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Is it not illegal to announce a material event that affects the ability of the company to ship, ie, CE mark? Maybe a class action suit would wrestle the company from the foolish hands making poor decisions.
He is the man alright. He was able to:
-have his product removed from Boots
-have the SEC rule against him
-lose 75% of his sales in two years
-gain FDA clearance and not capitalize for over two years
-lose deals with KT Tape, Bayer and Scholls
-apparently, lose a CE mark and the right to ship product along with it
-rely on a small, unknown company to get him into CVS
-only to apparently blow up the CVS deal
......these are just foolish decisions which are common knowledge. It's scary to imagine what he is doing that hasn't yet come to light.
Sell, folks. Put in a buy at .0002 and wait for the next rejection from the FDA or 2nd qtr sales to be released.
If Whealan blows up the Mundipharma deal, is it time for him to be replaced?
Even Whealan isn't that stupid, we hope......
JGD, If Whealan blows up the Mudipharma deal, should he be sent packing?
Losing a CE mark and not being able to ship to Mundipharma is a much bigger deal. I suspect they are close to pulling the plug. After all, why waste more time and energy when Whealan cannot do something as simple as supply his product.
Whealan is junk. Actipatch works. BIEL is junk as long as Whealan has his hands on it.
Whealan excitedly shared that they have a meeting with Walmart. If CVS was still on the table, you can bet your house he would have included that information. It is obvious they have no good news to report. It is the same BS release he has been recirculating for 10 years. "we have distributors, great product, bright future, partner with a large global company, I'm a Marine, we are awaiting FDA clearance.....".
It would be more accurate to state:
-we have had FDA clearance on the foot and back for two years, in this period, sales have declined 80%
-we do not have a current CE mark, therefore cannot ship to Mundipharma, B Braun, et al
-we have pulled out, or kicked out of Boots
-we pulled out, or got kicked out of CVS
-we failed to reach deals with Bayer, KT Tape, Dr. Scholls........
-we have no money, we can't ship product, we can't pay our bills but the future is bright we have a meeting with Walmart. I'm a Marine.
what is incorrect, JustgoDeep????
And no sales due to Whealan taking it out, or getting kicked out of Boots. Whealan is one of two things:
1- An old man suffering the effects of age, dementia or onset of Alzheimer's
2- A crook who has kept the company alive to siphon funds off to his family.
His business track record suggests number 1. Only an old, unstable mind would pull from Boots, CVS, KT Tape, Dr. Scholls, Bayer and lose the CE mark. If this isn't an unstable mind, what is?
SEC suggests number 2, as he apparently ethically challenged, broke the law and continues to be less than honest to the shareholders.
It is amazing his family is allowing him to destroy this company. They must have stockpiled quite a bit of cash in the share selling scam. I would suspect the SEC is after him again. If he is selling stock and not disclosing the lapsed CE mark to investors, that is criminal.
Then why isn't BIEL shipping product?
Food for thought:
If Bezos dies tomorrow, AMZN drops 20%. If Whealan dies tomorrow, BIEL, minimum, doubles. BIEL is close to Baltimore.....
Done. If I could short it, I would. I would look at it again if it is still a company when they get rid of Whealan. Unfortunately, I think he would rather destroy the company rather than admit his foolishness.
I have a buys in at .0003, .0002.
If Whealan ran Apple, it would be Enron
Let's give Whealan the credit he deserves!!
-He has reduced sales by nearly 75% from two years ago.
-He has removed the product from the shelves of the largest pharmacy in the UK and replaced those sales with ZERO
-He apparently is in the process of removing the product from the largest pharmacy in the US. We all can rest assured this is part of a larger strategy. After all, even the largest of fools don't make the same mistake twice.
-He supposedly has $500k in orders he is unable to ship, for whatever reason. Once again, I would hope nobody is foolish enough to neglect to keep a CE mark current. If so, how on earth can those who work with him tolerate such incompetence? They are as guilty as he.
Congratulations, Whealan et al, I cannot imagine another CEO/management that could accomplish so much with so little.
