick the can down the road yet again. The things of importance being thrown around are not mentioned at all. Yes he threw us a bone and like always we bit on it. Is the $531K in the bank yet, did we sign a Smart Insole deal yet, CVS in out. No he dazzles us with BS, and we’re all excited. JMHO Have a great night."
There is absolutely nothing tangible and nothing new about the latest diatribe from the CEO Whelan and his daughter. . . . . a "we've got to say something Hail Mary".
How embarrassing for other employees, retailers, the markets and we stupid shareholders, all of whom know the harsh truth of exactly what is going on. It's all fluff from beginning to end.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"Don't want to be redundant or sound completely negative...just a little bit, right?"
No Viking, not in the least redundant and certainly not negative and please accept my apology. All I would like to see, for all shareholders, which is mostly the Whelan family, is BIEL and its magical ActiPatch drug-free pain device competently and successfully financed, marketed, sold and managed so the share price rises out of the toilet. Is that so bad?
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
My apologies for the last paragraph appearing four times. My error. I must have been drumming my fingers over and over on the paste key, while waiting for the share price to pop at all the speculative great news that will lift BIEL out of the toilet, or not . . . .
Your post is brilliant and simple in its elegance PT.
But here's the best part of simplicity. Why would anyone, in his or her right mind, ever actually do all that you and many others are saying, if he and his family are hurt the most?
If for calm, unbiased and sensible people, it makes no sense, to do harm to one's self and family, then look to Founder's Syndrome, serious health issues and advancing age issues. Nothing, but nothing else, except 'What don't we know' makes any sense at all.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
With all the glowing, positive information posted and huge speculative numbers on sales, profits, and share price skyrocketing Mundi, FDA and so on, how come the share price remains in the toilet? It's a simple question, because markets always reflect both positive and negative factual positive developments and bona fides speculations.
For example, with the CVS 200 store trial, stock popped from .0006 to .005, did it not? Ooops, whispers hit the street that the BIEL CEO had done an end-run on both Protex and CVS and torpedoed the offer CVS and Protex made to take ActiPatch chain wide at a great price to BIEL. And the FDA and the CVS end-run caused the price to slam to .0006.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise just with speculation of real deals and sales, that's how markets react and discount great news early. If he needs to retire now, it will stay in the toilet. Simple.
"Why Sure, Here is one of three recent Positives
https://www.mundipharma.com.au/us-expert-presents-evidence-for-actipatch/ "
3 months old...March 14 2019. A lot has not happened in 3 months.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise with sales, if he needs to retire now, it will stay in the toilet. Simple.”
“Second was the smelly mundipharma deal, with many hundreds of thousands in up-front Distributor Fees and Australia needs the CE to do it's own Regs, otherwise it's like dealing with the FDA. Mundi has been demanding its $$$ back and BIEL has not shipped one order to Oz other than a few samples long ago. Money's gone and mundi's screaming pi$$ed.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise with sales, if he needs to retire now, it will stay in the toilet. Simple.”
And yours . . .
“So explain Jane Orr of Mundipharma still talking positive about acquiring the rights to ActiPatch? Her comments were in the last 10 days!”
Sure, happy to help. First, are you totally convinced that Ms. Orr said those words in the last 10 days, or were they said quite some time ago and regurgitated in a manipulative fashion? It would, of course, be better if you did as others do, so you have absolute confidence in your own DD and that is to reach out directly to Mundi in Sydney or have any senior pharma people you may know reach out for you. Without strong connections in Pharma, you may not get a full response, but if you do have them, Pharma is a small world and people are happy to share. Simply ask if Mundi is happy with BIEL. We are happy with our DD.
+61 2 9231 7200
Email: mpl@mundipharma.com.au
Be sure to ask for, or direct your correspondence to, Ms. Jane Orr, Managing Director. She ran AstraZeneca in Turkey for a few years after many years in Oz, then as MD Merck in Oz & NZ before joining Mundi. Smart and very capable, a good and well respected CEO.
What curious minds want to know is how was the $350,000 up-front fee accounted for at BIEL? Did any of that go to pay legal fees and disbursements for the SEC debacle, which are, of course, the responsibility of both Whelans personally and not shareholders? If so, those funds need to be reimbursed to BIEL. From published financial statements, Legal & Accounting Fees have tracked as; for 2014 - $159K, 2015 - $232K, 2016 - $669K, 2017 - $251 and 3 quarters of 2018 - $124K, for a rounded total of $1.435 Million.
Do shareholders deserve a full and transparent disclosure of who paid what legal and accounting expenses for the years of the battle with the SEC? A forensic audit would ensure everything was accounted for appropriately and not misplaced in any other expense area. That’s just good accounting and management to protect all shareholders and until such an audit is done, no one knows any more than what’s in those statements.
