quecard, how do you come to the conclusion that IMX has superior management? They managed to raise some $4 MM from preferred issues in the last half of 2003, but that was to cover for losses (by now, they may have about $1 MM or so in cash left). Their Medical and semiconductor businesses are essentially "stagnant". In the prostate cancer seed business, they are failing to capitalizing on the opportunity and yielding the field to the big boys. In 2002 they issued a "semi floorless, not a good sign (a good portion of that, luckily got converted at the top of the range, management managed to get out without too much dilution damage in this case, but floorless features in converts are often signs of internal weakness). The August 2003 is a fixed conversion (@$5.5) instrument, so at least the error was not repeated. The same with the November issue. Where I think management's weakness is, is the "Charlie Brown" syndrome, (There is no problem so big, you cannot run away from). It is reflected in the fact that they do not concentrate resources to get at least one product to "critical mass" (volume sufficient to support overhead and R&D associate with such product or market segment), but are operating more on the basis "we have these technologies" who needs them, lets start a business in each of these "needs".
Admittedly, their application of internal technology to explosive detection is "sexy" from the market point of view (just as MRAM is "sexy" and considered "Nano technology" for NVEC and as you probably know, I have played that one to almost its fullest) as it responds to well known and visible market needs. However, there is no sniffing technology that a determined terrorist, careful in what he does, cannot defeat (I have just completed a three months study of that problem for a client) and assuring safety of public areas and the transportation system will require a hybrid technology (thus GE's acquisition of INVN and an ace in the sleeve). All this may not be recognized by the market, and I would even go so far and suggest that the recent ramp might be engineered to bail out with nice profits the holders of the three converts IMX has issued. I must admit, so far, excellent "engineering" and because of the low float, it could "go places".
By the Way is David Eisenhaure (a board member) Ike's grand son (married to one of the Nixon girls?). If so, it might give them a "seat at the table".
All the above is not to cause anyone to get out of this issue (as I have said numerous times, I am looking at a reentry opportunity myself), but just to keep our eyes on the ball and differentiate between reality and hype. Right now, this one is mostly "hype" (and so are the like of NVEC, WAVX which I play as well).
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