CEO number 2

Just one chapter in EMS's / SUDA's checkered past


By eddie
https://roadkillsecurities.wordpress.com/


CEO No. 2 Wasted $19M

Posted on April 7, 2016 by Eddy
In December 2006, a few months in the new role Dermot Patterson announced the company had secured the rights to distribute a new anti-malarial treatment via an agreement between its south African subsidiary EMSSA to the 47 countries within Sub-Saharan Africa. The new treatment had just completed phase one clinical study in Nigeria with 100% effective success rate.
At the same time the company announced that a new strategy could potentially assist to ‘fast track’ the ClipOn product, 5 years after the EMS IPO shareholders would have been very pleased I’m sure to here that the company could potentially fast track ClipOn to market.
A year on in December 2007 the company shifts focus to ‘fast track low-risk pharmaceutical development‘, whilst still pushing ahead with plans to get the ClipOn product to market now 6 years in the making. The HC Berlin Pharma AG debacle was emerging during at this point in time but that is another story in itself (not a good one for shareholders). By mid 2009 the company had abandoned all medical device projects including ClipOn to focus on commercialization of ArtiMist.
In November 2009 Eastland advised that the ArtiMist project consultants ProtoPharma had received approval to proceed with the clinical field trial in Rwanda. At the time Eastland indicated that they were on schedule to submit marketing application for WHO pre-qualification programme for essential medicines in Q2 2010.
October 2010 the company appointed Stephen Carter as CEO with the goal to achieve commercialization of ArtiMist. Basically the first 8 years as a pubic company had achieved zilch and all bets were on ArtiMist to deliver some value. The combined spend to get to this point between O’Sullivan and Patterson was nearing $40,000,000 and shares on issue had gone from 90M to 446M. The share price was….. 5cents eeekkk.