mad mad world, page-2

check this out would appear mitis' pleas have struck a chord this just popped up on website .... report .. check out the last lines though about the pulmo spin off ... woweeee, someone is finaly saying it publicly .... this would be fantastic.

NOVUS CAPITAL RESEARCH NOTES ....

Premier Bionics Limited
ACN 099 084 143

ASX CODE: PBI & PBIO 08 AUGUST 2006

Highlights - Medic Vision (Core business)

Only company providing professional integrated services to hospitals and surgical and medical skills training centres, including high accuracy simulators
Strong, growth prospects and competitive market position
Superior product portfolio
Strong Strategic Alliances with international medical decision makers, including Royal College of Surgeons in England
Establishing key distribution channels on an international scale
Operations in Australia, UK, China and Hong Kong
Expected revenues of $3m for FY 06, expected to significantly increase
Expected to be cash flow positive during 2nd half 2007
Experienced Board and Management team

Background
Premier Bionics (‘PBI’) listed on ASX (May 2002) and AIM (December 2005). The Company was established in 2001 to invest in later stage research and development projects targeting the global medical devices and diagnostics markets which is estimated to be worth approximately US$265 billion in annual expenditure.
PBI acquired Medic Vision Pty Ltd in May 2005 (100%). Medic Vision is a technology based company specializing in the application of technology for surgical and medical skills training. Medic Vision provides consulting services in the development of skills training centres as well as developing and deploying computer-based surgical and medical high accuracy simulators.
PBIs’ initial investment was in Pulmosonix Pty Ltd (100%). Pulmosonix was formed to commercialise respiratory device technology that enables non-invasive monitoring of lung inflation needed in the treatment of neonatal infants and adults suffering respiratory distress.

Medic Vision Pty Ltd
Medic Vision provides an integrated set of services in consulting, developing, project managing, sales and implementation of virtual reality and mannequin simulators to hospitals and surgical and medical skills training centres. The Company has operations in Australia, UK, China and Hong Kong.
Medic Visions virtual reality simulators overcome the limitations of traditional forms of training which are outmoded and often dangerous:

Surgical and Medical training has not changed in 100 years until now.
The traditional method of see one do one teach one has a proven high level of surgical and medical error
– 44 000-98000 deaths in hospital/year in the USA
– 13% of all admissions
– 8th most common cause of death in the USA
– More common than death due to traffic accidents, breast cancer or AIDS
– 4% of the annual health care budget (USA)
Cadavers are expensive and are increasingly harder to obtain for training/teaching
Animal labs declining and banned in some countries
Working hours for Doctors declining across the world
Limited access to training for new surgeons, for maintaining proficiency and learning new procedures
Medic Visions solutions – the development of “flight” simulators for surgeons and medical practitioners:

Virtual Reality (VR) simulators to provide a realistic and challenging environment packaged with objective assessment tools
allows its users to deliver better quality and safer care to patients
allows a reduction in hospital operating costs
allows doctors to learn “hands-on” in a safe and patient like situation
allows competency based training
are tools for regular proficiency assessment
are a way of overcoming the complex ethical issues involved in medical training
are the only training tool that offers objective measurement.



Capital Structure

Last Price $0.23
Market Cap. (undiluted) $15.7 m
52 week high $0.31
52 week low $0.18
Shares on Issue 68.2 m
Options (listed) ex @ 20c Dec 06 48.2 m


Major Shareholders


% Shares
(approx)
UK investors 20%
Ross Horley 8%
M Maxwell 3%
Next 20 holders 22%

Total Top 23 53%
Balance Sheet (@31 Dec 2005)


$000
Cash 2,529
Receivables 1,009
Inventories 154
Property Plant & Equipment 445
Intangibles 3,421
Other 93
Total Assets 7,651
Payables 2,122
Provision/Others 86
Total Liabilities 2,208
Net Assets 5,443
In July 2006 the Company finalised a $1.1million placement to UK investors at 17.5 cps, managed by PBI’s UK broker Corporate Synergy, whilst also receiving a further $0.5m from simulator sales and Govt. grants. Current cash on hand approx. $2.2m
P&L ($000)


