|Oculus CEO reaffirms plans for new markets and greater profits (Nasdaq: OCLS)|
|By Peter Depalma|
|Thursday, 20 August 2009 03:00|
The Street.Com's Adam Feuerstein continues continues to vilify Oculus Innovative Sciences and insists on erroneously identifying the company's Microcyn® Technology platform as "diluted bleach."
It's a surprising development considering the attention and uproar that followed Feuerstein two months ago, after Oculus CEO, Hoji Alimi tried to educate the biotech reporter about the difference between diluted bleach and the company's FDA approved wound treatment technology.
“This is becoming a patient safety issue and putting public safety at risk,” Alimi told BioMedReports in an exclusive interview on June 29, 2009. “It’s no longer [about] attacking a company and the market potential and market cap. You’re damaging public safety.”
In addition to calumniating Oculus, Feuerstein has now resorted to mocking the company's investors. Investors who not only believe that the technology works, but are also poised to support Oculus as it becomes something of a rare species- a profitable, publicly traded biotech company.
"This is a company trading on the highly policed NASDAQ exchange and they have to be accountable to not only their share holders, but to their patients and federal laws," says BiomedReports' co-editor M.E. Garza. "The CEO and experts outside the company continue to go on record about the safety, efficacy, new market opportunities and financial balance sheets. This isn't some shady, OTC company that operates without accountability. They are speaking directly to their investors every time they issue a press release or go on record publicly. If they are caught lying or attempting to manipulate the stock price the punishment can be extremely serious. Furthermore, if we're going to cover a company we feel completely accountable to our readers and subscribers. How people invest their money is a very serious matter and we have a great responsibility to actually pick up the phone, speak to experts, leaders at those companies and even sources who are familiar with the industry we cover."
Regardless of those facts, TheStreet.com continues to publish misleading claims that are more than implied to be factual- perhaps even libelous.
"We don't recieve compensation from the companies we write about and fully disclose any information about our positions as required by law," states Garza. "Our writers have even been known to tip their hat to Mr. Feuerstein when we feel he's right about a company's medical products. It's about reporting the facts and that's not personal, at least it shouldn't be. Personal feelings and opinions are what often get reporters in trouble and have certainly become a serious issue with publications that cover this sector. It causes investors to get confused when more often than not, those opinions are mistaken for facts. We all understand that controversy sells and gets attention, but the truth shouldn't be lost there, especially if you're reporting about people's investment decisions."
Feuerstein, it appears, has little interest in being objective or actually reporting news, however. In his latest rant, he makes his intentions and game plan perfectly clear: "The reason I "bash" drug stocks is because drug development is hard and ends in failure way more often than success," writes Feuerstein. "I assume people invest in drug and biotech stocks to make money. If that's true, then a heaping dose of skepticism is not only warranted, it's absolutely essential. When there's something positive to say, I'll be the first to say it."
The fact is, despite Mr. Feuerstein's efforts, Alimi’s breakthrough Microcyn® Technology continues to thrive and has been gaining the attention of Wall Street, the national media as well as doctors and hospitals due to its rapid kill anti-microbial properties. Even as he bashed Oculus, the FDA granted the company an expanded 510(k) label clearance for their product and according to the company's CEO, new marketing efforts and partnerships in the U.S. and China, will help them expand the customer base, thus growing profits significantly.
The way informed investors see it, thousands of doctors and their patients would probably not be adopting Microcyn® products as their standard of care for treating various maladies including wounds, diabetic foot ulcers, and burns if it were just "diluted bleach."
Shares of OCLS traded down after Feuerstein's comments on Wednesday, but for his part, Occulus CEO, Hoji Alimi's stands by his company's claims and continues to talk with great confidence about profit projections and even more upcoming FDA nods.
Disclosure: No Positions.