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Chembio Diagnostics, Inc. Message Board

  • sonomaca sonomaca Mar 28, 2014 1:08 PM Flag

    Significance of board change

    Clearly, the directors have learned that you don't give the CEO the added title of board chair. LS had both titles and that was a disaster. I don't think this is a knock on Sperzel. They put him on the board, just don't want too much power invested in one person.

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    • Having negotiated with CEMI for two veterinary diagnostics that represented $100 million and $50 million markets (disease-free rodents [aka viral free] and non-human primates, respectively) the problem became obvious very quickly. For CEMI to have a major, breakthrough product, they have to own their own proprietary antibodies and antigens. That simple. The antibodies have to be monoclonal and the antigens have to be purified, recombinant or produced by molecular chemistry. If they were smart they would be looking at plasmids and electroporation vaccination in rabbits or goats. When this type of thinking starts flowing from the BOD into the company and they get focused, they are going to break out big time. But right now they have to get through the regulatory hoops for what they have invested in during the last 5 years. Not an easy task based upon a lot of internal procrastination.

      Sentiment: Buy

      • 1 Reply to rehdvm2004
      • Thanks. As was pointed out, the only scientist on the BOD is Kissinger, and that's not exactly his focus. Perhaps it's time to add someone with a scientific background is this industry to the BOD. I think they should probably get rid of Meller or DeBuono or both.

        Sperzel clearly needs to shake thinks up in R&D, in the group that runs trials and deals with data (isn't that supposed to be DeBuono's specialty?), and especially in government relations. It's all broken.

    • I totally agree with the BOD for not making him chairman. After all he did basically give Alere a good bargain with that other company while he was their CEO.

      LS was a disaster? He only had the last 5 years of profitability and left the balance sheet end of 2013 best ever! Obviously you've never run your own business before.

      Serious question. If this new CEO is so great and LS so bad....why is the share price lower now than when the CEO PR came out???

      • 1 Reply to chart_watcher99
      • As usual, your facts are COMPLETELY wrong. He was president of Axis-Shield US. Axis-Shield was a European company. Sperzel had zero to do with the sale of that company. It's so frustrating dealing people who don't have a grip on the most basic facts.

        I have not yet commented on the new CEO, other than to point out that he is and has been a real CEO before. LS was not a POC CEO. He wasn't the CEO of anything. He was a lawyer and a failed investment manager. I'm surprised the BOD stuck with him and his embarrassing antics and poor performance for so long.

        The BOD tossed him a few "consultant" bucks (ie, here's some money if you promise not to come anywhere near the building and not to call anyone at this company). The BOD could easily have left him with his board seat, but they did not want him around. Who can blame them after some of the things he said and did in recent months. He was a cancer.

 
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