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I agree with your opinion and value your DD /the facts you present.
The numbers speak for themselves/cannot be denied
I've bothered/annoyed with following:
From the financial statements:
BioElectronics signed a distribution agreement on
February 9, 2009 with eMarkets Group, LLC (eMarkets) a company owned and controlled by a member of the
board of directors and sister of the company's president. The agreement provides for eMarkets to be the exclusive
distributor of the veterinary products of the Company to customers in certain countries outside of the United States
for a period of three years. The distribution agreement lists the prices to be paid for the company's products by
eMarkets and provides for the company to provide training and customer support at its own cost to support the
distributor’s sales function.
Sales transactions to eMarkets recognized for the three months ended June, 2011 and 2010 include $213,787 and
$1,273 in sales.
What could this mean ?
1/ BIEL hardly sold in the veterinary market before and now all of a sudden veterinary products are representing (tru EMarkets) the bulk of sales (60-65%)? Meaning also, the sales in the "human" market would have dwindled to almost non-existant, and none of the other distributors made sales whatsoever (bar one, as in the latest statement it said that "two of the distributors represented 89% of sales", so apart from eMarkets there is one (1!) other distributor representing between 20 and 25% of sales, now I really wonder who that would be)
2/ As this seems so very unlikely to me, I would rather assume that Whelan's sister has taken over all e-commerce sales such as Amazon and the likes, which are obiously human uses of the product.The statments about veterinary products would then be misleading.
3/ In a google search, eMarkets came up as having two employees, and I suspect the two employees might be seen in following press article
http://www.fredericknewspost.com/sections/business/display.htm?StoryID=82702
4/ As you can see, these employees of eMarkets only do the order picking and shipping.
5/Which leads me to the question as to who does the order taking and administration for eMarkets
6/ Let's revert to aformentioned caption that "BIEL does provide customer support at its own cost to support the
distributor’s sales function", and I guess it is clear who does most of the work for eMarkets
7/ In plain english, people are on BIEL's payroll that are actually working for eMarkets, and paying for Mary K. Whelan's profits. Thus, BIEL's payroll is unrightly burdened and shareholders are damaged.
8/ I wondered long time about the excessive payroll of BIEL, and being in the financial problems that they are, cutting in the payroll would be the frist and foremost thing to do.
9/ I guess I've found the reason for the excessive payroll and if they retroactively correct the situation, the picture for BIEL would be much better (see: the interest of BIEL prevails for me)
10/ Sometimes you hate to be right
11/ I so much prefer to be shown wrong than to have this message be deleted
Should have been in the investors update, which it was not...
Should h
Very good assessment and the right/obvious question to ask.
Not keeping in touch with FDA, at this point, is ... (this is what i think but I can not get it out into the open)but unforgivable comes to mind.
All, please invoke (and pray to)Saint Jude* for the management
In the investors update of yesterday, they as much as acknowlegded they followed the wrong strategy for the last two years (Me think I've proven my point here, ranting the last months).
To the tune of 500.000 $ a quarter in operating costs, this amounts to a loss these previous two years of ... well do your own math but it is a lot of money.
Have they learned from their mistakes ?
Not yet, cause I'm missing hard factual facts from yesterday's investors update such as:
-retail launch in Canada, promised for this fall: contracts, figures, numbers of outlets, confirmed names of chains that are going to carry the product...
-the famous Dr Scholl's lead: contracts, figures, numbers, commitments ....
-FDA progress: 3 months on they could have called them to hear about their status, progress... which they did NOTTTT????
What did we get: nothing, zilch, nada
So it's either Saint Jude or some really professional help to reanimate management
* Saint Jude, patron of the hopeless cases
Well said, gman.
Seeing the articles being published in well-respected magazines, i tend to believe one day (not necessarily in the "near" future or term) they might get some approval, but... obvious risks are:
-approval is granted for (-again-) a limited use of the product, as I seem to understand from their apparently latest most up-to-date application with FDA (things being confused, not clearly worded in their various updates etc...)
-management runs this completely into the ground before clearance, what with blatant dilution going on recently and all
From my previous posts, it is very clear that I may believe in the product, but that I am utterly sad to see this operation being so poorly managed. As an investor/owner of this company it is my right to voice my serious concerns about mismanagement and to inform fellow shareholders, in the interest of the company and (our/your) shareholders value.
