Monday, March 28, 2011

Breaking News: No News Is Good News

As of Friday, March 25th, 2011, word on the Street is that Disc Motion Technology officially closed its doors in Boca Raton, Florida.  A valiant effort to keep this company a float during these trying times, unfortunately, when you start believing your own press releases, one is doomed for failure.  So the question is, Who's Next?

Meet the New Boss, Same as the Old Boss, We Won't Get Fooled Again!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

38 comments:

  1. Just shows that an advisory board, no matter how many "names", doesn't mean squat:

    CLINICAL ADVISORY BOARD

    Since 2006, the Company has established a Clinical Advisory Board to assist in guiding device development at Disc Motion. The following are the members of our Clinical Advisory Board.

    Leon Abram, M.D.- Director of Spinal Research International, Boca Raton, Florida.

    Rudolph Bertagnoli, M.D. - Chief of Spine Service Klinikum, St. Elizabeth Hospital, Straubing, Germany.

    Andy Cappucino, M.D. - Director, Buffalo Spine Surgery Center, Buffalo, NY.

    Frank P. Cammisa, Jr., M.D .- Chief of the Spine Service, Hospital for Special Surgery, New York, NY.

    Jeffrey Fernyhough, M.D. - Director of the Florida Back Institute, Boca Raton, Florida.

    Fred Geisler, M.D., Ph.D. - Spine surgeon at the Illinois Neuro-Spine Center, Aurora, Illinois. Dr. Geisler, M.D., Ph.D, is founder and chief neurosurgeon of the Illinois Neuro-Spine Center.

    Iain Kalfas. M.D. - Chairman - Department of Neurosurgery, The Cleveland Clinic Foundation, is Co-Director of the neurosurgical section of the Disc Motion Clinical Advisory Board.Larry Khoo, M.D. - Co-Director of UCLA Comprehensive Spine Center & Chief of
    Neurosurgery UCLA Santa Monica Medical Center.

    Jean-Charles Le Huec, M.D., Ph.D. - Director of Spine Surgery, Bordeaux University, France.

    Jacob Rosenstein, M.D. - Neurosurgeon at North Texas Neurological Consultants in Arlington, Texas.

    Charles Theofilos, M.D. - Spine Surgeon, Palm Beach Gardens, Florida.

    John Williams, MD. - Spine Surgeon,
    Fort Wayne, IN.

    Hansen Yuan, M.D. - Professor of Orthopaedic & Neurosurgery, SUNY, Syracuse; President, Spinal Arthroplasty Society. • BUSINESS ADVISORY BOARD

    An experienced, multi-disciplinary Business Advisory Board has been developed at Disc. These advisors have been very active in key roles and should continue to produce results for DMT.

    Stephen Hochschuler, M.D. - Senior Strategic Business Advisor. Dr. Hochschuler has been a member of the Business Advisory Board since December 1, 2006. Dr. Hochschuler, founder of the renowned Texas Back Institute is a special advisor to the company on strategic business development.

    Paul McAfee, M.D. - Director of the Scoliosis and Spine Center, St. Joseph’s Hospital, Towson, MD. is respected as one of the leading innovators in spine surgery and has contributed significantly to the success of
    many spine companies.

    Lisa Ferrara, Ph.D. - Consultant to the company in product design, mechanical testing and clinical study design. She formerly was director of spinal research for the Cleveland Clinic.

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  2. It always blows my mind how much money some of these companies blow before they go belly up. What ever happened to the conservative approach of only spending money on what is really necessary. And that goes for employees as well. You don't need a VP of Sales, a VP of Marketing, etc. before you even have a product on the market. Not really refering to Disc Motion, just some of the other stars that have failed. Not really sure what Disc Motion raised and went through. Anyone?

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  3. Believe the same group serves on the:
    World
    Healthcare
    Organization for
    Researchers
    Engaged in
    Surgery

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  4. 11:47am, now that was funny!!

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  5. Besides someone to order the product, how have you personally seen such an advisory board really help?

