AGM I hardly know where to begin so I will start with the very genuine enthusiasm of the principals and work on additional summaries over the weekend. Go to the website & read the bios of the CEO & COB and do not underestimate the second commercial option outlined below.
COB Ian: "We are building a solid company here"; this is a "very exciting time"; "truly believe we are at a tranformative moment"; I joined the BOD (read I gained assess to all insider information) and saw the potential, that Trimel is "on the cusp of realizing a potential build-up over many years ... I would not have committed if I did not see the potential very clearly." Why is Ian so excited? He is convinced Trimel will be cash-flow positive within 12 - 18 months. "This is a strong goal for the firm and will provide a dramatic change in market perception."
CEO Rossi: We are "at a transformational moment in the life of the company"; "this is a very exciting moment ... the work is finally starting to pay off ... it is a tremendous time for the company .. I am thrilled to be here."
Where are we now? There are 2 near-term commercial opportunities coming up: Natesto launch and the acquisition of cash accretive assets. These opportunities should lead to the company being cash flow positive within 12-18 months while developing Tefina and Trivair.
1) Natesto has the lowest dose and the highest efficacy rate, takes less than 10 seconds to apply and minutes to be absorbed. Plan A for Natesto is a Partnership, speaking to potential partners for the US and other countries - Trimel wants Natesto on the market ASAP and is working toward that end. Deal was slowed down by change to TID dosing but TID is the current reality and discussions are back on track. They are trying to get the best economies possible as quickly as possible. The lead time to get a finished fully labeled product is 4-5 months. They will be meeting with the FDA before the end of the year to get BID dose approved.
2) In the last few months the company has been very active identifying a number of potential targets for acquisition and discussions are ongoing. This is more than a simple shift in strategy, there is a definite commercial slant. The old pharma model has changed. They have a wish list of ideal products to acquire and would like them to be therapeutically aligned, but the cash component is more important. They would like to acquire assets with margins in excess of 80% and take advantage of the corporate structure/tax advantages of having a Barbados base. So far, without sales and revenues they have been unable to leverage the tax advantage. The objective is to be cash flow positive, they are "not going on an acquisition binge!"
There has been absolutely no hint the company is a takeover target and "why would we want to sell?" (Ian)
Rossi reiterated there is enough cash to carry the company until early next year. Not going after financing.