Bioprogress is a stock I have been in and out of quite a few times since it floated in May but not much mention here on the Investors' Room. Does anyone else follow this stock. I see it is up 1.5p today and a few good buyers seem to have appeared.

OK mate!!!

Any reason for the drop today are the MM's playing games again?

is that the same good news that mediwatch were supposed to be getting. Which is now 3 months ago!!!!!!!!!!!!!!!!!!

Is anyone going to the AGM today? Would appreciate some feedback! Are the MM's playing games again with the price? Do we think the price may rise after the AGM?

Taken from BioProgress website 21 April 2004
AGM statement and senior management appointment at BioTec Films LLC

BioProgress plc, a provider of innovative delivery mechanisms for the pharmaceutical oral dosage markets, announces today that, at the Company’s Annual General Meeting, held earlier today, all resolutions before the meeting were duly passed.

Speaking at the meeting in London, Peter Glynn-Jones, Chairman of BioProgress, said: “BioProgress has continued its excellent progress to date in the first quarter of the current financial year. Central to our progress during this period has been the acquisition of the Aqua Film assets in the United States, now renamed BioTec Films LLC, which will contribute immediate revenues and help accelerate the delivery of our technologies to our customers.”

Mr Glynn-Jones also informed Shareholders that George Tidy has been appointed as Senior Vice President Operations at BioTec Films LLC, the wholly owned film manufacturing subsidiary that BioProgress recently established following the acquisition of certain assets from Aquafilm LLC, based in Tampa Florida USA.

Mr. Tidy is a qualified Plant Engineer with thirty years experience in pharmaceutical operations, as well as Research and Development operational development. He worked for R. P. Scherer Corporation (now part of Cardinal Health, Inc.) between 1974 and 2001 in various senior engineering positions, developing and improving gelatin and starch based encapsulation technology, including major roles in establishing entire gelatin capsule manufacturing facilities in Korea and Egypt. Mr. Tidy was also a member of R. P. Scherer’s global process improvement team.

Between 1997 and 2001, Mr. Tidy was Plant Director Operations for the R. P. Scherer Zydis pharmaceutical manufacturing process and, in 2001, he was appointed Director New Technologies Operations Development for Cardinal Health, with special responsibility for the development of radio frequency capsule manufacturing processes in the collaborative venture between Cardinal Health and Stanelco plc.

Peter Glynn-Jones, said: “There are few individuals in the world with George’s experience and knowledge of the soft capsule production business. I have no doubt he will make a major contribution to accelerating the commercialisation of a number of our dosage form technologies and enhancing the technical capabilities of our film manufacturing facility in the USA.”

For anyone interested, this is macansy's post from MW site :-




I was lucky enough to attend the AGM today along with my broker whose office is just around the corner from where it was held...

I'm not going to go into great detail but will just post some notes that I made during the AGM plus the outcome of questions I put to Peter Glynn Jones after the AGM had finished whilst everyone was milling around.

In no particular order....

1) BPRG will continue to review possiblity of Nasdaq listing and the point was made that because the company already complies with SEC filing regulations that this would be a relatively simple exercise.

2) The appointment of George Tidy - I asked PGJ the significance of Mr Tidy's experience in the joint venture between SEO and Cardinal and was told to "draw my own conclusions"!

3) The recent placing to fund Aquafilm purchase was executed as such because of the importance of "getting in quick". BPRG were in a bidding situation for Aquafilm and could not afford the time it would have taken to raise the money through an open placing/rights offer etc...

4) Aquafilm purchase of assets was done so as not to pick up any hidden or otherwise liabilities - ie BPRG got exactly the parts of Aquafilm that they required and nothing else.

5) RF is categorically NOT used in the current line up of BPRG technologies, however the lawsuit is being pursued for additional future possible revenue streams and simply because BPRG want what they say "is rightfully theirs".

6) The name of the pharma in the OTC deal will be out by June - this is when it will have to be made known due to SEC rules and will therefore appear in the SEC filings...

7) FDA have recently made an impromptu visit to the Tampa production facility and have given it a clean bill of health

8) Brokers note will be forthcoming in the next couple of weeks. I spoke to PGJ about this after the AGM and am in no doubt that it is waiting for the SWALLOW deal to be signed. OF THIS I AM POSITIVE and also convinced that this deal will dwarf the FMC deal. Cheekily, I also asked him about rumours that Wyeth were the company involved in the deal for SWALLOW. His exact words were, "Wyeth? I've never worked for them!!" Now, make of this what you will but in my mind when the announcement comes through the name Glaxo will be on the RNS. He also confirmed that we will know the name of the company involved at the time of the RNS, unlike the OTC deal.