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  6. Impressive list of advisors, its almost like the Pentagon. Maybe the problem with most of these companies is that their infamous list of advisors fail to put their own skin into the game. So the question I would ask is how many of these clinical advisors have put their own cash into this venture? As for business advisors, if it's true that this company is finished, I definitely would want Hochschuler on my advisory board, didn't he and IST piss through $70 plus million? Yeah, company and technology first my ass. So how long do investors keep listening to these tools?

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  7. McAffee and Hochshuler... icons in there own minds. No credibility left whatsoever.

    I'm un-friending (or is it de-friending) them on Facebook. Whatever...

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  8. What's really funny is that every ship guided by good ol' Captain Corrance lately ends up capsizing very quickly. Why doesn't the captain just go down with the ship and relieve us all?

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  9. Let’s give the advisors a pass. I know several of them quite well and I seriously doubt they had deep relationships with the company.

    I am going to guess that most of them we shown the product, given a little song and dance about the future, asked for their opinion and then asked if they could be listed as advisors. I would go on to guess they were told there would be stock options and opportunity if things progressed.

    It might be suggested that the advisors should be more careful about who they allow to use their good name.

    I saw the names on the Disc Motion website about a year ago and remember thinking that most of these folks probably don’t remember their names are listed on the website.

    It is my opinion that, the real shame belongs to the CEOs and employees who took investor’s money and just ran what I think was an obvious “Dog & Pony Show” to raise more from other people while enjoying a significant salary.

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  10. Anyone think Flex-u-Spine is headed for the same demise?

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  11. Unfortunately I for one cannot give any advisors a pass in these scenarios. The vast majority are all too greedy and/or egotistical to say no to companies, no matter how things are positioned to them. There is a very easy way to deal with companies asking for advisor status, say no.

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  12. 2:31: agreed, its pretty simple to just say no on something that will not work and will never work, but greed tends to get in the way. You lose a lot of credibility on deals like this and then you see their name on another 15 advisory panels. At least you know who the whores are.

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  13. 1:49PM
    Give the advisors a pass.....why take on a responsibility and than not follow through with your best effort????

    "...guess they were told there would be stock options....." Ya think they did it on their dime???

    Name one decent surgeon who became a BETTER business person!!!!

    How stupid are you???? I'm having my hip replaced in 2-weeks, please tell me you won't be in Cleveland and scrubbing in.

    C'MON MAN!!

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  14. From NASS programs 2008, 2009, 2010:

    McAfee, Paul, 2008: a3, b3, c3–Cervitech, Globus, DePuy, Abbott;j2–DePuy, Globus; e2, k2, n2–Cervitech.

    McAfee, Paul C., 2009: a-o3—DePuy Spine, Cervitech.

    McAfee, Paul C., 2010: Royalties: Globus Medical (F); Stock Ownership: Breakaway Imaging- Medtronic (1,000,000 shares, 50%); Private Investments: Globus Medical (1,000,000 shares, 50%), Cervitech (500 shares, 5%); Consulting: Abbott Pharmaceutical (F); Speaking and/or teaching arrangements: Pioneer Surgical (F); Trips/Travel: DePuy Spine (G); Board of Directors: Disc Motion Technology (F); Scientific Advisory Board: SpineMedica (D); Other Office: Bonovo (F); Endowments: Impliant (E); Fellowship Support: Globus Medical (E).

    Hochschuler, Stephen 2008: b3–IST, Spinewave, Replication Medical, Pioneer Surgical, K2M, Spine Motion, Disc Motion, Anulex, Dascor, Archus, Facet Solutions, Bioassets; c3–Orthofix, Abbott Spine, DePuy Spine, Alphatec, Endius; f3–Alphatech, SpineMark; g3–Pioneer; h3–Business advisor for Mazor, Spinal Kinetics, Relievant; k3, m3–Faculty for fellowship program receiving education/research support from DePuy Spine, Synthes Spine, Abbott Spine, & Medtronic Neuro (co-author receives no funding).

    Hochschuler, Stephen 2009: Not available at time of
    publication.

