Tuesday, February 16, 2010

Bacterin Completes $3 Million Private Placement

It was announced that Bacterin, the Bad Boyz of Biologics, secured a $3 million private placement of Secured Convertible Promissary Notes. So what does that mean? Middlebury Securities, LLC, the lender, has contracted with Bacterin to lend it $3 million on the condition that the company promises to repay the note.

Middlebury obviously performed due diligence on the company's cash flow and profit for repayment, but if Bacterin cannot repay the note, Middlebury will look to the security or collateral as a secondary source of repayment. Maybe, just maybe if Bacterin cannot repay the loan, Middlebury can seize control of the company. Considering that they performed their financial due diligence, maybe, someone will perform a management overhaul?

All one has to do is speak with former sales reps and managers that have been chewed up and spit out while being treated like dirt. You know the old expression, just because you knew how to invent something, doesn't mean you have the ability to run a company witnessed by the carousel that goes round and round at Bacterin.

7 comments:

  1. MM, you can say that again. All their bridges have been burned at Bacterin and they will get their own very soon

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  2. The company is the only collateral left. If Middlebury did their diligence using their sources, not Bacterin's data, they know what happened with the last three million borrowed from a Denver firm.

    The facilities and products are more than adequate, it is the CEO and a couple minions who are problematic. They will hopefully soon be out.

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  3. maybe their employees expense checks will be paid for the next couple months now... MS should have put the 3 mill on black, at least they would have been comp'd a room and some drinks

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  4. "MS should have put the 3 mill on black, at least they would have been comp'd a room and some drinks" hahahaha that's great!

    You know it's bad when HR gives a candidate the phone number of an existing rep for a reference and the rep tells the candidate to run, run fast the other way!

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  5. to the distributor April s 11:40am ... can we call you for a reference then?

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  6. Guy Cook is an asshole!

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  7. Guy cook is a douche!

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