Cdex, Inc. (fka CDEX)

[sanddollar]

Back after my two-week enforced hiatus. And plus ca change, I see.

First there was a Jan 23 PR announcing a "partnership cooperation" with the Imperial College Healthcare Trust, specifically with Hammersmith and Charing Cross hospitals in GB.

Then an April 7 PR announcing a "business partnership relationship" with Virtus for the mid east.

Then yesterday April 9 the one announcing a "business partnership agreement" with Grifols for Spain, Portugal and Italy.

CDEX has been busy.

But I don't see any mention of sales in any of the PRs, just "partnerships".

What does it all mean?

For starters, my guess is CDEX couldn't get any of their brand new hospital "partners" to actually buy a Valimed unit after the TX Children's/BAXA abortion. Remember the PR about that (August 2006)?
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"We feel privileged to add Texas Children’s Hospital to our growing list of internationally recognized healthcare organizations that are using [sic] ValiMed." said Jim Griffin, President and CEO of CDEX Inc. “Texas Children’s recognizes the value of ValiMed and has purchased multiple ValiMed units for use across their hospital pharmacy compounding, medication dispensing, and return verification processes.”
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And as it turned out, TX Children's wasn't "using" Valimed at all except for the purpose of testing the product.

As the Dir of Pharmacy at TX Children's said, "The company ... wasn't ready to provide us the product we had understood they would be providing. ... I have been reviewing other technology improvements that could add value to the systems currently in place."

So the PR was entirely misleading since TX Children's didn't "recognize the value of Valimed" at all, and not only that, they were misled about what they would get for their purchase, the purpose of which purchase was to test the Valimed "system" to see if it met any needs that weren't being met with other safety devices they were already using.

The answer was no, it did not.

But Malc has made sure that wasn't the end of the story.

He hired Pascal Pouligny!

Pouligny clearly must have great contacts and has now "delivered" to various hospitals the Valimed wizard for trialing/testing and, gosh, even big time distributors are on board. All with "partnership agreements", "partnership relationships" and "partnership cooperations" in place (but of course no terms given). All announced just before and as the sh'holder mtg took place.

Let's put a finer point on it: Have the new "partner" hospitals actually BOUGHT the Valimed system?

No.

After BAXA and the TX debacle, has the CDEX MO been to give them away?

Apparently.

Fact: Hammersmith & Charing Cross hospitals did not purchase the one unit they received. It was given to them free.

First would come testing protocols and then actual testing. These things take time, obviously, and I think it's safe to say H&CC will not compromise their reputation, will be thorough, as they see what Valimed actually does and explore possibilities of what it is supposed to do.

Kinda like TX Children's.

So, as tmucc and crow have opined/figured out, is Monsieur Pouligny simply offloading the wherehouse supply they're stuck with, and at the same time pursuing distributors with a vengeance? Bringing out old PRs and citing places like Hammersmith and Charing Cross as enthusiastic "owners" and "users" and perhaps even "supporters" of the system?

Will we ever be told by CDEX what the outcome of H&CC's testing actually demonstrated? Fat chance. We weren't advised of TX Children's evaluation, after all.

And in the midst of all this terrific activity and PR flurry, the pps languishes and MP files a Form 4.

http://sec.gov/Archives/edgar/data/1173738/000121465908000798/xslF345X02/f4880f4_ex.xml

Y-O-Y would Malc do that? Anyone able to think of a reason?