    Hochschuler, Stephen 2010: Not in program

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  15. How much precious cash did that impressive advisory board siphon away from a struggling, pre-revenue company? These guys skim from the investors while adding little or no value. A fool and his money are soon parted...

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  16. TSB heard Closet Spine, I mean Custom Spine needs a new leader, maybe they'll hire Craig Corrance. Between their BOD and CC it could be the blind leading the blind.

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  17. Don't they have seeing eye dogs for situations like that?

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  18. Who's next? Did you see bacterin and their numbers. Oh oh

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  19. Trans1 will be coming soon. This company is a complete mess! t code issues won't be resolved until late 2012 early 2013 and the morons running the company now are hopeless.

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  20. Who's next? Guess which company floats this armada?

    "Company has established a sales force totaling 52 reps, 1 NSM, 3 EVPs and 13 Regional VP's !

    ..and achieved a stunning $15 million in sales for 2010!

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  21. I go with Tony Recupperio and Baxano

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  22. Morons running Trans1. That's the truth!

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  23. So who are the top five that have spent tens of millions and have basically done nothing to create value other than to piss a lot of it away? drum roll please....

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  24. IST: $70 plus million Long Gone Hochtoowie and Schorer, buy any sculpture lately?

    Pegasus: $60 plus million Michael Will need we say anymore, Three Arch Partners got their ass kicked investing $10 million in this clusterf#*k

    Applied Spine: Who knows how many millions, CEO's Tom Woods and Corrance, NOT

    Archus: $60 plus million

    Facet Solutions: Sold to Globus for pennies on the dollar, Geoff Pardo another legend in his own mind has bounced around more than a rubber ball

    Vertebron: Grumpy, Sneezy and Dopey, when they hired Sendro they got Sleepy

    DMT: Jud Carlson, the gift of giving, just wanna meet the people that believe that crock of BS, then they hire Corrance, LOL

    I'm looking for some money I have a gonculator than connects the framastam to the spine in a minimally invasive approach, any takers

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  25. Mr. Skeptic, the correct answer is:

    That little biologic wunderkind out of Montana. Those numbers came right out of their report today. No wonder they are a cash furnace. There are companies with $100 million + in sales who dont have that level of staffing. Yup they could indeed be the next.

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  26. 7:12 - I'm in if the cravis angle is directly related to the blimith of the framastam and is a true percutanious MIS procedure that can be done with common hardware store tools, is perfectly suited to the POD model, does not require FDA clearance, pays 100% commissions and there are pre-existing CPT codes the insurance industry has no issue with.

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  27. From the NASS Disclosure pages of the Annual Meeting Program:

    Bertagnoli: Royalties: Synthes (Amount not disclosed);
    Consulting: Synthes (Amount not disclosed); Research
    Support (Staff/Materials): Synthes (Amount not disclosed). Where in the world is DMT?

    Cappucino: Royalties: NuVasive (B); Stock
    Ownership: NuVasive (A), Pioneer (A), Impliant (A), Globus
    (A), K2M (A); Speaking and/or teaching arrangements:
    NuVasive, Merc (Amount not disclosed, Paid directly to
    institution/employer); Scientific Advisory Board: Disc Motion
    Technologies (None)

    Geisler: Royalties: Aesculap (D), DePuy Spine (C),
    Rhausler (D); Stock Ownership: Disc Motion (110,660 shares,
    <1%), Impliant (134,145 shares, <1%); Consulting: Spinal
    Restoration (A), Zimmer (C), Spinal Motion (C), Medtronic
    (A), Mesoblast (A), Vertiflex (A), Aesculap (A), NuVasive
    (B); Speaking and/or teaching arrangements: Aesculap (B);
    Scientific Advisory Board: K2M (A), Disc Motion (None);
    Research Support (Staff/Materials): Spinal Motion (Unknown,
    Paid directly to institution/employer), Impliant (Unknown,
    Paid directly to institution/employer).

    Thofolis: Royalties: K2M (D); Consulting: Stryker
    Spine (B); Scientific Advisory Board: K2M (Stock Options),
    Disc Motion Technology (Stock Options).

