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Brian Marckx, CFA  

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  • Semler Scientific Looks To Revolutionize PAD Diagnosis [View article]
    Their burn (op and inv) is averaging about $1M/qtr. As of 9/30 cash balance was about $6M - so assume about $5M in cash at 2014 year-end. I model about a similar rate of burn in 2015 and cash flow negative in 2016 as well.
    So I think they will have to raise more $ and possibly within the next 12 months.
    Jan 9, 2015. 08:58 AM | 1 Like Like |Link to Comment
  • Semler Scientific Looks To Revolutionize PAD Diagnosis [View article]
    There's no substance to your comment. Where in the article is the pump?
    You wonder when the PRO SA-er's got this? The article was published to PRO subscribers at about 7am on Jan 7 and went live to all subscribers 24hrs later. The stock opened at $2.68 on Jan 7, hit a high of $3.00 on Jan 8 and closed yesterday at $2.61 - that's down $0.07, not up "a buck or so."
    Jan 9, 2015. 08:46 AM | Likes Like |Link to Comment
  • Rockwell's Triferic Has Zero Clinical Relevance - Sell Ahead Of The Upcoming AdCom [View article]
    Great analysis and finally one about RMTI that is relevant and not the usual pump B.S.
    And I think the author was kind relative to the credibility of mgmt. For example, where's the $50 million in annual Calcitriol revenue that mgmt implied could be expected - and begin back in 2013?
    Oct 29, 2014. 06:19 PM | 3 Likes Like |Link to Comment
  • Tiny Tribute Getting Bigger And Warranting More Attention [View article]
    I met management at the JP Morgan conference in January and was very impressed - in fact that's how I got involved with covering the company. I actually mostly cover med-tech but loved their story and so decided to cover them. My colleague Jason Napodano covers Cipher.
    Sep 4, 2014. 12:44 PM | Likes Like |Link to Comment
  • CombiMatrix Exploiting Growth Of Chromosomal Microarray For Prenatal Analysis [View article]
    The lawsuit is unfortunate but the fundamentals of the financials - that is, what's related to their operations, were very good.
    Aug 7, 2014. 08:10 AM | 1 Like Like |Link to Comment
  • Cardiac Surgery Rapidly Evolving As Substantial Opportunity For CytoSorbents [View article]
    CytoSorb has potential applicability across a variety of indications and has already been used successfully in Europe in sepsis, burn injuries, lung injury, acute pancreatitis, trauma and others - including cardiac surgery.
    The potential total market for it is at least several billion $.
    Revenue to-date has largely been from investigator-initiated studies and follow-on orders - and the company has said that interest, demand and follow-on orders are increasing.
    This is a novel device - so the adoption curve can be somewhat drawn-out - I don't think anyone that has followed the company closely thought that that wouldn't be the case. And, as I mention in the article CTSO's game plan has been to build awareness and drive adoption - which, given the feedback from the company and product sales growth, seems to be working.
    So if you think the company will never break $3M in revenue, your characterization of $71M MC being absurd may be appropriate. I think it's absurd to value CTSO on $3M in near-term revenue given their growth prospects.
    Jul 21, 2014. 09:16 AM | 2 Likes Like |Link to Comment
  • Medgenics Looking To Exploit Orphan Drug Market With Its Novel Biopump Protein Therapy Technology [View article]
    Thanks. MDGN management is highly impressive - you've clearly been in very good company since childhood!
    Jun 13, 2014. 08:03 AM | Likes Like |Link to Comment
  • Favorable Ruling In Markman Hearing Opens Up Options For Zecotek [View article]
    Read my Oct 2013 article on the company - I lay out my valuation methodology and also make clear that a potential judgment in Zecotek's favor is not factored into my valuation.
    May 19, 2014. 07:42 AM | 1 Like Like |Link to Comment
  • Turnaround Strategy Being Implemented At Competitive Technologies [View article]
    I'm guessing efficacy of Calmare and insurers' reimbursement decisions will not be determined by the actions of prior management and the company they kept or by the education of the developer. "Phoney scientist" - haha -why, because you question whether he has a PhD or because somehow you've "proven" that Calmare isn't effective? "Employ ex-cons and ex-FINRA violators" - who's on CTTC's payroll that fits that description? - or is that a reference to prior management and the company they kept?

    As far financing with convertibles - you may be new to the micro-space or companies with lower credit quality - but convertibles are a pretty darn common with these companies. In-the-money conversion prices - yea if that's going to throw you for a loop, you better steer clear of this space. You might get scared with 200% warrant coverage too - but that's also not uncommon for penny stock companies that need to stay afloat. Factoring receivables -yep that happens too.

    So now you think Calmare should have sold itself despite not being covered with insurance reimbursement. But your earlier comments were that the out of pocket cost is too much for patients to bear. So you've again seemed to contradict yourself. You need to be careful about that or someone may question your credibility. Maybe you're new to the med device space too - but ex-reimbursement, particularly for small co's with no marketing budget, devices don't typically "sell themselves".

    Now on the subject of your motives and credibility. Well I admit that maybe I was a bit unfair questioning your motives just because this is the only article that you commented on under this "bearcrusher" profile, that this profile had zero followers and you were following no one.

    And I wouldn't necessarily hold it against you that all of your comments have had an obvious negative slant and your flip-flopping on whether Calmare should or shouldn't sell itself based on your argument at the time. I could even ignore the sarcasm and hyperbole.