9) The OTC deal for Tabwrap is for one market sector only. I think, according to my notes, that it was store brands. I did not realise this before and therefore assume that there is much more scope for further TABWRAP deals?

10) I asked PGJ after the AGM about Far East markets. His words were that they were concentrating on "The fruit that hangs lower down first" but that the Far East, Japan, etc would be tackled in due course but that it made much better business sense to concentrate on markets that are easier to penetrate.

11) No approaches have been made to the company with regards to takeover talks.

12) Convatec share of $1 billion ostomy market is $440 million. The product development is continuing well but no revenue is likely for 2004


I'm sure there is plenty i've missed but these are some of the points I picked up. I was mightily impressed with PGJ and his willingness to answer questions once the main forum for such had closed

on Ample they are saying the recent appointment of Mr G Tidy is incorrect has has stated he is staying with his current appointments? Causing the price to drop anyone got any further information?

Adie,
Badly worded RNS. He is taking up the post with BPRG.
He was going to work for SEO, but has obviously now rejected the SEO offer.

Excellent news pity I didnt top up when a few people panicked..... Presume SEO will fall badly now, maybe go short on them, lol.

Lokks like Mr tidy has left the whole situation untidy for the weekend,no doubt all will be revealed on monday morning!!!

From geenem on rival bb,


What larks! And all good clean fun, too. I've still a few days' worth of posts to catch up on but after I saw the SEO announcement I skipped forward to flick through the hundreds of posts that have appeared since then. As far as I can see, about the only substantial ones with which I'm in almost total agreement are those from Nick, The Prophet & Poorold.

When I saw the RNS - ironically titled "Clarification" - I naturally made an immediate call seeking proper 'clarification' from Bell Pottinger (cited for contact in the pr), since I've had very long experience in the past of failing do get any real information from any of the published numbers for Stanelco itself.

As others have discovered & noted, Bell Pottinger in fact no longer have any connection with SEO. Could be my imagination, but the woman there seemed to take a certain sadistic satisfaction in giving SEO director Howard White's private mobile number and suggesting I call him.

Got through to White immediately, though he seemed even more surprised than I was. He admitted that Bell Pottinger had nothing to do with the RNS which had their name attached to it, and said the company handling SEO's pr - other than Hardman & Co. - is now Financial Dynamics (I think). Nick reported his conversation with their representative in post 6877.

We didn't speak for long, and he said simply that, after BPRG's AGM statement appeared (which included the announcement of George Tidy's appointment), Stanelco had got in touch with Tidy who, as a result, "changed his mind" about taking up the BPRG appointment. I couldn't get any explanation for the 'change of mind'.

Rather disingenuously, I thought, White also said that in the absence of an announcement from BPRG, Stanelco felt it was their duty to issue one themselves.

By the time I'd read the pr and made the calls it was too late to contact Bioprogress and, quite honestly, I wouldn't really expect them to give any sort of substantial response to something which appeared late on a Friday afternoon and upon which they'd be rash to comment before hefty consultation with their lawyers & advisors.

--------------
My initial & tentative interpretation........

The inclusion of George Tidy's appointment in the AGM statement served to spice up what would otherwise have been a bland announcement which would have failed utterly to reflect a fantastic AGM celebrating BPRG's phenomenal progress since the AIM listing less than a year ago, and its even more glittering prospects in the months & years to come.

With the rapid commercialisation of their existing technologies, and continuing development of both those and new ones barely hinted at so far, Bioprogress must surely be on the look out for suitably qualified technical staff, to whom Tidy would undoubtedly have been (and might still be) a very useful addition.

When the appointment was announced I was surprised to hear that, since leaving InGel, the one-year restriction on Tidy's activity applied to the UK only, and not the USA. My guess is that Stanelco were even more surprised and, quite bluntly, threatened Tidy with heavy legal action if he joined a Bioprogress subsidiary - even though it is in Florida.

If that's the case, we have yet to see whether BPRG's lawyers share Stanelco's interpretation of Tidy's contractual obligations and, if not, whether the BPRG board will think it worthwhile offering to back him against any threat of action by Stanelco, or whether they decide to defer the issue until after the patent dispute is settled - by which time Stanelco is likely to be completely out of the softgel picture, and no longer in a position to even threaten action against Tidy.

I'm only guessing, and I don't expect any announcement from BPRG until they've had time to consult and properly consider their options. And, useful though Tidy could be to one area of BPRG's operations, I certainly don't want them rushing to deal with this relatively minor problem if that means taking time away from far more valuable negotiations & deals.

