ViaDerma Inc (VDRM)

[Mistral]

Primarily, what we have here is a failure to adequately define their licensing business model. There is just so much digging that can be done. It's up to Otiko to fill in the blanks.

After three years of using public money to build a licensing business, it appears Otiko has only licensed Phillips Company products (for which he pays a patent license fee) to his own business, Coast to Coast Podiatry in Reseda. Today, he has one non-exclusive agreement for Viabecline, a clone of a product that won the Edison Award five years ago.

As a side issue, the Phillips/Keough delivery system is one big fat question mark. Why won't Otiko explain his relationship with Phillips and Keough? What happened that made Keough distance himself from Phillips? Did this involve Otiko? Is it true Otiko thinks that invention is up for grabs--that he can submit a patent application and expect it to be accepted?

Product development is a big question mark, too. Where are products being developed? Are legitimate clinical trials being conducted? Are the announced products actually Phillips Company products?