For now, 13 people are furloughed full-time and 5 people part-time. The company has 24 employees.
So, 6 people were not furloughed 
A small spark of hope remained 
So production goes on holiday and management stays to watch the hall? They could have also announced the duration of the layoff?
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Furloughed indefinitely. The situation is so unclear that we cannot furlough for a fixed period.
Work has therefore decreased substantially and permanently. Those laid off will start looking for other jobs. Does this complicate the factory’s ramp-up, should such a situation even occur?
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Heh, the thriller that turned into a splatter horror movie might even get a sequel.
I bought myself back in yesterday, once again. Probably the 6th or 7th time since the presentation held at the stock exchange building in 2019(?).
In the last offering, I subscribed for the maximum and even took double with secondary subscription rights, because I thought the company truly needed all the money it could get into its upturned hat.
How right I was =).
Now I’m expecting at least 1:9 or 1:19 dilutive financing, if there’s still a crazy enough party willing to take a positive view on this. I almost hope for the latter, because with a pile of 30M (a bit of anti-discount), this pipe dream could be kept on life support for a few more years without constant (failing) begging rounds of a couple of million.
I myself am not going to put another stinking penny into this. I’ll watch from the sidelines what happens to my thousand euros of activity from yesterday. It can thin out in peace, even 1:99.
If general meetings are ever held live by this entity again, I’ll always go there to sip a thousand-euro coffee =).
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Here are Antti’s comments on the outcome of the change negotiations.
BBS announced on Friday the outcome of the change negotiations. The company is temporarily laying off 15 people full-time and 5 part-time. At this stage, no information was provided about the company’s future plans after the rejected CE marking application.
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Good Saturday. !
The thing is, if this industrial cooperation partner arrangement materializes, what does this practically mean in its entirety?
Dilution.
1:9 or 1:19 or even 1:99 or 1:199.
No matter where the money for the future (if there even is such a thing with this setup) comes from, the soup will be significantly thinner for the current owners.
Only if someone were to buy it with its patents, factories, dreams, and all, might something remain in hand from its current form.
It will be interesting to see if the gloves are finally thrown in, or if a new plot twist is invented.
The storytelling has carried on surprisingly long. The first significant interim milestone was almost reached after 20 years of toiling =).
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It would now be very important for this company to get a video interview and precise information on where things stand and what the action plan is to get the CE marking for the product. This silence only drives the share price down. I have been involved with this stock for a long time, and there have always been setbacks. This has been an incredibly long wait. All announcements still state that the CE marking is in the final stages. It would be great to know what the plan is and how long the CE marking process will take again. I really don’t understand why I have participated in every offering and believed that the CE marking would surely come 
.
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Exactly this.
A public video update would indeed be in order now to get the company’s thoughts, views, and plans known. A personal appearance at this moment would be extremely important.
I am also a long-term owner involved in this. I got involved and stayed purely because of the product. Artebone is, in my opinion, a quality product. This has been proven with two separate animal trials and clinical trials conducted on humans. In all of these, the results were excellent. Efficacy and safety proven. In my opinion, another positive aspect of the Artebone product is that the reindeer bone protein used in it is very similar to human bone protein.
The permit process is a story of its own. No other comment on that than 
…
A strategic partnership or an exit… these are now top of mind. Would Orion be interested in snatching this up?
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This too..
Juliusz Rakowski, CEO of BBS-Bioactive Bone Substitutes, has resigned from his CEO contract. Rakowski will continue in his position until February 28, 2025.
“I am grateful for the opportunity to be part of this journey and to lead talented people across various departments in the organization. I thank the company’s board, shareholders, partners, and the company’s committed employees for their cooperation,” Rakowski states in the press release.
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Well, what’s a CEO needed for there? Some consultant can handle things for now. Minimize costs.
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I don’t think BBS has ever released a single press release that hasn’t been corrected afterwards 
that really says something about the company’s standard.
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The Production Director and now the CEO resigned. Does it indicate a fight against windmills, meaning, for example, does the board have strong desires but no grasp of reality?
Now someone should come forward to present things in person, as has already been mentioned here.
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A big shot from a larger institution came to sort out the company’s solvency. One cannot expect researcher-rag-hat-engineer-founders to have the expertise to defend a small company embryo when winds are blowing in markets worth hundreds or thousands of billions.
Now, old-school ‘cutters’ and ‘tanners’ have the space and time to continue with their proven, high-margin standard operations. At the same time, larger players can now calmly consider what they will do with, for example, BoneSupport or other potential newcomers.
If there is anything attractive left in this carcass, and especially if there is still potential, this can now be snatched up for pennies relative to its “realistic” market value.
The biggest mistake (in fact, lack of money and expertise) in Finland is that a funding round like Nightingale’s cannot be done. One probably still can’t even dream of such a thing.
NGH raised so much money that even now, while generating revenue, it would still have the means to push into the market for several years without a single penny of incoming money. Another great wisdom at NGH is that the founders and anchor owners practically keep full voting power to themselves. You cannot drive NGH into a (financial) crisis by cornering, naked shorting, or practically any other way. The error must come from within the company itself.
BBS will likely be a sad example of a brilliant improvement to surgical operations that collapsed into a complete fiasco in terms of market expertise and financing.
The team was, from the beginning, of poor national average or below. When going public, at least 10-20 times too little money was raised.
As a silver lining, without being overly critical, I see that in the future, we might also learn from this case.
Let’s still see it through to the end.
The company’s value is 1.5M. I would say the risk is quite asymmetrical; the downside is really limited, while the upside is tens or hundreds of times greater. Ha-ha.
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Attractive… potential. Yes, it has it and it can be found.
An innovation, a product called Artebone. Its level and significance have not disappeared anywhere during this 7-year CE process struggle.
Patents for the product and manufacturing technology, a production-ready factory almost finished with fine-tuning, raw material supply secured.
Here, one must simply understand how to separate this CE approval struggle from the product itself. The product is good enough that it certainly deserves to enter the market.
What might be the exit price for such a package at this moment?
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I believe the fate of this company is that the Active Owners will use it to list the next company. Some party might, with good luck, pay a million or two for the patents, and these funds would cover the costs associated with winding down operations. If someone saw more value in this, I would assume they would have already made an offer. BBS does not hold strong cards at this point.
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Here are Antti’s comments on the CEO’s resignation.
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Really, if the application period for the old rules had ended when the new application was submitted!!!
It feels like a childish mistake to proceed in the belief that the old rules apply!
I wouldn’t directly call it childish. Things were done within the transition period, and on the other hand, BSI caused additional delay by requiring a supplementary animal test.
I don’t know whose fault it was, but after the transition period ended, it was either assumed (by BBS) or allowed to be assumed (by BSI) that it was OK to continue the process with the clinical data that met the requirements at the time, but not the new MDR regulation.
I would like to criticize BSI here because why did it take them almost two and a half years to reject the application, if the reason for rejection was that the new MDR regulation was already in force on the day the application was submitted? It just didn’t occur to them at that moment to send the papers back like a boomerang? Not to mention how unreasonably long their processing times are in general…
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