Hi
@cleveland21,
Just a quick clarification, I am not close to the company (management) but I have a deep interest in the company. The 50,000 units in a quarter you referred to may have been from one of my post (with error in assumptions) that I subsequently got it moderated. I apologize if it is a bit misleading as I misread in the presentation that the target market of 140,000 in the next 2 years as target sales of 140,000 in the next 2 years.
From my understanding, we are currently conducting multi site trials through the various autism schools/centres in Australia and well as other parts of the world. These trials will be speedier than the clinical trial we had at Carrick Institute. The data from the multi site trials are processed directly from the smartphone apps to the data centres and will not necessarily take the full 12 weeks whereas the clinical trial has avoided the use of the app to maintain the independence of the study.
Upon the satisfaction of the efficacy of the Mente Autism device, the centres would have evidence based ground to recommend it and also for the NDIA to approve the reimbursement scheme. I guess the 1,000 units production and sale for this quarter is a good but slower step. I believe the "big leap" will come when we are included in the reimburse scheme. Turkey and Italy would likely to be first followed by Germany. The USA reimburse scheme would probably be approved fairly quickly after the FDA approval as what I have read from some of the commentaries posted here from those who have attended the roadshows in Sydney and Melbourne. USA will be a very big market as neurofeedback therapy is not foreign to them.
Anyway, back to the topic of this thread, Management is not asleep, lots happening in the background. This is not like a mineral or O&G exploration company where you hit a motherlode and you have made it.
The person who created Mente no longer there. I suspect he was also responsible for the certification to date as obviously one needs to have an intimate knowledge of the product to take on that process. The burn rate for this company is simply too high. i think there are signs management are trying to claw it back but given no significant sales to date how does one get sales on a much lower budget. Not good.
Grivas