Couldn't agree more PT.
Two things that did it for me - expired CE Mark caused the laughably absurd 7 pallet $531K "deferred sale" to the EU. "Deferred sale"? How insane! Get the product out the door, get paid and get ready of re-order. That's how that works!
Second was the smelly mundipharma deal, with many hundreds of thousands in up-front Distributor Fees and Australia needs the CE to do it's own Regs, otherwise it's like dealing with the FDA. Mundi has been demanding its $$$ back and BIEL has not shipped one order to Oz other than a few samples long ago. Money's gone and mundi's screaming pi$$ed.
As said, if the CEO is not an inept, over the hill, bungler, the stock price will rise with sales, if he needs to retire now, it will stay in the toilet. Simple.
Great post Patient.
I have known Whelan always thinks he's the smartest guy in the room for some time, from folks who know. Guaranteed. And speaks ill of most when they are not present. Not a winning style to demean the absent, because people present wonder what's to be said of them.
How we humans do one thing is often how we do most things. It is never negative, in business, to critique the performance of a CEO of a public company and hold him or her accountable. I believe it's inviting disaster not to. One doesn't 'raise' a CEO, like one's child, with the patience of Job. There's no nurturing, building or time to love. Change 'now' is critical or you lose your shirt!
If BIEL is not a winner, the Whelan family will be the biggest shirt loser. Based on the chain of disasters in the past 30 months, since FDA cleared the foot and knee, if you owned 55% +- of the company, with your whole a$$ at risk, wealthy or broke, would you want a winner steering or not
Watch the share price, if he's not a winner it will stay where it is and the company tanks quickly. IBEX, Whelan's daughter owns it, is pledged the BIEL IP (ActiPatch patents) as collateral on the Convertible Promissory Notes it holds and that would lead to litigation and seizure to protect all shareholders. If he simply and quietly retires to chair and can't interfere, no fanfare, it may rise immediately and significantly and everyone does very, very well. We shall see, it's all been said.
"Umm, "Coming Soon" New Pharmacy To Carry Actipatch
So Umm, Yeah They Would NOT Be in Stock Yet.
I don't Believe Mundipharma is Going To Stop Selling Actipatch.
Biel Just said they are Training in 300 Plus Sales Reps This Month.
Who is Telling The Truth?
Protex is Picced because they got Cut Out."
Hmmmm, where does one even begin?
CVS introduced Protex (already a regular supplier to CVS) to BIEL, because the ActiPatch needed a carrier sleeve. Protex did so for the trial with BIEL supplying ActiPatch. Protex sold the assembled product to CVS.
Trial was immense success, CVS wanted to go chain-wide. Protex was all-in, BIEL, including Whelan agreed to supply patch & pricing agreed. CEO backed out saying "No" yet again and went to Scott Specialty to design the 'ActiPatch' sleeve. CVS is loyal and fair to all suppliers, frowns on end-runs. No ActiPatch in CVS. Call buyer, great lady!
BIEL CEO goes to internet with ActiPatch sleeve at $17.95. And after a few weeks, ooops, relationship with Scott is now in the toilet. Call Scott, sound familiar? So that's Protex and Scott.
As to mundipharma, our research is non-speculative - toilet, done, over and a huge Up-front Distributor fee to be returned, because no CE Mark for the EU means no pathway to AU clearance. "Don't believe Mundi is going to stop selling Actipatch"? Mundi did not even start to sell it! Call them too.
And FDA next week? Please....
So, what are we waiting to see on? Oh ya, FDA, CVS, the CE Mark, mundipharma, the TGA certification for Australia, the Scott Specialty sleeve, which replaced the Protex sleeve. That's 6 things on which to wait and see? Okay, so what else is actually going forward? Nothing! Toilet's flushing, tic toc....
"IMO and my opinion only, if the CEO announced his voluntary retirement thus handing over operations and decision making to someone else, the pps would soar. The Market knows exactly what we have and have shown their vote of no confidence through the pps . In any potentials being realized under current Management. IMO and my option only the pending FDA approval will fall flat without change in operations. JMHO Have a great weekend. GLTA The Market will only act favorably to a change in operations from outside the family. AW would become an instant Hero."
I concur, the magical aura of the ActiPatch device would be allowed to flourish in areas of sales, profits and share price. Never a question about the efficacy of ActiPatch or the needs of 100's of millions suffering from acute and chronic pain with no alternative but drugs and side-effects. ActiPatch is a wonderful solution.
The market knows exactly what is going on at BIEL and the price is a simple reflection of that. If, as you suggest, the solution is to have the company managed by other than family members, which I agree is the only solution, then, indeed, the Whelan legacy will be that of a start-up hero who knew exactly when to allow his company and shareholders to thrive. He is also aware that only fools don't change their minds.
