Heard it hear first: EGS will soon file for bankruptcy

Title says it all.

 

Bye bye egs. What a pos

 

I know they are running short on cash. The burn rate is -900K per month. Are you saying that the next round of investment is not secured or EGS is shutting the doors? If shutting the doors, what is the time frame on the filing?

 

Asked board for $20 million last November and got $13 million, October is my educated guess.

 

October? Educated guess? In laymen vernacular that's code for you don't know shit. Although your burn rate figure of under ~1 mil is correct you are not at all informed about the actual finances of the company. I would fathom a guess that you are a disgruntled former employee. A sales person, perhaps? EGS has the backing of it's Board. Wiping away the layers of bullshit from TT's reign has taken time, but like any adversity it has only made those on teh other side of it stronger...

 

You're still a joke of a VP!

 

Disgruntled? Yes only because I'm still there.

 

So am I!!

 

Funny, I am too.

 

Am not.

 

Am too. It's amusing how ridiculous this forum is given you can have and anonymous conversation with yourself. Here's hoping there will be no bankruptcy, for everyone's sake.

 

http://www.fiercemedicaldevices.com/story/fda-smacks-endogastric-solutions-warning-over-study-violations/2012-09-25

 

You sales guys kill me. A dime a dozen. It`s amazing since we got rid of the dead weight, overpriced POS sales force that wasn't doing squat no difference in sales. Were heading in the right direction. Just trying to fix TT poor and misguided leadership.

 

They will be filing for bankruptcy soon. It's a given provided the FDA doesn't shut them down first.

 

What type of Senior Leadership is at the wheel here? This FDA letter is serious.... You just can't stop a study, ignore an IRB and drop production of a product in mid-clinicals without proper FDA notification. Oh yea, dead weight from the previous Sr Management team did this...

 

Exactly. The CEO on down are so full of their own hubris. Think about it: no data from trials means no chance at getting a cpt code means zilch in reimbursement. Why do we even have these expensive "health economics" experts including the empty suit of a vp? They've done jacksh*t!

 

Mr RM/VP or Marketing Director- If I am reading correctly here- sales are flat to down; you have a recent FDA warning letter (again); no code or an idea about reimbursement(will be, when or how much); a burn rate of 900MM (a month) --and you are OK with that. This sounds like a solid business plan for any VC out there- I'm sure you will get additional funding by Jan 1. Good Luck!

 

Spot on! I'd wager that if we get rid of these "reimbursement experts" we'd save $700k of that burn rate. It's not like they've gotten us a cpt code or vast coverage in three years! Fire their asses stat!

 

Announcement coming soon.....

 

Should we be getting resumes together?