This is going to ZERO folks. Take advantage of the gift it didn't happen today, and sell!!
Whealan has/is manipulating the stock with his poor management. If a professional were to be hired to run BIEL, it would double immediately. However, Whealan has done such damage, it would take years to recover from his decisions. Unfortunately, by then, the patent has expired.
Pay no attention to pulling from Actiaptch from OTC and resulting near ZERO replacement sales
Pay no attention to $500k in orders sitting somewhere
Pay no attention to empty shelves at CVS
Pay no attention to NO DEALS with a large partner
Pay no attention to quarterly sales
Pay no attention to no distribution after two years of FDA clearance
Pay no attention to failed FDA submissions
Pay no attention to near zero B. Braun sales
.......
Unfortunately, there is no wizard behind the curtain at BIEL. However, Whealan is spot on for the part of Wizard of Oz if they remake
Pricing issue? It is already on the shelf. CVS obviously agreed to the pricing or it wouldn't have been on the shelf in the first place. What's next? Whealan is going to take it to prescription only??? It worked well at Boots, why not at CVS?
CVS INVENTORY ISSUE
I have been tracking these CVS stores in NY since the following post on 4/8/19. They have not restocked the product since then. Large retailers do not leave shelfs empty. If anything, they carry more stock to combat Amazon. The CVS distribution centers have to be out of stock. Is Whealan snatching defeat from the jaws of victory again?
Posted By: Kennyjo
04/08/2019 11:25:21 AM
"Oops...sorry, the patchogue store is out of stock, my wife is going to Chile and wanted to bring some to her brothers and friends so I got the last four. And also happy anniversary to me, 50 years ago today I got out of the USN , I was quite happy about that !!!"
************************************************
So Patchogue had zero inventory on 4/8 and now has been restocked with 3 of the 206594.
Patchogue
206600…OOS
206594…3
206573....OOS
Store 7130 in Tarrytown
206600…1 limited stock
206594…1 limited stock
206573…OOS
Store 922 in W. Islip
206600…OOS
206594…1 -OUT OF STOCK 4/30
206573…OOS
Store 323 in Saugerties
206600…OOS
206594…OOS
206573…2
BIEL has a real product, they are not a real company.
They have no Board of Directors.
They have no business plan.
They have no marketing strategy.
They have no distribution.
They have no sales.
It is simply a product mismanaged by inept mgmt. They continue to spin their wheels in hopes that a large company will be foolish enough to bail them out of the disaster they created before they have to declare bankruptcy. It will not happen. It didn't work with Bayer, KT Tape and probably countless others that walked away after limited DD. Two years after FDA clearance, they have lost 50% of their sales and burned through millions of dollars. They issue the same nonsense releases they did ten years ago, touting distributors and potential business. They have had B Braun for almost a year and their sales keep declining. That is an indefensible position. The gig is up, nobody is foolish enough to give them additional funding.
If this is the case, Whealan should resign, TODAY!!!
Whealan is nothing more than a stubborn old fool. He does not have the skill set to commercialize Actipatch. He is foolish to look at the performance after two years of FDA clearance and think otherwise, but he does.
2) Money has been spent and will shown as Q1 revenue..
Only an officer of the company would/should know the $$ has been spent. If they had the money, I believe it has been spent because they are BLEEDING cash with a fraction of prior years sales.
There is no way a customer pays for product before it is received. I think it more likely that these are orders that haven't been paid for, or yet shipped. Based on the legal history of Whealan and Co., I would not be surprised if the unaudited statements are "suspect", to say the least.
There is no way the customer paid for the product before it shipped. Impossible!! Why can BIEL not ship? That is the question everyone should be asking themselves.
From FB. Great decision Whealan.
Elizabeth Gill Wish I could get it on prescription costs me a fortune ?? xx
Elizabeth Gill
Elizabeth Gill Elizabeth Way thanks luv . I did ask twice last year in jan and again Nov And was told my drs dunt do it. But to keep asking bcoz it mite change so il ask agen tomoz xxx
Elizabeth Way
Elizabeth Way Elizabeth Gill I just showed mine this on my phone and he put it on prescription as I said I would only need 4 a year , I only use while sleeping, good luck ??
