British Technology Group (BTG)

This is the company currently looking at purchasing the rights to Photofrin from Pinnacle Biologics: http://www.btgplc.com/

 

A warning letter and a link to this board has been sent to their top US management, Business Development, VPs and Compliance officers. Hopefully, my company will heed the message and smell the bullshit-pie Pinnacle Biologics is baking.

 

BTG,
To get a clear picture of who you've involved yourself with, make sure to take a look at this: http://www.cafepharma.com/boards/showthread.php?t=516727

Keep in mind, while much of what's on these boards is exaggerated rants from disgruntled employees, everything you've read on this board happens to be true, unfortunately. You need to think twice before getting into bed with these people.

However, if you don't care about your organizations reputation and positive standing with the FDA, then this is the right company to partner with; especially if you are planning on conducting business "outside" of the recognized compliance standards.

 

Pinnacle Biologics is a small company. I can attest that not one current (what's left anyway) nor former employees are disgruntled. The employees remaining are concerned. The former employees have ALL moved on to great opportunities. The only reason I don't use the word "greater" is because I don't want to imply that Pinnacle Biologics was a great opportunity. The KOLs are aware of the pending sales of Photofrin to BTG. They are about to engage in a "stand still" mode with any sort of action plan which may exist with Photofrin. Pinnacle Biologics was the 3rd strike. There are no more opportunities to bat for Photofrin. BTG will come to that realization when they experience the customer's response to, "This time things will be different. BTG is committed to grow and invest in Photofrin."

 

BTG, this came from the Abbott board. Please Read:

http://www.cafepharma.com/boards/showthread.php?t=495371

 

How can we sell a drug & equipment combo treatment with no equipment available!?!?
Our customers WILL NOT rent lasers! Why would they rent and loose money on procedures, when they can just choose to do Barrx, EMR or Cryo? Especially now that Cryo is approved to treat in the lung!

What the hell are these idiots smoking!?! Maybe if Pinnacle had decent relationships with the physicians they call on, but they don't! The medical community views the management of Pinnacle as dishonest, price-gouging, morons with no future. And they should! Pinnacle's been bending them over and giving it to them hard with no lube for two years now.

 

If the FDA does begin looking into the practices of Pinnacle, will we at BTG be questioned too? I would rather not be involved with all this!

 

No, unless BTG is a participant or had knowledge of the FDA violations while co-promoting with Pinnacle Biologics, and failed to report that knowledge to the FDA. Once charges are filed, the deposition nightmares begin for all who were witnesses or involved. Should the FDA pursue, hold on to your hats because it's going to be an interesting ride.

 

BTG at this point must have a sense for what a marketing mess this product is currently in. I wonder how man vials they've actually sold? How could they with no equipment!?! Not to mention the hate practitioners have for Pinnacle Biologics. The entire medical community knows what dishonest people are running this operation.

The purchase of Photofrin would be a horrible mistake for BTG. They would loose credibility with the FDA, practitioners and their Board Members. Anyone who would want to enter a business relationship with the "leadership" of Pinnacle Biologics should probably have their head examined.

 

The FDA has been informed about BTG's interest to purchase Photofrin. The FDA has been made aware of the disparity with the off-label PDT w/Photofrin cases compared to the on-label PDT w/Photofrin cases. The FDA has been made aware that buying interest to purchase PDT w/Photofrin from any company is not to make money through FDA approved applications. The FDA realizes that any company who displays interest in purchasing PDT w/ Photofrin or who is involved in the co-promotion of PDT w/Photofrin is for the intent to gain a profit through NON-FDA APPROVED APPLICATIONS.

The BTG became a successful organization without the assistance of Pinnacle Biologics. And they need to be careful Pinnacle Biologics does not assit them in driving them to the ground. BTG can be made an example by the FDA for their participation, association, and interest with this sort of pharma malpractice. It will send a loud and clear message to other companies who co-promote to beware.

 

Is it true that Pinnacle is trying to sell Photofrin to BTG for 7 Million (according to Brad)? Guillermo only bought it for $3 Million! How in the world do they think they added $4 million worth of value to Photofrin? By raising the price 700%? So short sighted.

BTG, don't fall for this farce. The rights to Photofrin are not even worth what 1 vial costs a dying cancer patient.

I heard the New York Times is sniffing around.
Imagine what an interesting read this would be?
1) Drug company price gouges terminally ill cancer patients by raising the price of an approved technology by almost 700%
2) Undermines the fragile payor system
3) Deceives the market for two years claiming to support clinical research to further the product
4) Meanwhile, reaps millions of dollars in revenue from off-label utilization which is heavily fostered internally by company "executives".
5) Pays "kickbacks" to physicians under the guise of a Patient Registry
6) Ultimately gets investigated by the FDA
7) But first tries to sell the product to an unknowing and blind company (BTG) for a handsome profit.

Sounds like a page turner! Especially in this healthcare environment! Stay tuned.

 

I recall Guillermo conducting an "e-mail blast" to all attorneys representing mesothelioma patients involved in lawsuits. Brad relayed this to the reps and thought it was a clever idea by Guillermo. Brad laughed his ass off when Guillermo pushed the envelop further and used the PDT mesothelioma press release as an advertisement in ALL law publications and magazines.