    However, I have a difficult time overlooking the (at least) four and a half years that you've been posting similarly disparaging comments about CTTC and Calmare on various websites under various pseudonyms without identifying who you are. Let's see, you've posted using the names "rrtzmd" and "Vaffan-Coulo" on investorshub - and not only have you posted about CTTC on investorhub under those names, you've posted 2,613 times about CTTC under those names on investorhub. 2,613 times!! And I have not found one of those comments to be anything other than negative to CTTC or Calmare of both. But you don't just limit yourself to investorhub or to just the "bearcrusher", "rrtzmd" or Vaffan-Colou" names - you seem to post just about anywhere that you can about CTTC. Your comments under your "rayzmdAKArrtzmd" on previous articles about CTTC on Seeking Alpha are of course similarly negatively slanted. So it appears you've been busy waging a one-man campaign against CTTC for several years now. I'd say that reeks of an agenda.

    And more specifically to your credibility. I can get past the fact that none of your various names that you post under include a bio. But what I have a difficult time overlooking is that when you were asked what your background was on Seeking Alpha you answered (on 10/7/2010) that "I have a MD from Harvard and a Ph.D. in neuroscience from Princeton" but when you were asked the same question on investorhub you answered (on 5/22/11) that "I have a MD from Harvard and a PhD in neuroscience from Columbia". So was it Princeton or Columbia - or neither?? Here's the links to refresh your memory - which seems to be slipping given that you apparently can't remember where you went to school...... (posting as "rrtzmd") and (posting as rayzmdAKArrtzmd").

    Yea that "minor" inconsistency may not play well in your favor in terms of credibility. Ohh, and weren't you questioning Marineo's credibility and his educational background. That's precious!!!
    Mar 31, 2014. 09:07 AM | 1 Like Like |Link to Comment
  • Turnaround Strategy Being Implemented At Competitive Technologies [View article]
    I'm guessing efficacy of Calmare and insurers' reimbursement decisions will not be determined by the actions of prior management and the company they kept or by the education of the developer. So, no that doesn't prompt me to revisit my neutral rec.
    Mar 28, 2014. 08:20 AM | Likes Like |Link to Comment
  • Turnaround Strategy Being Implemented At Competitive Technologies [View article]
    Yes I would agree, the more facts the better - but turning the Marineo PhD thing into a credibility issue for CTTC seems like a huge stretch.
    And I'd agree that the fraud or alleged fraud that you cite is worthy of mention. But let's be clear, that happened under prior management.
    Mar 27, 2014. 09:59 AM | Likes Like |Link to Comment
  • Sanuwave: Sell-Off Unwarranted, Look for Stock to Outperform [View article]
    - Supplemental study has been tracking expected timelines - with early anecdotal feedback positive
    - Initial pivotal study barely missed endpoints and treatment boosts with supplemental trial could very well hit the efficacy endpoints
    - Raised enough $ to get them to FDA filing
    - Huge market for DFU and dermaPACE looks more efficacious than dominant device

    In anything, there's more reason to own it at $0.60
    Mar 27, 2014. 09:36 AM | Likes Like |Link to Comment
  • Turnaround Strategy Being Implemented At Competitive Technologies [View article]
    Thanks for the primer on Reg FD. I don't see how you conclude there's a "secret plan". It's common that companies designing trials will wait until the trial designs have been finalized before they announce them to the public and trial designs usually don't come together overnight.

    As far as the Marineo PhD - as I answered the other poster, I don't know if he has a PhD but whether he does or does not has absolutely no bearing on my outlook for Calmare or CTTC. Nowhere in my article do I state or imply that Marineo's educational background, or Marineo as the inventor of Calmare, adds any credibility to CTTC or Calmare or to the potential of CTTC or Calmare. And Marineo is not part of CTTC. So whether or not he has a PhD has zero relevance to my article.
    Mar 26, 2014. 08:28 AM | Likes Like |Link to Comment
  • Turnaround Strategy Being Implemented At Competitive Technologies [View article]
    So there's a difference between intended use and specific indications. I'm not going to spend anymore time educating you so you're going to have to do your own homework.

    C/n talk specifics - yep, Reg FD. So wait and see what the co. says.

    Int'l distribution agreement, yes I did cover that.

    So, again, you've added no value and again, you haven't disclosed your agenda - but don't deny that there is one (did you mention "shady"???).
    "I don't recall seekingalpha requiring someone have an "agenda" to discuss a company" - hey, I even already covered that when I said, "It's unfortunate that SA allows anonymous profiles to post comments with obvious slants without disclosing their interests in doing so." Again, you manage to offer nothing new!
    Mar 25, 2014. 05:21 PM | Likes Like |Link to Comment
  • Turnaround Strategy Being Implemented At Competitive Technologies [View article]
    Actually PMA is also required for Class II devices for which there isn't a predicate device which is substantially equivalent. CTTC will be seeking specific indications for Calmare that are different from the intended uses listed in the 510(k). Which will require PMA.
    I specifically asked mgmt about the sham issue relative to clinical trials and, although they c/n talk specifics, I was satisfied with the answer. So wait and see.
    Yep, in an ideal world payers would have all kinds of info at their fingertips to make reimbursement decisions. Unfortunately in the real world that's not the way it works. They typically want clinical data to support efficacy.

    So please address my last comment - and disclose what your agenda is?
    Mar 25, 2014. 09:24 AM | Likes Like |Link to Comment