ECTE was $40 two years ago. Platinum said today they are looking for a return to $30 at least once they are in charge.
Nice call. The stock is back over 2 bucks where it should be.
What happened to bashers polytrader and ammendoleac???
They predicted it would go to 1 buck. lol. idiots
I also listened to the call. I got many of the same things as above. I hope that Platinum does not hold back on their planned actions. I fully support them. I especially support the call for the other three directors to be dismissed for cause. I would believe that they would garner even more support than before. Platinum is not perfect, I have a few minor issues. But they are far more in line with all of our goals and have a plan. I like the plan. And at the very least it is better than the "no plan" that the other directors have been thumbing their noses at us with. We own the company..... not them. They should be able to find jobs in the political sector.
I had to juggle a few calls during the webcast, but these are some notes I made during the webcast:
Mike Goldberg has previously made proposals for change to Echo's Board, but with no effect. They refuse to consider any outside opinions or suggestions.
Platinum believes in the CGM technology, but the clinical programs have stalled.
Echo management is unwilling to change the direction of the company, and prefers to continue doing business as usual.
Mike Goldberg/Platinum have a plan to change the direction, and save the company.
Current ECTE Legacy Board members are resisting the plan because "have a problem with Platinum".
Raising capital at acceptable terms in the current situation is not practical, and would create massive dilution.
Platinum wants to cut the burn rate and preserve current cash.
Platinum is suggesting a Special Committee to find a qualified CEO.
Company is not prepared to handle manufacturing and/or marketing, and Platinum is proposing these functions be outsourced to experienced companies.
Platinum believes immediate headcount reductions are needed to lower burn rate.
They also propose to outsource CRO functions for regulatory approvals.
Platinum wants to outsource Symphony/Prelude manufacturing to MTIA (China partner) at a much lower cost.
MTIA can solve the current issue with the Abrader (Prelude) as well as the algorithm issue.
Platinum prefers to pursue partnership opportunities, including the exploding wearable technology space for Glucose Monitoring. Echo has the BEST CGM technology available today.
Platinum suggests pursuing intermediate opportunities, including Gestational Diabetes (pregnancy), and pursue a CE Mark in that indication.
Wearable technology - approach major players active in the space (Apple, Google, Samsung) for partnership (this use does NOT require FDA approval)
Apple is actively hiring CGM experienced people, and actively exploring CGM potential. Echo is a good match, having the bes
I saw that. Bit of frustration there? Maybe trying to get everyone riled up before the Town Hall meeting.
WE DO NOT BELIEVE THE INTERESTS OF THIS BOARD ARE ALIGNED WITH THE BEST INTERESTS OF ALL STOCKHOLDERS
We believe the apparent lack of concern for stockholder value is at least in part due to the fact that the members of the Board have little personal stake in the Company. Collectively, the current members of the Board, other than Dr. Goldberg, beneficially own a little more than 1% of the Company. Almost all of the shares owned by them were granted by the Company as compensation. Further underscoring the lack of any apparent conviction in the future of the Company is the fact that Robert F. Doman, Vincent D. Enright, William F. Grieco and James F. Smith have collectively purchased just 6,500 shares in the past two years. Yet during their service as directors, they have taken HUNDREDS of THOUSANDS of dollars out of your Company in the form of compensation.
Thats why you see buyers line up whenever the price gets near 2 bucks. Once Platinum gets the last crooks replaced you will see ECTE go back to ten or twenty bucks again.
Their competitor DXCM is valued at $3 billion market cap and ECTE has better technology that is pain free and more accurate than DXCM