The above post gave an awesome, or as Guillermo likes to say, "an Ohio-some" idea. An e-mail blast should be sent to all TV news station assignment desks (top 10 markets) across the country. This way, the printing press, the TV news media, and the FDA can re-create "The Perfect Storm" and sink this ship to the bottom of Lake Michigan.

 

"I'm always watching." Certainly, this quote should not have the same amusement with Brad as it did during the Fall of 2011. That's because "No, we're always watching" are making sure to make public knowledge the pharma malpractice of Pinnacle Biologics.

How ya like me now?

 

"Ohio-some" for Brad was when he requested from Dr. Ross to order a large amount of vials at the end of FY 2011 so that he can hit his VP of Sales goal. Dr. Ross complied to help Brad. As shady as this organization has been, and as shady as Brad has become, I am almost certain Brad offered Dr. Ross a percentage of his bonus as pay back. C'mon, Dr. Ross is a business man. He wasn't going to do it for free. And it wouldn't surprise me if Guillermo suggested this deal to Brad.

All this drug for terminally ill cancer patients at the price gauging fee of $18,600 per vial. 2 vials per patient (average), sometimes 3 vials. And all for greed...from all involved, including BTG. Let's not kid ourselves...that's why BTG got in on this deal. Birds of a feather flock together.

 

Sounds like a page turner! Especially in this healthcare environment! Stay tuned.[/QUOTE]

New York Times? That would be great, but this fiasco is more of a headline you would see in the Post! Greed, Unethical behavior, and a high school mentality at the home office that shows ZERO integrity or professionalism. Checking linkedin accounts, job boards, etc.. to see what the reps are up to, classy. Why don't you use your time and energy to contribute to success? All of the comments to and behind peoples backs. All of the condescending remarks, BA and BH are great with those. What ever makes ya feel good fellas! Sounds like a personal issue to me. Fact of the matter is that this place is a case study of how not to run a company. No team atmosphere, no support, no cheerleading, no accountability for anything from management. There are a few at home office that are good people, and they know who they are. If you are wondering if you are one of the good ones, you are probably not. Of course all of this comes from the top, someone with absolutely no leadership ability.

I remember Guillermo saying to the reps in the first meeting, I have another company that will purchase Photofrin right now for 6 million (He probably thinks he can get $20million now) and that they would cut all of the reps. So basically the illusion that he was doing us a favor for keeping us around.

In hindsight, that company was probably BTG. Well BTG, you should have bought it before because Photofrin probably won't survive another sale. It has no significant growth potential. Can it make a purchasing company a buck? Sure, at $18.6k a vial and a registry to pay users it can. The truth is no significant investments will be made in this product by anyone. It is simply a product that any purchasing company will try to make a buck on at the cost of medical advancement. It's been priced out of relevance and with out any supporting pharmacoeconomic data in this day and age, it's toast.

 

I recall Memo making that statement...having a buyer who was willing to pay 6 mil. I don't believe his purchase of Photofrin from Axcan had officially gone through when he uttered that statement. Essentially, he was already putting feelers out there before becoming the rightful owner.

I can't imagine BTG buying Photofrin, especially at the price they may have been willing to pay initially. All the information posted on cafe pharma, and surely what they have witnessed being around Memo, along with the information sent to the FDA investigators must have taken away most of Memo's negotiating leverage. BTG has to be in the driver seat on this one. Memo has to be hoping they take this "lemon" of a product from his hands.

A former PDT rep once said, "Selling PDT w/ Photofrin is like dragging a dead cow around to butcher shops hoping they'll buy." That was the recommended description to state in job interviews if asked why is PDT such a hard sell. I'm grateful I'm gone. My former customers keep me in the loop by forwarding e-mails. And I forward them to the rest of the former PDT reps and the FDA. It's amusing how I know more about Pinnacle Biologics initiatives as a former employee versus when I was an employee. Pinnacle Biologics cannot do anything in secrecy anymore due to the "mole" inside their company and the "confidential informant" customer(s) that forward information to the former employee.

 

This is by far the worst product I've ever sold.
How are you supposed to sell a drug/device procedure without the device?
The shit is as dumb as you can get.

 

That's like selling a car through a catalog. I never understood why Brad could not provide a 3-D image of the Diomed Laser which we could demonstrate on our lap tops. At the very least, if you can't provide a demo laser for sales presentations, provide some kind of image of the laser.

However, if you press Brad on this, he'll blow a gasket and respond with a, "I get it...I get it...alright...I get it."

 

A few of the accounts I've called on are extremely upset about the way their prior rep was treated. They told me that now that he's gone, they will never do PDT again.

One of the doctors actually said, "if 'Sleepy the Manager' ever comes to visit this office, we're calling the authorities and having him removed from the premises for solicitation."

I've never seen so much hatred towards a company! I really hope my company wakes up and doesn't end up purchasing this crap.

 

BTG has to be desperate for an additional product to purchase Photofrin. A product which generates revenue primarily through off-label utilization, coupled with being on the FDA radar, the NY Times radar, and on the radar of multiple consumer organizations should not be considered an appealing product to purchase. Maybe Guillermo is handing over the "How to Fool the FDA" playbook to BTG management so they are not a hesitant buyer. "Sleepy," "Grouchy," and "Monotone" are hoping they can fool BTG in paying big bucks for a big disappointment of a product.