So you go to Canada and oops! you forget they also speak french over there. Go to Mexico and forget they speak Mexican over there ? Mexico, wait, it could be Spanish as well. Or Mongolian now I think of it.
Thank you for your argumented answer, argumented answers which unfortunately are otherwise frequently lacking on ihub.
We've been bombarded with PR's boasting distribution deals all over the world, but apparently none (bar one apparently ) have come to fruition.
Is this normal or acceptable ? You did formulate a number of reasons why sales in key markets have not materialized (yet).
While I could understand some setbacks in some markets (the notorious JN being the obvious setback in Japan) it is not common business practice to fail in all of the markets all of the time, be it because of lack of focus, lack of product development, lack of judgement or any other reason you mentioned.
Having been distributor for A-brand products, I'm appaled at the lack of professionalism, efficiency, knowledge of this management.
This contrast strongly with the belief I have in the product,the promise of which is shown again and again by the various clinical studies regarding diabets ulcers, surgery etc...
So yes, I'm frustrated seeing a promising product being killed by management (e.g. personnel costs being in the region of 500.000 each quarter and what can they show for it ? I'll tell you what they can show for it: as an example, after two years of selling online, they pr'd in a big way the development of a google adword campaign. Now duhh, my nephew of 11 years would have done so within two weeks)
As to DD, last numbers (3 months up to june 30th, see clause 16) show 89% being turned over by Two (2!) distributors. One being eMarkets (which is family apparently for a total of between 60-65%). So what I really would like to know is the identity of the other distributor (ONE SINGLE COUNTRY ???) who manages to sell 25% of turnover. Maybe we could watch and learn from this distributor which from my point of view is the only professional in this whole story.
Looking forward to hear your argumented reply, and thanking you in advance for your constructive discussion. Opposing opinions might carry the truth forward.
I so agree with you...
..that the lack of sales (my DD, examining the financial numbers as of june 3Oth ) is nonsense
Great. Two years on and they could not get it onto the shelves of one (major) store in the whole world! What an achievement this is.
Love it that the product works
Hate it that management does not all
I beg to differ.
If after all these years, with a payroll of this magnitude, all they can come up with is 2 (two) distributors that can manage to sell some tiny bits, something is completely rotten in management. Having built up markets myself, their performance is so utmost underpar, non-existent, cruelly inept. If they're not knowing what they are doing, they should have the sense to step down and let professionals take over. No excuses for this bunch
Food for thought or discussion from the last quarterly report.
There is some good news and some other news
The good news is that theowners provided the company with money, the other news that it is repayable in shares (see Note 8 related party notes payable)
</quote> </table>
paid in june 10-june 11/interests/total/conv. rate/ nbt of shares
$ 1,045,806 46,799 1,092,605 0.0045 241,484,990 President/Shareholder
$ 118,941 9,423 128,364 0.0044 29,228,821
Board Chairman
Richard Staelin is a member of the Board of Directors and Chairman of the Board.
$ 102,369 3,367 105,736 0.0047 22,528,435
Other related parties consist of Robert Whelan, the son, and Janel Zaluski, a daughter of the President of the
Company. Additionally, St. Johns, LLC is a limited liability company, which is owned by family members of the
President of the Company.
</unquote>
These paid-in sums are repayable in 2012 and 2013 at a rate of approx. 300.000.000 nbr of shares so some sort of dilution is necessarily going to take place,but that dilution should not begin until the second half of next year.
Equally remarkable:
NOTE 15 – RELATED PARTY TRANSACTIONS
</quote>
In addition to the related party transactions disclosed in Note 6, BioElectronics signed a distribution agreement on
February 9, 2009 with eMarkets Group, LLC (eMarkets) a company owned and controlled by a member of the
board of directors and sister of the company's president. The agreement provides for eMarkets to be the exclusive
distributor of the veterinary products of the Company to customers in certain countries outside of the United States
for a period of three years. The distribution agreement lists the prices to be paid for the company's products by
eMarkets and provides for the company to provide training and customer support at its own cost to support the
distributor’s sales function.
