Thank you
@Acclivity - a lot to digest there, and very enlightening. One could be devil's advocate , and say that the present disruption is upsetting staff and therefore interfering with their ability to work properly. Hang on - isn't that what RV said?Of course, DA and RV may have already made the necessary changes, so the staff probably have nothing to fear.
RV's statement that the disruption is dissuading a very good CMO and COO from signing on is sobering. Though his statement about Tandem Diabetes makes one wonder whether he is always telling the absolute truth. (The only year in the last five that Tandem Diabetes had a positive EPS was 2021-a year after he left - so the idea that he 'took the company to a $100m profit ' seems questionable.)
I want to withdraw the adjective 'woeful' to describe the company's or the directors' past performance. Since I became a holder only in December 2020, it is not my right to say that . And actually there was no way that they could have tackled lymphedema , CHF and renal simultaneously. There was just not enough money. Once the huge investment in the Prevent trial had been made, they had to continue down that track.
However, it is the future that concerns me .(Just as I hope that it is the future that concerns the requisitioning shareholders , even if the trigger was ostensibly the CR.) January's quarterly stated that the renal observational trial had been completed. It must have been our sadly missed IR guy who told me that the doctors involved were happy with the results, and were keen to go to the next stage,which would be a prospective trial. If they were keen to go to the next stage, that must mean that they believed a positive result was likely. Yet Impedimed management and board saw nothing wrong with dropping them in the ditch , saying 'See ya in a few years'! First, what an insult to the doctors, apart from the neglect of the patients' needs. But I think it shows a poor ability to project into the future. When I raised these points in the session accorded me with Tim and Dennis, Tim affirmed that the focus would remain exclusively on lymphedema for now.(Though Dennis did say that someone in Brisbane is looking into the algorithms - a little comfort.) Well, after the CR there should be nearly $45m still in the kitty - one would think enough to spare a few hundred thousand to start on renal. The key word really is 'start' . Things take so long in the medical field that I estimate that if they were to start today, it might be three years before the FDA approved SOZO for renal. Six months to design a study, six months to organise it, six months to conduct it, six months to analyse the data, probably a year to submit it to the FDA and have it approved (even with fast track designation). Surely they cannot be serious (my favourite tennis player was McEnroe) that they would wait years even to start down the track? Although each test will not receive anything like the payment that the lymphedema testing will receive, each patient has to be tested three times weekly. Furthermore, it is a very concentrated 'market', with 80% of patients in one of the two large dialysis companies. That would mean that, if approved, it would be rapidly rolled out across the whole US - none of the long process of selling to individual IDN's, corporate accounts and so on. Approval - then rapid sales of SOZO'S, and recurring revenue from licence fees. And I do feel that, if proven to be significantly better than the primitive way that fluid is calculated now for kidney patients, dialysis centres around the world would consider adopting BIS.
I feel so strongly that I intend to try , within my limited capacity, to be a shareholder activist on this.
Even if I am fooling myself that anyone would take notice of a nobody from Brisbane, I will feel better than if I don't try. The first step is to try to get contact details for Jan West, who has said that she is open to listen to shareholder concerns .(I assume that she will not resign even if the vote goes against her colleagues ). I will post how I go .
All the best, Mirri