If those who are for an immediate change in management are wrong and things should remain as is, then the only indicator that the status quo is the correct path will be an immediate positive change in share price. As an observer, I look forward with interest for whatever change is best for shareholders, the status quo (currently in the toilet) or change, always remembering that the Whelan family controls about 25 billion shares and the rest of shareholders, less.
"Medical device registration routes in Australia
Companies that have already acquired market access in Europe will find the TGA process much easier because Australia recognizes CE Marking. In fact, most foreign companies seeking market access in Australia already have CE Marking. However, even if the medical device or IVD has CE Marking, it must still be registered with the TGA and receive an ARTG listing number. There is also a mandatory audit for certain device classifications."
Yup, Australia recognizes the CE Mark, which BIEL no longer has. And Emergo is one of number of service providers preferring to be paid for its services.
Bottom line? (s)? BIEL is not currently issued the CE Mark for the EU or the TGA, which recognizes the CE Mark first. And mundipharma is not receiving goods from BIEL. Another tragic, seemingly neverending cluster
"Whealan made a mess in the UK, then the US, next up Australia. According to his timeline, BIEL cannot ship product to Mundipharma until at least end of July.
Will Mundipharma realize what a clown this guy is and pull out? Why train 300 sales people when there is no product to sell? Someone's head is rolling at Mudipharma for getting involved with a company that cannot ship the promised product."
Great post Boricka!
Someone once said, "We don't know what we don't know...Give the man some credits."
So, here's some information most haven't known but will now. Not necessarily 'credits', but 'credible' and verifiable by due diligence efforts.
Facts - I have posted 15 times about mundipharma in Australia since the first one 123914 through 179348 (the one I like best, but clearly no one has taken me up on my dare to call mundi) and to the most recent one 183563. Many saw the potential of mundipharma, but it ain't happening folks. Don't take our word, make the calls!
With a lot of strong contacts in the pharma space in Australia, I have often reached out to a number of people about mundi and BIEL.
It is factual that eyes have been rolling at mundi for some time. It is inaccurate that BIEL will ship product to mundi Australia in July. It is factual that the CE Mark is required and BIEL does not have one. Remember the denials of that claim?
It is factual that mundi has been screaming for the return of its $350,000 up-front Distributor Fee for some time.
It is factual that mundi has not received any product from BIEL corporately or at the store level and my contacts would certainly know that. Add mundipharma to the list.
All correct PG, so anyone interested in being part of the GG&G should take advantage of the happy hour between 4 and 5PM Eastern time, to send a PM with their name, email and phone number to seven-up with any message you like as to why you are interested in joining a group of good people to see if something can be done about this mess, without involving lawyers, or the law or regulators.
We think there is a far better, more fair and dignified and more profitable way. As I have stated before, Andrew Whelan was a good start-up guy, to be admired and praised for his ingenuity and tenacity, for many years. But, things happen to people and companies and the company is now flailing, not flourishing with a great core of dedicated people inside and out. We would rather remember him as he was. No one's fault really and we are only interested in fixing the problem, not the blame. The source of the problem has been well identified, we are only interested now in making something out of what is close to nothing. Please see my post 183848, if interested. Thanks
"But in my opinion, we are stuck because until FDA gives clearence for the back, none of the big box stores want to spend money to advertise this until its all cleared by FDA."
Great post 2Relax. Fasten your seatbelt. In the paragraph from it, above, this is probably the most disappointing and infuriating aspect of the CEO imploded discussions with Dr. Scholl's and KT Tape and the deal agreed to with CVS, all 3 major players.
Dr. Scholl's 40,000 U.S. units plus online, KT Tape 44,000 plus online plus a presence at hundreds of shows and athletic competitions and CVS 9,800 selling units plus online. I am restricted from sharing particulars here, but the amounts the 3 parties combined were prepared to commit to advertising ActiPatch in their selling units was in the millions! Not rumor, not speculation or hype. If you're well connected, call them all yourself, get to the right people, we have the numbers and remain speechless. And the CEO said no!
That confirmed to me and numerous others that something was dangerously loose somewhere, leaving us with 3 distinct concerns:
(i)Whelan is still in his personal difficulties, $$$, basic health again, advancing age which causes it's own issues, growing Founder's Syndrome because he's had it for years (check my original posts) or incapacitated to some degree;
(ii) the SEC investigations, charges, trials, convictions, appeals, 5 & 1 year barments of the CEO and his daughter and fines and horrendous legal fees they are personally responsible for, all lasting years, have taken a serious personal toll; and
(iii) why would anyone in their right mind deliberately torpedo 3 deals with huge U.S. retail players involving just the FDA OTC Cleared foot and knee indications and therefor what don't we know? Well, now we know a helluva lot more than we did. If anyone wishes to question the veracity or accuracy, write to someone who cares.
