Bacterin is going to lose their FDA approval, and now the Office of the Inspector General has issued a subpoena for what amounts to medicare fraud. Maybe Guy Cook will go to prison and Bacterin will get a new CEO. I predict the stock would go back to $3.00 IF cOOK WAS OUT.
Qunnpercy's entire posting history is negative hits on Bacterin, and he obviously would love to see GC in jail. He is either a short seller or (more likely) someone fired for cause by GC. Go grind your axe somewhere else, us longs are looking for info, not your personal grudges.
#1 The FDA does not "approve" anything, they clear it. #2 Any type of medicare or billing issues does not affect prior clearances. #3 I do agree when Cook is gone after they default, the company will come back assuming they change how they have been doing business.
"Bacterin is going to lose their FDA approval, ...."
You are a flaming a**hole. Simple as that.
They are not going to lose their FDA approval. They'll get the procedures worked out to the FDA's satisfaction and that will be the end of it. Did you actually read the entire 8K or just a few words here and there?
"The company is committed to actively working with the FDA to address their concerns. The warning letters do not restrict our ability to continue manufacturing and selling our products, nor do they require the withdrawal of any product from the marketplace. The issuance of the warning letters has no impact on patient safety. We take this matter very seriously, and we are committed to fully resolving any issues or concerns."
This is what you're flipping out about? Talk about getting your panties in a bunch.
First, as you can see, the practice was stopped in 2010 and even when they did it, it was only with a small number of physicians.
Second, you may not be aware, but this was standard practice for all pharmaceutical companies in the past. You'd invite a bunch of doctors and their spouses to a dinner where another doctor would give a briefing/slideshow about a drug/product. The doctor/speaker would get a payment (honorarium) from the company sponsoring, and the dinner was likewise paid for by the company. Got a problem with that? It was standard practice, and to tell you the truth, it was a cheap way for the companies to do marketing. Simply informational and convenient, easier, and better than dealing with a company sales rep. The payment/honorarium the speaking physician received was negligible and was probably less than what his/her time was worth to deliver the talk, even when you include his/her dinner.
Lastly, as you will notice in the disclosure, the company believes it was all done in accordance with applicable laws at the time.
Bottom line, this is much ado about nothing. Unbunch your panties.
"On February 11, 2013, we received a subpoena from the Office of the Inspector General of the U.S. Department of Health and Human Services (“OIG”) in connection with an investigation into possible false or otherwise improper claims submitted to Medicare. The subpoena requests documents related to physician referral programs operated by the Company, which we believe refers to the Company’s prior practice of compensating physicians for performing certain educational and promotional services on behalf of the Company. This program was discontinued in 2010 and involved payments to only a small number of physicians that we believe were made in accordance with all applicable laws. We intend to cooperate with the OIG’s investigation.
Very good points, explained in a way everybody will understand. I know that Bacterin is a good company, and i own shares for a very long time, even though i'm down more than 30%. Still buying the new lows. Will get big by the year's end.