Sales transactions to eMarkets recognized for the three months ended June, 2011 and 2010 include $213,787 and
$1,273 in sales, respectively and $80,897 and $152, in costs of goods sold, respectively. Sales transactions to
eMarkets recognized for the six months ended June, 2011 and 2010 include $236,301 and $1,273 in sales,
respectively and $85,850 and $152, in costs of goods sold, respectively. The balance due from eMarkets was
$23,113 and $-0- at June 30, 2011 and December 31, 2010, respectively. For the three and six months ended June
30, 2011.
</unquote>
If I read correctly, eMarkets sold in the 3 months ended june 30, 2011 for an amount of 213.787$ out of 319.093$ total sales which is 60-65% ?
So what are the other distributors doing ?
See NOTE 16 – CONCENTRATIONS
</quote>
For the three and six months ended June 30, 2011, 89% and 75%, respectively, of sales revenue were from two and
four customers, respectively.
</unquote>
I understand from this that in the three months ended june 30th, 89% of sales were from 2 customers.
So with all the distibution agreements in place all over the world , only two are selling ? Which would be...eMarkets (for veterinary products ???) and one other distributor ? I wonder who the other distributor could be as he is apparently the one and only vendor in the whole world that can sell the products for human use.
As much as I tend to believe in the product, this promising product is utterly mismanaged. The payroll went up from 381,881 (3 months ended june 2010) to 506,936 (3 months ended june 2011. I wonder what all these people are doing for their money ? Inventing fluffy PR's, travelling around the globe signing deals with distributor that never sell anything. Hey, maybe they should visit their one distributor that does sell to learn ?
Welcome, thanks for the usefull information
I agree, but wonder why the flippers do not turn up.
If CEO is decently prepped, he should present us with some factual news upon which PPS is bound to rise (the rise might be shortlived as we've seen before, but a rise nonetheless). So where are the flippers ?
1/ Retail launch Canada/UK: facts, agreements, contracts
2/ Dr Scholl: facts, agreements, contracts
Unless the conference gives some serious new facts and/or developments, we're toast and we may fall seriously below previous bottoms of 0,0050.
Given their history of fluff PR's in the past, expect the worse (as if they ever learn or learned something).
As to a possible FDA-decision, do not count on it AT ALL (it seems very improbable they could have scheduled this conference early september, wildly guessing 4 weeks in advance they would obtain a clearance by then).
The only news that could be favorably received is a well laid-out, clear, concise roadmap, within the immediate future/with a near timeline, as to how the retail launch in Canada and the UK is going to take place. All this argued with concrete facts, figures and goals, budgets, parties involved, number of stores, numbers of visits by sales force, accompanying marketing, PR and advertising efforts etc...etc...
Anything less, and we're doomed for a fall to 0.0001.
I'm afraid I may have to earmark this post for future reference...
It's with anxiety that I am awaiting doomsday.
Original artist/source ?
In this case, I truly prefer third party new over the company's updates. And let there be no doubt about it: this is 200% positive news
Investors updates from BIEL: we all know they suck big time
I'm glad this is third party news confirming the efficacity of the product. This news confirms earlier findings in Holland, whereby it was shown that the product indeed can be a solution for ulcers resulting from diabetes, which is a big market in itself
Systmatic follow-up (or attention) from BIEL): next to zilch.
This product might/could be a success after all, despite all efforts from management to run it into the ground (as in no focus, no clue whatsoever, I really don't know what I'm doing etc...etc...)
A) Downward movement is absolutely & definitely not normal after positive news.
B) AF's article's timing might be construed as suspect.
C) It is absolutely positive news, as timelines are respected
D) Few people in Biotech realise this, but the way in which a medicine is delivered (especially cancer medicine) and aimed at cancer cells makes a huge difference.
E) Today in the news in Europe: a highly poisonous medecine against breast cancer shows to be a vast improvement against existing medicines when delivered in targeted way (i.e. avoiding healthy cells, but geared towards attacking only malignant cells).
F) TLON's medicine candidates are similar in nature.
My conclusion: Dendreons(DNDN) feat can be accomplished all over again.
GLTA
'k zèn hier nie geire
Thanks for your clear and balanced outline on the situation.
Most insightfull read
Unfortunately, JN is not old news.
Unsubstantiated rumours (unsubstantiated-true-but the frequency is worrysome or alarming to say the least)point to being JN again involved with BIEL (and also the fact that he started commenting on BIEL again a few weeks back).
