Synergy was a bust Disco. As BIEL stated in the Up
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Posted On: 10/19/2024 2:44:41 PM
Synergy was a bust Disco. As BIEL stated in the Update,
"The agreement required Synergy to register our products with multiple local health authorities and place their initial stocking order. Despite promises, numerous meetings, and assurances by Synergy's management and CEO, they failed to meet their obligations. We concluded and still believe they submitted false information to our management team. In June of 2023, BioElectronics terminated the contract."
Synergy never met any terms that their contract specified.
Mundipharma, on the other hand, placed ActiPatch in hundreds of pharmacies across Australia in 2018 & 2019. They evidently felt so good about the Australian Rollout that they sign a contract to bring ActiPatch into 5 Asian countries as well.
Unfortunately Purdue, the parent company of Mundipharma who was seeing the Opioid lawsuits pile up at the end of end of 2019, had to curtail expansion plans and start liquidating assets to pay for their Opioid Crisis liabilities.
BIEL would be in a whole different world right now if Mundipharma had not been pulled out of their distribution lineup.
The good news is that BIEL survived both of those disappointments and is working to close significant new partnerships, RecoveryRx in the Veterinary market and ActiPatch in the OTC market. IMO, big things are coming.
"The agreement required Synergy to register our products with multiple local health authorities and place their initial stocking order. Despite promises, numerous meetings, and assurances by Synergy's management and CEO, they failed to meet their obligations. We concluded and still believe they submitted false information to our management team. In June of 2023, BioElectronics terminated the contract."
Synergy never met any terms that their contract specified.
Mundipharma, on the other hand, placed ActiPatch in hundreds of pharmacies across Australia in 2018 & 2019. They evidently felt so good about the Australian Rollout that they sign a contract to bring ActiPatch into 5 Asian countries as well.
Unfortunately Purdue, the parent company of Mundipharma who was seeing the Opioid lawsuits pile up at the end of end of 2019, had to curtail expansion plans and start liquidating assets to pay for their Opioid Crisis liabilities.
BIEL would be in a whole different world right now if Mundipharma had not been pulled out of their distribution lineup.
The good news is that BIEL survived both of those disappointments and is working to close significant new partnerships, RecoveryRx in the Veterinary market and ActiPatch in the OTC market. IMO, big things are coming.
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