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Of course it needs to pass a shareholder approval first. We should expect to see a proxy soon.
Here is what we know:
As of the the last 10Q (9/30/12), the company had 786,095,129 shares outstanding of the 800,000,000 they had authorized.
After this purchase agreement is executed in full, the company will have 1,186,095,129 shares issued. This represents over a 50% dilution to the stock.
I do find it strange that the purchase requires the authorized shares to increase to 2.5 billion. They will have close to 1.3 billion in additional shares that they can sell to investors. That will be severe dilution if (when) that occurs.
Having said all that, I think this is good news. It had to be done and they found someone willing to take a risk (calculated probably with hedging of course).
Good luck to them and to you all.
Here is a response from the CEO of Calypte regarding quarterly reports:
"We are in the final stage to release 10Q
and we are committed to stay current.
Operation is going according to plan.
Thank you for your concern about Calypte."
His definition of "current" must be different than mine. Calypte is behind by two quarters.
This for a NEW test that was not used in China. It is the Aware OMT 2.
The FDA would never consider using outside countries, especially China's, clinical trial data. Way too much liability.
I would refer you to notes 3 and 6 of the most recent 10Q, the 8K filed in July of 2010, and any of the initial agreements/joint ventures between Calypte and Marr Technologies.
In short, the four locations involved in all of this are:
PRC, HK, Macau, and Taiwan.
Thanks.
Based on all filings, I see no reason why Calypte does not still maintain an interest in Russia.
Not like it matters, because I don't see any sales coming through.
I can sum up the opportunity in two words: joint venture.
OTC sales? From where?
I agree that oral is more cost effective and the ease of use is much preferred, my point was that the market for Oral HIV tests in the US are already owned by Orasure. So there hope would be to only try to share that market.
Not just 100% sensitivity, but 100% accuracy...which means 100% specificity as well.
BTW, I still don't think this changes much. They have always had nice products, just can't sell them. What is the current U.S. market for Rapid HIV tests? Orasure already owns most of this space. A real catalyst would be the U.S. willing to open up these test for OTC.
I think the 10Q had some mention of it, not very detailed though.
Don't think that benefits Calypte any more at this point. I think all their interests are basically gone in China.
It is an exhibit and is attached to both the 10Q and 10Q Amendment. Too long to post sorry. You can access it via SEC.GOV.
Care to review Exhibit 10.198 and tell us the jist of it?
Thanks Sir Percy!
Not necessarily in Calypte's case, it is more of a credit than an allowed deduction. They should receive this payment as cash.
Lol, good to know. This stock has traded between .005 - .01 for the past few years on very low volume. Calypte has been a joke.
Your funny SP....I hope you are kidding. Only pending news is whether they will for once release their 10q on time. It is due Monday.
Wow, really moving along quickly there. (sarcasm heavily implied)
English please.
I don't think you are following SP.
This is basically a last ditch effort to keep the company afloat. It was necessary and seems to be on reasonable terms as China never seemed to amount to any sales anyway.
Calypte now will see no revenue generation from China and has no equity interest in any of their products possibly being sold over there.
"Just a lottery ticket since they never would have gotten their money anyway?"
That is how I view it.
Is "woid"? ...or even "ain't" for that matter?
Looks like the issues in Chinese reporting are the main delay in the filing. Is this guy not doing his job?
http://cn.linkedin.com/pub/shuhrat-saidmuradov/3/a97/348
Technically its not due until Monday.
If the due date falls on a weekend or SEC holiday, the filing is due on the following business day.
I won't go into detail about Marr, but basically they hold about 15-20% ownership in Calypte, financed some credit facilities with Calypte, and also went into a joint venture together in China.
Last we heard Calypte was still in default of the debt agreements arranged with Marr. The 2009 10K mentioned that they are in current discussions and working on an agreement with Marr to restructure the debt by handing over equity interests in their 2 Chinese endeavors (Beijing Marr and Beijing Calypte) and other Marr interests to a third party investor. There was a non-bonding agreement put into place, but no final definitive agreement. The timeline was set for 6/21/2010 if final agreements could be made.
We have not heard any update on this yet.
Basically Calypte is a long, long shot...so only put into it what you can afford to lose because there is a decent chance this will go to zero. However, if things do turnaround and they gain any market traction...we could be looking at a .10-.20 stock price. JMO.
The Urine test was a lab test, not a rapid test I believe. The market for such a test has extremely diminished.
Their main push is for the Aware HIV OMT(oral) rapid test. They do have approval for the test in quite a few countries and is also on the USAID waiver list. The only "main" competitor is Orasure and Calypte does have some advantages over it (longer shelf life, possibly a bit less expensive, etc.). They appear to be working on a new AWARE 2 test that could be used in the U.S. Of course they will have to go through clinical trials and submission. This could be huge if the U.S. ever approves an OTC version of HIV tests, but that seems to have been on-going now for many, many years.
The current obstacle remains cost in relation to rapid blood tests, even though some reports have showed the OMT test to be cheaper in the long run.
I think its actually a bit less messy now than the previous 2-3 years. Your best bet is to wait until next Friday, when the first quarter 10Q should be posted. Reading through that should give you the best current affairs of the company, as they do not inform investors really any other way.
Sorry, can't gather too much info with this post. Any further description would be greatly appreciated. Thanks.
Yup, definately old news. This was in regards to the donation back in December of 08'. Sometime those Chinese articles list the date they were added to their website and not the date the news was released.
http://english.people.com.cn/90001/90776/90882/6544022.html
Too bad.
Didn't they say something similar two years ago?:
http://english.peopledaily.com.cn/90001/90776/6544574.html
I agree that it is a reasonable price, but it looks like a testing campaign of this size decided to go with at least a majority of cheaper tests. The average test cost is only R6.00. I don't believe the sales team/etc. has really been able to convince purchasers of the benefits of the omt test.
From the document:
3.5.1.6 Pricing for test kits:
We have 5 different types of test kits: 3 for screening and 2 for confirmatory allocated throughout the country facilities. The price ranges from R5.20 to R8.00 and if we want to have an average cost we can use R6.00 as average per test kit The detailed actual pricing is presented in the table in the annex
5.2 HIV test kit prices
Test kit Price per unit (R)
Advanced quality R5.20 Screening (LP, MP, GP)
G-Ocean R5.50 Screening (KZN, EC, FS)
SD Bioline R5.20 Screening (NC, WC, NW)
Determine R8.00 Confirmatory (KZN, FS, NC, WC, NW)
First response R6.30 Confirmatory (LP, MP, GP, EC)
http://www.sabcoha.org/press-releases/private-sector-meeting-discusses-business-support-for-the-national-hct-cam-2.html
There is a word document towards the bottom titled "National Hiv Counselling & Testing Campaign Strategy"
Doesn't look like this massive testing initiatve will use any of Calypte's tests.
They got a month. It will be interesting to see if any of these chinese sites (whether legit or not) have amounted to any significant sales in the first quarter. The 10K said they didn't have any significant revenue out of China.
Wonder where the tests are being manufactured for tests sold in China...must be Thailand.
Didn't we hear about this campaign 2 years ago!?
What are you "yikes" about? This is one of the more upbeat 10K's I have seen in awhile...show's that they made steps to restructure debt, founds a few investors, and at least have a chance (however small) to turn it all around.
Progress in order to stay afloat has definately occured.
The cost I'm sure is apart of the reason large sales have eluded them recently. However I'm sure their current financial situations play a big role as well...why would anyone purchase a large quanity of tests from them given the fact that no one can tell if they have enough money/employees/facilities to provide such an order?
10K is due today...more likely to see a NT 10K.