    Hochschuler: none

    McAfee: Royalties: Globus Medical (F); Stock
    Ownership: Breakaway Imaging- Medtronic (1,000,000
    shares, 50%); Private Investments: Globus Medical (1,000,000
    shares, 50%), Cervitech (500 shares, 5%); Consulting: Abbott
    Pharmaceutical (F); Speaking and/or teaching arrangements:
    Pioneer Surgical (F); Trips/Travel: DePuy Spine (G); Board
    of Directors: Disc Motion Technology (F); Scientific
    Advisory Board: SpineMedica (D); Other Office: Bonovo
    (F); Endowments: Impliant (E); Fellowship Support: Globus
    Medical (E). How did he get $100K-$500K for being on the advisory board and the others got nothing (or didn't disclose)

    I don't know if I give them a pass, a few too many that have their dirty little fingers in a bunch of dirty little cookie jars. I can't imagine they can be effective at generating IP, consulting, teaching, advising, etc and practicing medicine. Some of these guys simply have their hand out to get whatever they can. Do they use all of these companies? Seems a little twisted if they do and a little twisted if they don't. If they do, then they are trying to pay the companies back for the "fees" they collect. If they don't then they are just taking the money and presumably giving good advice in return having never used the products?

    C'mon.

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  28. Medtronic just released the Gonculator Elite. You are done 7:12.

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  29. Yeah, Bacterin is the laughing stock of biologics. They lost $18.2M last year while only bringing in $15M. What idiot would invest in them??? And they just hired a VP of Business Development to what??? Tell them they need a new size of cancellous bone to demineralize? How long before the investor lawsuits start sprouting up?

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  30. How about Titan Spine? Isn't that another company that is out of this world? Steve Cichy another expert in recruiting talent. "How many surgeons do you know?" "How much revenue can you bring, immediately?" Why don't you let us bill the customer, and then we'll pay you your commissions, LOL." Now there's a real story to tell. Their tag line should be, "a product that can take you backwards in time." How many consultants, ahem, investing surgeons do they have? Las Vegas here we come.

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  31. Amazing, Steve Cichy said the same to me. He must read from a script in the interviews. At least he is consistent.

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  32. I'll second that, canned presentation about the company, and the guy thinks that some of us are plain stupid. 10 years later $4 million in annual sales, how do these people do it and what are they toking on?

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  33. NASS disclosure 2008

    Hochschuler, Stephen:
    b3–IST, Spinewave, Replication Medical, Pioneer Surgical, K2M, Spine Motion, Disc Motion, Anulex, Dascor, Archus, Facet Solutions,Bioassets; c3–Orthofix, Abbott Spine, DePuy Spine, Alphatec, Endius; f3–Alphatech, SpineMark; g3–Pioneer; h3–Business advisor for Mazor, Spinal Kinetics, Relievant; k3, m3–Faculty for fellowship program receiving
    education/research support from DePuy Spine, Synthes Spine, Abbott Spine, & Medtronic Neuro (co-authorreceives no funding).

    In 2009 'the information had not been received at the time of publication' and in 2010 he was smart enough not to talk at all. Or, nobody was interested in the marketing messages masquerading as science.

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  34. Bacterin will rip through that new cash faster than a Vindaloo goes through you.

    They're doing $1.15M in sales for each Regional Vice President. Impressive!

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  35. Look at Hochschuler's disclosure for NASS 2008. In 2009 his information "was not in time for publication', and in 2010 he was not one the list. Either he felt he had nothing to say (impossible), or the selection committee did not accept any of his marketing pieces disguised as science (not likely, but possible), or he did not want to abide by the more detailed disclosure rules (more likely).

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  36. 9:19 PM, I guess you didn’t hear the Gonculator is DOA. Medtronic decided six cases into CE-release that the flux neurocapacitor can cause pars discomboblution in a subpercutastic approach. Back to the drawing board for those ad wizards…

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  37. 9:19 and 8:53 thats some funny shit...so true!! Anyone heard about Integra with the purchase of Theken Spine? Is this just another bad attempt of a company trying to get into the spine game in the 8th inning?? Feedback.....

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