Maybe we'll get some sort of response from Bioprogress early in the week, maybe definitive or just a 'holding' statement. Best thing would be if they have some other announcement ready by then, a statement about Tidy could be tacked on to the end of that. After all, the employment position of this one person - no matter how skilled & experienced - is no more essential to to Bioprogress now than it was a month or two ago, before the proposition was even considered.
Of course, this is in total contrast to Stanelco's position, for whom George Tidy apparently remains so important that they feel obliged to issue an emergency statement, late on a Friday afternoon, solely about another company - Bioprogress - and the employment situation of someone who was never even an employee of Stanelco.

Tidy-up leaves a few loose ends

Until recently, one George Tidy was an employee of a US group called Cardinal Health. He had been seconded to work on a joint venture with UK group Stanelco, which is in a spat over a patent with its rival Bioprogress. On Wednesday Bioprogress announced Tidy was joining it.

Yesterday Stanelco announced that Tidy wouldn't ** be defecting after all. That was news to its rival, and what's this got to do with Stanelco? It's a highly unusual use of Stock Exchange announcements.

"We just wanted to correct a statement made by another company that mentioned our company and may have affected perception," claims Howard White, Stanelco's deputy chief exec. "We have done it on advice."

I wonder where that came from. Yesterday's announcement lists Bell Pottinger as Stanelco's PR company, but they parted company last month. All very odd".

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/04/24/ccdiary24.xml&sSheet=/money/2004/04/24/ixcoms.html

News about a board meeting between bprg,fmc.hareo holinger and wyeth this weekend.Big news tuesday as monday is bank hol????

That isnt a board meeting, its a party !!

from another poster on bb,

morning all, im not here to ramp as some of you think and you will realise this very soon. Ive just had a phone call and although the brokers note was not mentioned to me, i am convinced it is Wyeth. As i understand it, there is some very heavy stuff going on between now and Monday and I REALLY expect some great news by Monday morning at the very latest, im hoping for friday personally. If the brokers note is due as a couple of people think i dont expect that until mid of next week but that in my opinion wont make a heap of differance any way coming so soon after this deal. Keep the faith and smile.

Also I would like to confirm, beyond further argument, that the weekend event is indeed a corporate function hosted by BPRG as some have said already. I think it is realistic to say that at these events, not much serious business gets done as everyone is moving from a to b to c and chatting with all and sundry. These events help in the cementing of business relationships.

However, the fact that certain big boys will be in attendance does mean that they may be around for more formal developments on other days.
The news is there...it is happening....and it is all due shortly. That's all I need for now.

Makes me smile when I see the expections of some posters. Perhaps the 'brokers note' is really a 'last will and testament'? If they don't soon get it out it may be? :)

About time someone clarified?



jfletendre - 26 Mar'04 - 14:30 - 426 of 478


been away for a week and can't believe so few posts on BPRG - can someone please let me know if the broker's note has come out while I was away??? Would be much appreciated


nematode - 26 Mar'04 - 14:33 - 427 of 478


No not out yet,maybe next week!!!!

A good weekend for BPRG with potential customers.news will come out soon .GH in states at the moment on BUSINESS!!!!!!!!!

3 items to be revealed. Maybe they will be synchronised for a reason.

From FT.com

There is little love lost between Stanelco and BioProgress in the race to supply health companies with pill capsules that contain no animal products. The two groups are facing a court battle over patents - and have also become embroiled in a bizarre dispute over a production engineer.

BioProgress told shareholders at its annual meeting last month, in a stock exchange announcement, that George Tidy had been appointed as senior vice president, operations, at BioTec Films, its film manufacturing subsidiary. Mr Tidy used to be director of the new technologies operations development for Cardinal Health, the US pharmaceutical group that produces 100bn capsules a year. His special responsibility at Cardinal was developing a manufacturing process that uses radio frequency technology to seal capsules - rather than the conventional heat sealing - in a collaborative venture with Stanelco.

Stanelco expects the joint venture to start commercial production of radio-frequency sealed capsules later this year. Concerned that Mr Tidy was going to work for its rivals, Stanelco contacted him and took the unusual step of announcing via the stock exchange that he had advised them he was not going to take up the appointment with BioProgress.

BioProgress has revealed on its website that circumstances have changed, and it is "under advice from its legal advisers". The company appears to be within the listing rules - but as it deemed the appointment was worthy of a stock exchange announcement in the first place, restricting the development of the saga to the website seems curiously bashful. david.blackwell@ft.com

Reading the previous information I could see some reason for a fall back in Price of Shares. But currently is at 88-90. 10% drop to day. Thinking of buying a few more? Perhaps just W/W with TLC.