Elizabeth Gill
Elizabeth Gill I’m same I take it off f Baffin put it on in the morn unless I’m going out. It’s saved my social life made an amazing difference so ta il take my fone n show em x
Pat Coleman
Pat Coleman Wish all UK chemists would sell them. Used to get them from our local Boots but they stopped stocking them.
Elizabeth Gill
Elizabeth Gill Pat Coleman I’m sure they r Guna start stocking em agen luv x
Pat Coleman
Pat Coleman Elizabeth Gill i hope you are right. At the moment I'm getting them thru Amazon.
Annual report:
Whelan's leadership ability is on full display in the report:
SALES
The Company’s sales for the year 2018 decreased $717,892 primarily because of a decline of UK
sales by $450,000 and other international sales by $275,000.
Not only did Whealan take this from OTC without a plan, he did nothing for 1.5 years afterwards. Why does he want it OTC in the US and not at Boots? Does he really believe that he can detail doctors, convincing them to write prescriptions to drive sales of Actipatch? BIEL supposedly has $90k in cash, horrible credit (pull a D&B on Bioelectronics) and bleeding $2,000,000.00/year. If this really is his plan, you have to question not only his ability, but his sanity as well. There is not a chance this will be successful, ZERO. He made a horrible decision and we are suffering the consequence of that decision.
DEFERRED INCOME OF $536,000.00. DEFERRED INCOME, WHY????? This certainly is not a positive. They have $90,000.00 in cash!! This seems to be where the sales from the last two qtrs have gone, "hopefully". If it had shipped, it would be in accounts receivable ($64,700). Can they not ship? If they cannot ship, that is a material event that has to be disclosed to the public. At that point, it is more than ineptitude from the CEO, it is illegal This would be especially true if they are trying to raise money and not making a material event disclosure to prospective investors.
Whealan/BIEL essentially borrowed $767,000.00 from the group listed (convertible notes). If BIEL could not ship at the time of the transaction and this was not disclosed, we may end up with a new CEO after all.
It appears the IBEX bank may be running dry, his daughter only gave BIEL access to $67k in 2018. If that slush fund runs dry, where does BIEL get funds to continue operations?
IN SIXTEEN YEARS, Whealon has burned through $34,000,000.00 and has sales of just over $1,000,000.00 IN SALES to show for it. No company can survive that.
I am assuming the loss of sales was due to Boots. They have little distribution and we are aware they lost OTC Boots. It will take years to replace these sales as they hire a force and solicit Drs. one by one, hopeful the write the script. If you combine this with the fact that each region determines if they will reimburse for the Actipatch, the "decision" to move from OTC demonstrates a serious lack of knowledge of the market. The declining sales, the market, has proven this to be a terrible decision for the company and it's shareholders.
We can all have our opinions, the only opinion that matters is the market. The market has spoken loud and clear through ever declining sales.
A smart move, take it off OTC and make it prescription, then wait two years to hire someone to cover the physicians? That is a really low bar to be at all considered a "smart move". They were probably selling at least $50k/mth, X 24+ months. The balance sheet could sure use $1.2 million in sales that were lost by this "smart move". It was a disaster, time will prove one of us correct. So far, it is me, by a long shot.
Agreed, however, BIEL does not have a sales force in the UK. Who is going to educate the doctors? The answer is nobody, the product knowledge in the UK is left to word of mouth instead on having a presence on the shelf of the largest pharmacy in the UK.
It is much like here in the US. Would you ever agree that it would be prudent to remove the Actipatch from CVS at this time? We have all witnessed that what they have done up to this point, with TWO YEARS of FDA clearance, virtually ZERO product knowledge in the US. They can certainly hope to build momentum off the presence in CVS. That being said, they have made no effort to do so. Again, that should make you question mgmt.
