Below was posted on Okyanos website yesterday Oct8th. Isn't it ironic that Cytori went into the toilet bowl on Stem cell awareness day. You can't make this stuff up. Anyone else find it amazing that Hendrik has not held a conference call to address the situation at Cytori and speak to shareholders. I have written and called and naturally no response. The recording on the IR number is from Meg Mc Cormick so she is either still with the company or they are showing just how important investor relations actually is but not even updating the voice mailbox.
Okyanos Heart Institute
Yesterday at 1:30pm ·
Today is #StemCellAwareness Day! For the millions of people around the world who suffer from incurable diseases and injury, we embrace the scientific advances made to date and are hopeful of what is yet to come. #stemcellday
I will let you know that I finally received a response back from someone at Cytori - and that was Marc Hedrick, himself. He confirmed that Megan was no longer with the company and that the IR function will be back in place within a few weeks. I clearly voiced my opinion in a cordial, non-emotional, but direct email about current state and overall perception of the company in which we've all invested thousands of dollars - and perhaps family money as well. He stated that he was dedicated to turning this situation around and that no one was more frustrated with the current stock price and situation than he is.
They have a little room to breathe now, albeit not in the most shareholder-friendly manner - but it's going to take a couple of quarters to turn this around. Wolves are licking their lips and can taste the blood of a current pig that has lost all legs but one. Hopefully this pig is a wild boar that only knows how to fight back - and where the legs were lost, partners, legislation and/or sales vehicles can get it back on solid ground.
Dr. Hedrik, should have already had a conference call addressing what has transpired. Cytori knew what was to transpire and they should have prepared a statement with a competent PR firm. Any well run company would do this. Cytori has yet to grasp this and if you think that now the same management team is going to change there ways and start operating in a competent manner and miraculously start making better decisions, we the I have a bridge that goes between Brooklyn and Manhattan to sell you. I am glad he called you and wish that he had extended me the same courtesy considering the shares I hold and the 6 figure losses suffered. Never thought it possible that credibility could have ever been lower then when CC has steering this ship aground, but low and behold it is. No excuses for having a vacant IR position and to let shareholders twist in the wind. Don't know you, but surprised if Hedrik did pick up the phone and call you. GL
I don't disagree with anything you've stated. I'm in your exact same position (holding-wise) and was purely fed up with the non-responsiveness nature of the company. We've both lost a lot on paper, which is perhaps why Marc addressed my email. He did not call me, he responded via email in less than an hour. He could have taken the chicken sh*t way out, but he at least wrote me back.
I assumed Megan was cut (since I hadn't received any responses to my emails), and I wanted an answer on who was in charge of IR in this time of crisis. Additionally, I wanted to emphasize my frustration around how the company has not been focusing on "shareholder value" in a time period where they explicitly stated it was the #1 priority.
I'm with you - we're all frustrated, financially damaged and flat out angry with what has transpired. Something has to give and I hope that this team can prove to the investment community that they are finally on the right track.
I also made a few comments about the BOD in my response to Marc - specifically if this area is being trimmed as well to align with the company core objectives. We'll see if I get a response.
MR, I applaud your efforts but your grasping for straws. You have seen the culture at Cytori and how they operate. They have no regard for anyone but themselves. They are greedy. They tell us they did not make deals years ago because they did not want to give away so much of the company and did not want to make a bad deal for shareholders. Bullshit. Wake up, we are 1 step a few months away from chapter 11. If they do make a deal the new owners who own at .50 make the money not a schmuck like me who owns at an average of 5 and listed to what I was being told by management in calls and by others with contact to management. They were lied to repeatedly and they passed along the bullshit to us. I am surprised that they bought it for so long. Where is Dov know with a follow up to his shareholder friend. Again you can't possibly believe that this management team can make the right decisions, we are all like battered women who believe that those brutalizing them are sorry and going to change there ways. Not happening. If they cared about shareholder value they could of offered shareholders the sweet warrant deal they offered to the new owners. No word from KT Lim although he probably shorted all the way down from $3 and is not as pissed as we all think. This is too little to late and hate to pile on when the company is on the brink but they are going to have one more law suit to deal with as well.
I'm not grasping at anything. I wanted to tell you I received a response, plain and simple - your original post was fairly in line with me sharing a response from the company (when I, like you, had tried to reach someone multiple times).
TRUST ME, I'm not in the Cytori camp - I'm pissed and frustrated as all long term holders are here. My avg isn't at 5, it's in the 2's but that doesn't mean I don't feel your pain. I listened to management and outsiders all apparently singing from the same note sheet - which really has me baffled on who to trust or not to trust. NO ONE.
I appreciated you sharing your response from Hedrick. As far as trust and money...I would agree the best course is to trust no one but yourself. Still, we can share toughts or ideas but the final judge should be one's self.
rothco....with a earnings call so close I think the press release alone is fine ....further detail in the SEC filings are always avail. for reading if one choses to...besides its not like we would be able to challenge questions asked by analyst anyway. Really only 2 points in the coming call anyway...what was sold durning the Q vs what is being recognized and what are they projecting for the longevity of this small cash infusion.