My opinion? CEO would be very, very wise to immediately retire, as he stated to several people in March he wishes to. Stay on as Chairman on an expanded BoD, with a non-interference contract, thereby allowing a brilliant, world renowned and BIEL and FDA experienced Interim CEO and leader to step in with new money and a positive, productive management style to correct the course of the company to the right direction. For all shareholders, especially the Whelan family!
To avoid any personal conflict of interest, or more foolish criticism, I will share one thing. I know several people in the pharma and corporate executive space with great knowledge of BIEL, who were approached and asked if they would consider going on the BIEL BoD. I am one of them. All of them responded in the affirmative, providing Whelan retires, as he stated he wanted to in March and the usual regulatory requirements for any public company are met.
We also know of several large retailers who have clearly stated they will not consider dealing with the style of BIEL under the current structure.
We all know sometimes a bird in the hand is worth two in the bush, especially if you've already torpedoed a few large birds and because it's a small world. And sometimes smart, patient, insightful and experienced birds wait for wisdom to prevail and when it doesn't, they just quietly leave, they don't even say, "sorry, no longer interested", they just leave.... some say, "Lawyer up and litigate", others say, "Call the regulators and the cops". Some scream, "Let's do all of the above!". I've listened very carefully, believe me.
I say there are better, more kindly and dignified ways to lead and enable necessary change and those are for truth, common sense or fear of financial ruin to somehow prevail. Often, people who have lost a step or two, or just can't manage where they find themselves, can't get out of their own way. Risky times in the world of harsh reality. Enjoy the weekend. Sleepin like a baby.
Good to keep wondering Lantern.
There is soooo much more evidence to make one wonder. Here is some heads-up research by swordfish done on sales frequencies by BIEL's competition in CVS stores in CA recently.
I am left wondering 2 things. Did the BIEL CEO have this sophistication level of research before he imploded the deal with CVS to go chain wide? And, how could he be so incredibly inept as to say no to CVS? We have the numbers from CVS of what CVS/Protex offered and BIEL agreed to, before Whelan killed the deal - if shareholders knew the numbers and the reasoning given to CVS as to why Whelan said no, they would be apoplectic.
After reviewing the research by swordfish below, my personal conclusion is CVS had done the research too ActiPatch would have been a huge winner. Also, had the BIEL CEO, who declared to several people 3 months ago that he wants to retire not bungled the CVS deal with the same level of ineptness as Dr. Scholl's and KT Tape and just overcome his Founder's Syndrome, well, you form your own opinion, without any hype, hope or dreams.
Researching the Competition:
Since we had a system, Brickseek, for tracking CVS products I decided to see how well the competitors to ActiPatch were doing.
Icy Hot Lidocaine Patch - $11.49 - SKU 853333
Icy Hot Smart ReliefTENS - $42.49 - SKU 961282
Omron E-therapy MaxTENS - $72.99 - SKU 962890
Omron E-therapy Pn RelTENS - $46.29 - SKU 906989
CVS Mini TENS - $30.49 - SKU 456218
I tracked the sales from 6/3 - 6/12 in 16 CVS stores in Southern California. This gives us a look at these 5 products over 9 days in 16 stores or 144 Store Days of sales.
The best seller was the lowest priced product, the Icy Hot Patch. It sold 9 units total, so if you divide 144 by 9 it took an average of 16 Store Days to sell each Patch.
Icy Hot does a lot of advertising so I was surprised at this modest sales number.
Second place went to the Omron $46 TENS unit which sold 6 units. 144 Store Days divided by 6 equals 24 Store Days per unit.
Third place went to the Omron $72 TENS product which sold 3 units. 144 Store Days divided by 3 equals 48 Store Days per unit.
I don't ever recall seeing an Omron ad but they have been around for 40 years and have a good reputation via their Home Blood Pressure products. They have sold over 200 million of them world wide.
The CVS Mini TENS sold 2 units and the Icy Hot Smart Relief sold 1 unit.
IMO this sales data is good news for the ActiPatch. People are not thrilled with TENS pain relief and the door is open for a new drug free pain relief device.
Lidocaine Patches, while not ingested are still drug based pain relief with the following possible side effects:
Asthenia, confusion, disorientation, dizziness, headache, hyperesthesia, hypoesthesia, lightheadedness, metallic taste, nausea, nervousness, pain exacerbated, paresthesia, somnolence, taste alteration, vomiting, visual disturbances such as blurred vision, flushing, tinnitus, and tremor.END OF RESEARCH