I have three issues:
has a website which is under-developed and not
updated often enough.
Product info - The only
product information on the site from a patient\doctor
perspective is Oxandrin. If the Internet is used by nearly
everyone these days for information, what a great way to
get product information out to the medical community.
Finance info - For your poor shareholders (and future
shareholders, we hope) you must keep the information you are
showing (i.e. September 1998) up to date. Additionally,
you can post news releases on the Website and store
them for historical purposes.
Leah, look to
other public company websites and copy them.
Coverage by Merrill Lynch
ML carries BTG as a
company in an emerging market - Isreal. The headquarters
is in New Jersey, the stock is not an ADR and over
60% of the sales are in the U.S. What are we? Please
get this changed.
3. Description of our
financial results in patent press release
product sales and diluted earnings per share for 1998
were $68.2 million, and $0.36,
This statement does not do us justice. Does the public
know we have $50 million shares outstanding? No, then
put down the $ figure along with the EPS. Do they
know our our total revenues?
Put dwon the total not
just product sales. I think you get the
Am I off the wall? Do others agree with me? These
things seem like no brainers to me. What else are we
P.S. I am in the no buy back camp. What I would like
to see is heavy buying from management - put your
own money on the line. Stock options outstanding are
nice, but put new money out if BTG is a really a buy.
Hello to all,
Based upon the current
messages about Unimed, it is encouraging to see the level
of value that BTG can buy for the Company. I won't
even speculate if Unimed is the best company\product
we can buy, but I am pumped about our prospects.
From what I have read in the Wall Street Journal and
other publications, there are a number of companies,
like Unimed, that are under-valued and in need of
Please do not misread Sim Fass, I do not
believe he is not a risk taker. I think he is like a
chess player who calculates every move and thinks four
or five moves ahead. This is my take.
a number of message boards daily and I would like
to thank everyone for their great comments and
speaking of personnel, do we know something of
the VP for Business Development, who "will seek out
new business opportunities to build on the already
strong foundations of the company" end of quote from 3ed
Thanks for the compliment. My understanding is
that the gel is absorbed in moments and does not
provide a problem for the partner or the man's clothing.
Remember this is once per day application and probably in
the morning after a shower.
The topic of the
prostate friendly testosterone gets a little complicated.
I'm not sure I understand it but I'll give it a try.
When testosterone is given it is metabolized in the
body to dihydrotestosterone and estrogen. It is
believed that it is the estrogen that makes the prostate
grow. Unimed's other testosterone is
dihydrotestosterone. When it is given there should be no estrogen
produced. Therefore it will have the same beneficial
effects as testosterone without the possible negative
effects on the prostate. Of course, this needs to be
proven in clinical trials but it's based on pretty good
science. Besides, this product has been on the market in
France for over ten years without any evidence of bad
effects. It is very relevant that a patent recently issued
that covers the use of this other testosterone to
protect the prostate.
In terms of Marinol for
Alzheimer's, there may be other products available but most
cause sedation which is not necessarily preferred.
Marinol may have another effect and that is to increase
appetite in these patients. Remember that is the current
approved use. In terms of any of these products, it is the
rare product that has no competition. The beauty of
the pharmaceutical business is that there is room for
many products and each one can do well. Remember that
for Unimed or BTG a $25.0-$50.0 million product may
be considered to be a triple if not a homerun.
The real problem here has been posted on other recent
messages. That is that BTG is not aggressive enough in
their pursuit of opportunities and that Unimed is
weighed done by Kapor. Logic says that if BTG were to
make an offer to the Unimed board they would have to
respond seriously. BTG may be looking at other deals but
it's hard to imagine one that looks as good and makes
as much sense as Unimed.
There is one factor
that can't be argued. Unimed had sales in 1998 of
$15.9 million up from $8.0 million in 1997. Gross
profit was $11.8 million which mostly would fall to
BTG's bottom line since most was overhead that could be
elliminated in a merger. Based on sales and cash alone Unimed
is worth more than $85.0 million and the pipeline of
testosterone products would come for free. Based on a P/E
ratio of even only 20X one could argue Unimed is worth
about $200.0 million to BTG. Unimed is looking more and
more like a buy at its current price.
My contacts also say that Dudley and Fass have a
great deal of respect for one another. They would make
a formidable management team if together again.
Agree Kapur is the real key. Time for Sim to get tough
but not unless he's ready to pay a fair price for
Unimed or get aggressive. As for Kapur, even if on new
board, he won't be Chairman so will only have a single
vote and no room to wiggle -- so who cares.
your points are well taken. nice post. Still,
unless the unimed gel absorbs very quickly, it may not
be a very user-friendly formulation. I would
question Dudley's suggestion that they may have a more
prostate friendly replacement therapy; it is still
testosterone, and achieving therapeutic levels of testosterone
will have the same effects regardless of the delivery.
Unless they have some follow-up drug analogous to
testosterone but without prostate effects. Hard to imagine
something with anabolic/androgenic effects (via receptor
sites) that doesn't also act on those same receptors in
As for treatment of agitation
with marinol, there are already drugs (e.g., haldol)
indicated for that problem, which means competition. Since
marinol would be treating, presumably, only the
agitation, the market shrinks to only those with significant
agitation. They certainly don't have a real treatment for
alzeihmer's. That's where the big market is.
your points about product synergies and the related
marketing efficiencies might make a BTGC/UNIMED bigger than
the two individually.
While my BTG insider tells me Dudley left BTG on
fine terms with Fass, it doesn't matter. Dudley (I can
see the strings) calls none of the shots, while Kapur
and his lackey Board calls all of them. Unimed does
make great sense for "our little BTG", but Simbo needs
to take off the gloves and get tough (skip Dudley
and go right to Kapur - he's the decision maker). One
problem if Fass does pull this off. Do we get stuck with
Kapur on our board of directors?
Well, Gynex and Bio-Cardia have also been taken
out. Unfortunately i dont know too much about the
circumstances, but it had to happen with at least Fass' consent,
even if he was not catalyst.
let me also repeat
djk69 s question:
did Fass and Dudley split on good
Another great post. I think you may have a better
idea of why I do not bother anymore A little knowledge
can indeed be dangerous. (For fairness sake, the
T-gels compounded in some pharmacies are generally
recommended to be rubbed onto the old sack)
only thing I would like to add to your post relates to
the following statement
<I agree that
Marinol and Oxandrin are extemely different but that is
the beauty of combining them in one company. Let the
doctor decide which one to use. Either way BTG would
benefit if BTG owned both drugs. >
statement, but to the "Let the doctor decide which one to
use." you make it sound like they have to choose
between one or the other. Many times an anabolic and
Marinol are combined in the same treatment regime.