Hello Folks,
1st post on here - I am international investor specialising only within the medical/biotech healthcare stocks, an area have strong interest in. I am pleased to discover Hotcopper and this passionate forum for discussing Admedus. I have bought in at 3 price points over the past 2.5 years and sitting on historically my biggest loss ever on a stock traded share
I am disappointed although I treat this high risk investment for long term. I do extensive research on each stock and there are some concerns have on this one. I believe alot fundamentally stems from the management of company even with some well achieved milestones over the past these directors are paid big salaries and on this occasion are not delivering to the retails shareholders . They(Mr. Lee Rodne, & co ) know fully well the risks of building a new company and should be fully accountable and scrutinized closely for their actions particularly on the cash burn which is fundamental issue that has not been addressed and should be some transparent communications to shareholders is necessary asap.
Interesting I picked up news on a company that Cryolife purchased last week Genesee for $2.3 million in cash. Same business as Admedus CardioCel operates in. They generated 1.4mill dollar sales in US in 1st year and believe pushing to start in Europe next month. I see it is popular with surgeons although still see Admedus having the better material and ADAPT technology from studies. The valuation is on the low side in my opinion
I may now have time to respond too often on the postings but will try and give my insight to some of great discussions here. Thank you. Nice weekend all!
ATLANTA, April 14, 2016 /PRNewswire/ --
CryoLife, Inc. (NYSE: CRY), a leading medical device and tissue processing company focused on cardiac surgery, announced today that it has exercised its right to acquire the PhotoFix™ bovine pericardium patch ("PhotoFix") from Genesee BioMedical, Inc. for $2.3 million in cash. CryoLife acquired the distribution rights and purchase option for PhotoFix in August 2014.
J. Patrick Mackin, Chairman, President, and Chief Executive Officer of CryoLife, said, "PhotoFix is a highly differentiated product that complements our expanding portfolio of cardiac surgery products. We achieved $1.4 million in PhotoFix sales in 2015 and have a significant opportunity to continue driving adoption in the market, particularly with our expanded cardiac surgery sales force that doubled in number following the acquisition of On-X earlier this year. We believe PhotoFix's photo-oxidation process is unique and provides clinical advantages that will support its sales growth and ultimately its adoption as a leading biological patch in the $30 million market for cardiac surgery."
Under the terms of the agreement, CryoLife has exercised its option to acquire all rights to the PhotoFix bovine pericardial patch for $2.3 million in cash. This includes approximately $0.6 million that CryoLife previously provided to Genesee as an advance under the distribution agreement. Genesee has agreed to continue to supply PhotoFix to CryoLife until CryoLife establishes manufacturing capabilities at its headquarters in suburban Atlanta, GA. CryoLife anticipates it will be manufacturing PhotoFix by mid 2017.
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