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Re: Notes from the Q3 Call - unvarnished I just listened to the replay. First - lets put to rest this hopium and nonsense that MMPD has some value because "a sub-committee of the Board" is in discussions with some unmentioned companies to take MMPD "forward". MMPD goes back to 2004. It was used safely on HepC but it was not effective on HepC and therefore the trials were halted as other drugs came to market for HepC. MMPD sat on the shelf for years. Never tried/used on any other virus (ZIKA, MERS, SARS, Ebola etc). Then along comes covid and BSGM Board member Jerry Zeldis got BSGM/Londoner to buy (pay him) for MMPD. Zeldis personally worth $700mill worth never put up a nickel. Zeldis bought a grand total of 1000 shares of BSGM. MMPD FAILED Covid- first it showed no separation between it and a sugar pill placebo on Grade 4 patients. Then it FAILED and was Halted altogether. Londoner wants shareholders to believe someone will move this forward? What a joke! I'm sure Robcos is on board because he believes EVERYTHING management tells him. Might someone "take it off their hands" ? Possibly. Nobody is buying this. Zeldis cashed out, gone from BSGM entirely and left Londoner (and ViralClear investors) holding the MMPD bag. PureEp- This conference call was titled "Commercialization Outlook". Shareholders have been promised commercialization since 2018. FDA cleared PureEp summer 2018. CEO wrote this in the shareholder letter June 2019 - "With the first phase successfully completed, we are working on bringing our PURE EP™ System to five more leading hospitals over coming months and install our technology, under contract, for a period of up to 90 days. At the end of the 90-day period, we intend to engage the hospitals to purchase our system and software." PureEp is currently installed in 6 centers soon to be 8. None have gone to contract as promised. Londoner now describes these current installs as "case studies". He mentioned the PH1 data on 15 patients that was reviewed on the Sept CC. He stated that they will have PH2 data on approx 100 patients July 2021. That is perfectly consistent with what Julie Stephenson said on the Sept CC. She said PH2 would have more robust data and a more diverse patient population due mid 2021. Why does this matter? Because MOST Drs/hospitals need data to evaluate so that they may proceed with installs and contracts. Recall back a year ago when Robcos was telling everyone that the top EP Centers/Drs/ didnt need data. He said maybe only the 2nd tier hospitals would need data. He also said after the 2019 HRS Conf that 30 hospitals were ready to buy. As of yesterdays CC - there have been no sales, no announced contracts and no revenues. CEO is still exploring how to "change ownership from Biosig to the hospital". Here is my critical takeaway. Londoner again confirmed that his audience and his target investor/shareholder is retail, unsophisticated retail. This company is 11 years old. It received FDA clearance 2 1/2 years ago. BSGM has raised capital 12-15 times at least-ALL from retail. That is by design. So[phistcated smart money and institutions hav kept clear. He has been talking about commercialization, placements and installs for years. Yesterday during Q&A 3 different people asked a very basic and important question. How much? How much will PureEp cost? How much will the annual upgrade/ maintenance agreement cost? How much revenue do you expect a device to generate? None of the 3 received a direct answer. Londoner expalined the obstacles. He explained the add on and upgrades. But he did not answer the question! Londoner responded to one of them that- "competitors might be on the call" and he didnt want to be specific. PureEp is years in the making. Supposedly now on the cusp of commercialization and the CEO wont say how much the device will cost or what the recurring revenue stream will be? C'mon man! There was a reason only the Laidlaw analyst participated on the call. Laidlaw has profited handsomely over the years . Laidlaw has a senior managing director on BSGM Board. Of course the Laidlaw analyst was on the call. No other Wall St analyst participated - not even Roth. I am sure RobCos was shocked when he realized that the Jefferies analyst was not on the call. Back in August when the Jefferies ATM secondary was announced RC said was likely after 45-60 days Jefferies analyst would recommend BSGM. He also said they would sell no stock in single digits- sales only after big news. Headline- BSGM sold 150k shares at $7 using the Jefferies ATM. And on the day his Oct $5 calls were expiring he posted that Jefferies was conducting a BSGM non-deal roadshow trying to pump up his options starting and spreading rumors. Then the following week he went back to his original post and edited out the Jefferies reference. There was NO Jefferies non deal road show. Ridiculous! If so it must have been a complete disaster because on the days of this alleged road show BSGM stock was down with belwo avg volume. This is an approved device. Its imperative analysts and investors know what the sales, revenues and margins are projected to be. There was no Q$4 guidance and no 2021 guidance as to sales revenues margins and profits. This is exactly why no institutions would ever own a stock run by management that is so evasive who is constantly raising capital. Add to that the obscene compensation packages. The CEO has been promoting installations and commercialization for years. He owes it to shareholders to come clean and tell them how many devices he expects to sell, how much they will cost , what the recurring revs will be and what the margins look like. Only an ignorant naive unsophisticated listener could possibly believe the reason he didn't give detail was because competition was on the call. We have all been on calls for companies that have micro chips, semiconductors, med devices, cyber security etc etc on and on and on....Investors , analysts, fund managers expect details when the company supposedly is soon to go commercial. An analyst needs numbers to come up with estimates and price targets. A portfolio manager wants to know how many devices the CEO projects they will sell in the current quarter and next year. A smart retail investor has to recognize when he/she is being hosed! I dont expect BSGM to stop its well chronicled strategy of PRs, paid for research and paid for media to email blast PR all targeting retail. . I expect there will be additional waves of noise. This stocks can easily be manipulated. We have seen it many times. It could go up. It could go down. The market is on fire. invest your money in companies run by honorable honest transparent management that have a product /service that is legitimate. Quality stocks don't need or want charlatan social media stock pumpers using multiple IDs on multiple platforms. |
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