All your assertions are backed, generally, by sound business reasoning bigkid, I salute that. Whelan, the father, took an idea and nursed it through early FDA processes, even though he tried to do it on his own without FDA legal counsel leading the way. It took the FDA telling Whelan that his science was flawed in that heat had nothing to do with the device science.
He changed the science and hired a law firm and received the foot and knee clearances. $24 million and 10 years for all that blundering. Remember, Whelan was the guy who 510(k) applied in 2008, bragging he would have full FDA clearance in 30 -45 day tops, nuthin but net! So, congratulations Whelan for a long ride that should have taken <half the time and funding on a brilliant device the world has desperately needed all these years.
So, what do we do, right now, to deal effectively with the three remaining issues. Are you ready big kid? Are the stockholders ready? Are the stockholders ready yet to make a ton of money? In the next 90 days? With the CBO, CEO Whelan and his daughter BOTH SEC barred from any involvement or activities or dealings in penny stocks? I'm not sure stockholders are really ready, what with all the incessant cheerleading still going on.
ActiPatch is, without question, the most brilliant device available today for a global pain epidemic! It has the potential to do billions in sales annually! It is laughably languishing at a price of .0007. Potential deals with Dr. Scholl's, KT Tape and CVS did not happen and the CE Mark was allowed to expire, it did not happen on its own. All facts! Why so glum?
Now look at the singular cause, which cannot be explained away. It's the management! Andrew Whelan has been a narcissistic bully who actually believed he was always the smartest person in the room, for many decades and now is the same man, only worse, because of failing health and advancing dementia. And the CE Mark, so necessary for mundipharma and most international sales? Expired in 2018? Carelessly? Forget it! No time soon, take it to the bank!
He really is a tyrant and doesn't care about employees, customers, suppliers, regulators, rules or stockholders. He only cares about himself. Add in a serious, but DNA sourced dose of Founders Syndrome and you have a narcissistic, selfish, uncaring, bully of average intelligence with dementia and Founder's Syndrome. Oh, and he had no clue on FDA, marketing or retailing matters and little, if any, experience running a successful company. Simply? Wrong man for the job at hand and has dementia.
How to resolve it and cause the Whelans to step aside and allow a professional, competent management team and expanded BoD to manage BIEL our of the toilet of .0007 to wherever? It's so simple! It's staring everyone in the face! And who has most to gain? Absurdly, laughably, sadly (?)......the Whelans! Mmmmm, Kelly Whelan! She controls IBEX. Kelly Whelan is prolonging the business disaster that is BIEL! The day she says, "Enough" to her narcissistic, bullying, our of touch with reality father, will be the day of change for the better for BIEL. Until that day? Not gonna happen.
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