If it were indeed No. 1 in sales, there is not a legitimate CEO in the world that remove the product from OTC. They would've parlayed that into full distribution at Boots pending the merger with Walgreens. They would then have had a much easier path to distribution at Walgreens. Once this distribution was achieved, assuming success of sales, the other large pharmacies would have been an easy path to full distribution into 20,000 stores. Instead, we are feed this fallacy that Whealan "chose" to take it off the shelf. If he did, he couldn't have been more wrong, as evidence by the sales. Does anyone believe that it is an easier path to have each regional office approve to reimburse, go to a doctor for a prescription, then go to Boots and pick it up? People were going to Boots in the first place, No. 1 in pain sales, correct?
You will reply that it is the reimbursement that is the golden goose. There has been little if any reimbursement to date. Why would that change now? We are left with NO SALES at Boots. All due to the "decision" to take it from OTC, total mis-management of this opportunity!!!
Where is the sales data? Is it too bad to release? Over/under on sales? $200k? That would be less than half of the annual revenue of two years ago, when they were in Boots.
The only value I have seen is watching the "value" go from $0.005 to $0.0005, 95% less than what it was.
Maybe the 0.01% have better vision......
It will not happen with current mis-management. What is going to be any different? They could not take advantage of the FDA clearance in TWO YEARS. They could have full body clearance and it wouldn't make a difference unless Whelan sells or replaces himself with someone who has the skill set to run the company or make deals. He has shown, over the past TEN YEARS, he is not capable of commercializing Actipatch. The declining sales numbers present irrefutable evidence of this fact. He consistently alluds to "a giant company" that he is going to partner with. It has yet to happen, there is no reason to believe it ever will.
The greatest predictor of the future is the past. Whelan blew up Boots, let's hope he learned from his mistake. CVS has a lot more than 1800 pharmacies.
Sales indicate that current mgmt. is incapable of commercializing the Actipatch. They have had clearance from TWO YEARS and sales are at the lowest point of that period. Does that give anyone a warm and fuzzy feeling?
This is all you need to know about BIEL. These are sales trends. Apparently, moving the Actipatch from Boots OTC to behind the counter was not the brilliant move Whelan anticipated. Now we await the bottom falling out with the next sales data. This is spite of the ground breaking B. Braun deal last MAY.
All values USD millions. 31-Dec-2017 31-Mar-2018 30-Jun-2018 30-Sep-2018 5-qtr trend
Sales/Revenue 458,264 464,782 388,687 296,322 211,980
Sales Growth - 1.42% -16.37% -23.76% -28.46%
Today sounds a lot like 2008. We can only wonder what 2028 holds as current mgmt. works wonders.
https://www.fiercehealthcare.com/healthcare/bioelectronics-ceo-andrew-whelan-positioning-company-for-growth-during-2008-and-beyond
" During 2007, we signed more than 20 new international distributors in important countries such as Italy, Mexico, United Kingdom, Netherlands, Turkey, Singapore, Canada, Malaysia, Panama, and Kuwait, among others. We have also had considerable success in signing and training domestic sales agents with more than 70 signing on to carry our products during 2007 and early 2008."
"In summary, 2007 was a year of significant change at BioElectronics Corp. We now have a robust set of products to target markets that we believe are easily valued in the billions of dollars. Additionally, we believe we have developed a distribution strategy to move these products to market."
If B. Braun was a meaningful agreement we would see resulting sales.
Call the company and ask them how many devices they have shipped to B.Braun 100, 500, 1000, 10,000 in eight months? The numbers:
Let's assume B.B. has 10% of the market, 10% X 160K = 16,000. 16,000 X .667 (8 months)=10,720 surgeries X 6= 64,320 units. At a cost of $7/each, this becomes $450,240. How long do you think it will be before you see these sales? A long time, because they didn't happen.
BIEL HAS SEEN SALES DECREASE BY 75%, MARKET CAP DECREASE BY 80% +. They have had approval for the knee and foot for TWO YEARS and NO SALES. If you believe in the product, the only reason for this failure to deliver to market after more than two years execution by MGMT. It really is that simple. After two years, do you really believe they will begin executing now? Until MGMT. changes, your best hope for company survival is through dilution of shares. Only invest what you can afford to lose.