31 Dec ‘05 FY ‘05 FY ‘04
Sales 1,412 658 -
Interest/grants 158 970 242
Total Rev 1,560 1,628 242
COGS (649) (488) -
R&D/IP (245) (1,024) (725)
Corp & Admin (1,904)* (1,516) (761)
Marketing & promotion
(586)
(1,230)
(278)
Asset Writedown & reconstruction
(1,204)
(65)
Other (5) 7 (41)
EDITDA (1,829) (3,827) (1,628)
D&A (56) (37) (40)
EBIT (1,885) (3,864) (1,668)
*Includes cost of AIM listingMedic Vision has grown its business and product suite via agency agreements with third parties, developing their own suite of products and forming strategic alliances. In April 2006 the company also acquired Crawford Medical’s simulation consulting and reseller business in UK and Ireland.
The Company has made significant progress developing proprietary products including Mediseus Epidural Simulator, winner of Innovation Award “Next Big Thing Award” and launched in April 2006 by the Minister of Health. In conjunction with CSIRO and the University of Melbourne, the company has also commenced development of a Temporal Bone Drilling Simulator, which will enable ENT surgeons to train in major ear surgery, including preparation for the implantation of assisted hearing devices such as the Cochlear Implant.
Medic Vision has agency agreements with reputable international organizations including: Immersion (USA); Surgical Science (Sweden); Hapitca (Ireland); Simbionix (Israel); VR Magic (Germany). Strong alliances have also been formed, to develop medical product/ simulators, with RACS, Royal College of Surgeons of England, CSIRO, Royal North Shore Hospital, Chinese University of Hong Kong, University of Melbourne, UWA and Stanford University
Medic Visions Products


Existing Products
Laparoscopic – Basic Surgical Hysteroscopy
Laparoscopic - Gynea Endovascular
I.V Catheterisation Flexable Endoscopy
Epidural (proprietary) Ultrasound
Ocular Surgery Cardiac Diagnosis

Proprietary Products under development
Simulator Products:
ENT/ cochlear – Temporal Bone Drilling Simulator (1st stage release scheduled for December 2006)
Mass trauma simulator (Project commenced)
Shoulder surgery (project in planning stage)
Visceral Needle Puncture Procedure (UK development – planning phase)

Medic Vision has made significant progress with sales in Australia and overseas including:
Recently announced sale of its first intravenous cannulation simulator to the Professional Medical Centre, a leading education agency that trains all tiers of health professionals throughout Hong Kong. This simulator will be used for training nurses, doctors and paramedics in intravenous techniques,
An agreement to supply maintenance and support services to a global medical training products group, the US –based, Immersion Medical, to establish simulator service centres in Hong Kong and the UK. Medic Vision is currently the distributor of Immersion products in Australia, NZ, UK, Ireland and various countries in Asia, including China and Taiwan,
A contract to design innovative training technology for the new state-of-the-art medical and surgical skills training facility for the London-based Royal College of Surgeons of England, a project expected to be completed over 5 years,
An 18 month contract to provide a range of consultancy services in relation to design and development of the South Devon Healthcare NHS new skills training centre, called “Centre for Education, Innovation and Research” to be built at Torbay Hospital,
The first sales of its Mediseus epidural simulator, which allows doctors to simulate the administration of epidural analgesia during labour, to QLD Health Skills Development Centre in Brisbane and installation at Royal North Shore Hospital’s Sydney Medical Simulation Centre,
Securing the Australian, New Zealand and Asia Pacific sales and distribution rights to the EYESI Simulator, a virtual reality technology used in training eye surgeons,
Significant sales order from Queensland Health for Medic Vision’s two newest products – EYESI simulator and “Harvey’ the cardio pulmonary patient simulator - totalling $320,000, to be installed at the QLD Health Skills Development Centre in Brisbane, and
An $850,000 contract to provide computer-based surgical simulation and consulting services to the South West Hospital in Chongqing, China, which treats in excess of one million patients each year.

PulmoSonix
PulmoSonix is commercialising respiratory device technology developed at Monash University. Products, still in clinical trials, include: AirwayClear (home sleep apnea diagnostic device), PulmoScreen (non-invasive early screening device for detection of chronic bronchitis and emphysema) and PulmoSonde (lung inflation monitoring device). The company has received approximately $1.4 million in government grants in support of developing these devices. Pulmosonix is in negotiations with other companies to form strategic partnerships in efforts to “bulk up” the product pipeline. The global market size for respiratory devices exceeds $2.0 billion. The company’s strategy is to develop devices which are more effective, easier to use and cheaper than similar products (where these exist).
The company is at different stages of its clinical trials for each product under development with the PulmoScreen being the most advanced in development. PulmoSonix has a portfolio of approved patents and patent applications.
Negotiations are currently underway with a company in a complementary area of respiratory management to form a commercial partnership under a separate listed vehicle resulting in crystallisation of asset value and removing the cash burn component from PBI (approx. $700k pa).
Board of Directors
Mr Peter Marks, Chairman (ex Lazards, Hoare Govett, McIntosh, ASX)
Mr Ross Horley, CEO, Medic Vision (Founder of Medic Vision)
Dr John Parker, Non-exec Director (Director and CTO, Cochlear Ltd)
Dr Henry Pinskier, Non-Exec Director (Doctor,Hospital Director, Owner/Operator Medical Centres)
Mr Duncan Clegg , Non-Exec Director (ex Lazards, Chairman Low & Bonar Plc, V.C. London Port Authority)