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Bullboard - Stock Discussion Forum Spectral Medical Inc T.EDT

Alternate Symbol(s):  EDTXF

Spectral Medical Inc. is a Canada-based late-stage theragnostic company advancing therapeutic options for sepsis and septic shock. The Company develops and commercializes a treatment for septic shock utilizing its Endotoxin Activity Assay (EAA) diagnostic and the Toraymyxin therapeutic (PMX). PMX is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the... see more

TSX:EDT - Post Discussion

Spectral Medical Inc > Anthony Bihl Chairman
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Post by Accountprince on Mar 30, 2023 2:40pm

Anthony Bihl Chairman

Just going through the news dump that's on Sedar and noticed something I hadn't seen before.  Spectral Medical's Annual Information Form (AIF) for December 31, 2022 dated March 24, 2023 contained the following exact disclosure:

"Anthony BIHL III, a director of the Company, was Chairman of the Board of Directors of Nuvectra Inc. (Nuvectra”), a US based company. Nuvectra operated for over three years before defaulting on a loan covenant. Nuvectra filed for bankruptcy on November 11, 2019, filed a Plan and Disclosure Statement under Chapter 11 of the U.S. Bankruptcy Code in January 2020, and initiated an auction for the sale of the company or its assets in February 2020. The process was completed in 2020."

Nuvectra was a public company in the US and Mr Bihl its Chairman of the Board.  The AIF did say indirectly he's the only one of the directors and officers that has been involved recently in the Bankruptcy of a company.

Given the comments made from time to time on the governance at Spectral Medical I do find this news disturbing.  While Nuvectra is a completely separate company the recent experience we've had with Dialco - a discontinued operation now after several years of significant investment and high expectations - had assets sold off to iDialco for a 30% minority stake.  That's now in the rear view mirror but the continuous faltering, fumbling and excuses surrounding our big prize - PMX and Tigris trial - continue without any visible action from our governance BOD.  What do the other shareholders think of this?
Comment by mercedesman on Mar 30, 2023 3:07pm
Here's a more complete Bio. While Nuvectra may be pushing up daisies, so are a multitude of ex-companies with a history of talented directors. Nevertheless it raises a red-flag that bears watching.  IMHO the BoD as a whole, needs to step it up - particularly in the area of Mgt. performance oversight, and value creation on behalf of all SH ers. Anthony P. Bihl III has served as a member ...more  
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