re AGM...a few additional points ...
..to add to the excellent summaries already provided by diyodt, Sprules and Silvarline...
And, less material as key points presented/ asked have already been well covered. May sound random as simply following the order in my note pages (and, again citing only points I didn't see in the other synopses and thought might be of some interest):
Additional points:
- 98% of all animal vaccines are imported primarily from the U.S. This equates to approx. $130 mil. deficit in AH vaccines.
- VMC has a staff of 35. VMC facility is responsible for most of the current "cash burn".
- The VCM will/does surpass the Euopean standards which are the highest in the world. Cost of VCM is approx. $28 mil.
- Prior to Endo taking over 100% of R&D expenses for Urocidin, development of Urocidin cost Bioniche/shareholders approx. $150 million todate.
- Comment from Graeme relating to current phIII research..."Urocidin's approval getting closer and we can now smell it"
- Graeme believes Australia potentially next in full registration of Urocidin.
- Graeme does not see a significant "catalyst" to benefit the current sp in the near term. Bit surprised to hear the comment conveyed and appreciate if someone can verify.
- Australia firm/brokers suggest investors are comfortable enough to continuing holding with all else that is going on in the markets. But referenced the need for a catalyst which prompted above comment.
Points of potential minor clarification:
- With respect Graeme's answer to the question regarding an independent Chairman of the Board... I took away that something is/ has been discussed by the Board but cannot be shared at this time (and further couched by an independent chair being rather cost prohibative). Not definitive in my mind that the implication of what is being discussed by the Board is a new Chair (albeit, the obvious assumption).
- In regards to the need for more effective communication...I believe Graeme made a commitment to take action (possibly/likely retaining the services of outside expertise) when asked at the end of the discussion for the "net/net" from the discussion.
Of other possible interest:
Note: you can download full report but need to go to bottom of screen that comes up with a summary of the report.
Bottomline for me...
- If Endo is happy with Bioniche/Urocidin (and continues that way)...I will wait as long as this takes (and, likely around even longer).
- With the diversity of this company and business model, a few other bonuses will happen with all that is going on. I am quite sure of that.
- Very disappointed with sp and firmly believe with better communication around release of Urocidin's PhIIIa results it would not be at this level today.
- I heard recognition of mistakes made and already seeing/hearing some actions being taken which is definitely encouraging.
rg