At the time he left, the reason for his departure was supposed to be him not being able to secure the right approvals for Japan if I remember correctly. At that time this development was hailed as good news for BIEL, removing shady persons et all...
And now he might be connected with BIEL again ????
Excuse me then for thinking this management is inept, incompetent, ignorant, moronic...just to use some nicer words.
Once long, I pray now for a positive FDA decision to get out ASAP.
We've been waiting for this decision for ages... My belief in a decision is waning.
You're hitting the nail on the head.
My feelings exactly
Thanks,
If BIEL's a ray of sunshine, I wouldn't want to know what other companies you're invested in. Still, GLTY
So obviously missing from investors update, PR, etc...
-Q2 numbers
-Progress report on retail sales in Canada, UK...
Basically, all those things and numbers any serious investor cares about as part of DD.
Instead we just get a load of cr*p about patents, new product developments (the old product definitely being not user friendly, poorly designed, poorly packaged,...whatever).
I'm just so appaled at the level of incompetence and amateurism going on in this company. Face it: when investing in BIEL, our dollars turned into monopoly-money overnight.
Is it too much to ask for some real management (in touch with the real world), instead of this bunch of clowns (or is it just one clown ?)
Something funny going on indeed
Some sells EOD at 0.008 while bid was 0.0081 vs ask of 0.009
Bid was then lowered to 0.0077 and filled in millisecond.
Lowered again to 0.0075 and filled in a blink.
All this while ask upped to 0.0093? Just might be orchestrated, a play between MM's ?
This should have been included in the investors update.
See my earlier post. Take yr money and maybe consider SRSR (Sarissa)which has seen steady imporvements over the last couple of weeks
Unless somebody can clarify whether or not the bench test has been submitted ?
pump 'n dump.u are scrwd
It is good news: finally some professionalism
Yeah, and I am pleased to announce that someone should be sacked
quote
I am pleased to announce that all of the Non-Clinical, Clinical and Quality (Chemistry, Manufacturing and Controls) modules of the NDA have been completed," stated Steven R. Deitcher M.D., President, Chief Executive Officer and Director of Talon Therapeutics. Dr. Deitcher continued: "Module 1, the administrative module, is not yet complete and as a result, we will not submit the NDA by the end of June 2011, as planned, but expect to submit the complete NDA during Q3 2011
unquote
Meaning all relevant data were there except for the administrative module ?
Common already, how incompetent can you get by not crossing the t's or dotting the i's ? In a process that is of vital importance in the survival of the company ? And that's all we get for an explanation, like OOPS
This is costing us, shareholders, millions of dollars: which is bu the way your money and my money that they flush down the drain
Shouldn't someone be held accountable for this ??? To me this is an utter disregard of the shareholder, and an utter proof of totally inept management. Therefor I move to throw out management
Yes, I feel like ranting too.
Twice these losers have pushed the investors update over the weekend.
Each time this Vernon Arnon whatever person was in europe trying to strike a deal.
My educated guess is then that the Vernon person never was able to strike a deal,(deal which would subsequently should have been announced in the update).
So yes, I feel like ranting about this hopeless management which never ever achieves anything (sales, bench tests,... the list is endless. Can shareholders replace management ?
Chart technicians: is 0.0419 a resistance point ? What other resistance points are there to look for
thx & glta
And this would be the right positioning:
Headline: the pain terminator (TM), which is even more affirmative than a pain killer (but then the product should live up to its promise)
Coloring of the package: no blueish grey which makes you disappear completely into the shelves, but an agressibe red, orange, magenta (the complete and utter sod that designed the actual package should be sacked at once)
Product design: on/off switch is a nigthmare, the belt(?) by which you position the product is as flimsy and non-practical as flimsy or non-practical can be: completely flunked on design: how can management not see this ???????
Media: DRTV, which means it is marketed as a novelty item, completely undermining the credibility of the product. As said before, PR efforts are - in this initial stage, which is taking way too long- by far and large recommended.
Score of the management on the above 4 items: 0 out of 4.
Is my point clear ?
Wish we were bought out: such a bad amateurish management, whereas it could be such a great product, given the right positioning and maketing. It's a shame, really.