I disagree wholeheartedly.
I firmly believe the former CEO did not have the skillset required to take ActiPatch through the FDA regulatory phases OR the business skills and experience required to negotiate AND complete deals in either the international Pharma OR Retail spaces OR manage what the BIEL team at BIEL are doing now.
I also believe more now that the current CEO may be more savvy than I and others may have given her credit for. Only fools don't change their minds. How many times did I say those words, with respect to BIEL....
Why do I say these things? Knowing things are rarely as they seem, three reasons:
(i) I knew, sensed, first-hand, the former CEO began to deteriorate from around 2012 on. I had seen it elsewhere, up close in other corporations, and began to become curious. Won't say more on that;
(ii) Then came a gradual deterioration in physical health, with the two negatives starting to operate in synch. The moment of lucidity OR resignation... in hiring Proctor Goodwin to deliver the 2 FDA clearances was a temporary blessing, only; and
(iii) Followed by the resignation of 2 of 3 Directors, the incredible expiration of the CE Mark, the exacerbation of the "I'll do it on my own!", the 3X "NO!" to Dr. Scholl's, CVS and KT Tape and the unfortunate end.
Like it or not, there's a pattern, a flow to it all, and here we are. Well, where are we?
Eight months later, BIEL is still alive. Keith Nalepka, with all his experience in the pain and opioid space, is a Director and obviously working the pain street. Dr. Richard Staelin is back on the BoD as Chair and there has been a noticeable move to professional discretion, all positive changes.
The current CEO made all those moves and is far less verbose, if not invisible in public media, all positive! The moves are professional and akin to how winning teams perform. Credit given where credit is due.
All we need now are results. Just increase the BoD and fix the stupid share structure by converting the existing IBEX debt to conventional interest-bearing loans, before deals are announced, and we may have a good shot at seeing a real winner and BIEL hop out of its' 10 year sp toilet!
When? Something's gotta give, I say .......
