	Active Topics Memberlist Calendar Search Help
	Register Login

Emerging companies - Mid caps that can become large cap
The Equity Desk Forum :Investment Ideas - Creating winning portfolios! :Emerging companies - Mid caps that can become large cap

Topic: Opto Circuits

	<< Prev Page of 152 Next >>

Author

Message

s_praharaj
Senior Member

Joined: 10/Sep/2006
Location: India
Online Status: Offline
Posts: 357

Posted: 01/May/2007 at 4:24pm

Thanks Vivek for response.

I am still watching Opto from a distance. I do not have deep knowledge about opto Circuits. I only know that the company is showing high growth year after year. Its in a niche area, where margins are fantastic. With increasing population and increasing cardiac cases, the business can only go up. One of my friend, was telling me once that the Management is capable and honest.

Why don't you give a brief synopsis about the stock and the reasons why it merit an investment.

Shashi Praharaj

IP Logged

us121
Senior Member

Joined: 03/Dec/2006
Online Status: Offline
Posts: 442

Posted: 02/May/2007 at 10:26pm

in recent issue of Outlook Money,

opto circuit has been reported as one of the company to benefit from rupee strengthening due to nearly 57% imports.

ABILITY will get u at d top. CHARACTER will retain u at d top

IP Logged

deepinsight
Senior Member

Joined: 18/Sep/2006
Online Status: Offline
Posts: 980

Posted: 18/May/2007 at 7:07pm

Printer Friendly Version
WEB LINK - http://www.expresshealthcaremgmt.com/200705/knowledge01.shtml

Main Story

Developments In Stent Technology

Stents have revolutionised the procedure of coronary angioplasty. Sonal Shukla reviews the developments in stent technology over the years.

Dr Anand Rao of Holy Family Hospital, Mumbai explains the efficacy of stents

The use of angioplasty to open clogged arteries has taken off since the mid-1990s, increasing from about 4,30,000 procedures in 1995 to nearly 1.3 million in 2004.

The recent 'Clinical Outcomes Utilising Revascularisation and Aggressive Drug Evaluation' (Courage) Study presented at the American College of Cardiology's annual meeting in New Orleans, USA found that angioplasty works no better than medication in preventing heart attacks or death.

The new study, published in The New England Journal of Medicine, suggests that patients with partially obstructed arteries can put off angioplasty or skip surgery altogether. Half of the 2,300 patients studied, underwent angioplasty and took heart drugs, and were told to make lifestyle changes, such as exercising, losing weight, and giving up smoking. The other half received only lifestyle counselling and medication, including drugs to lower cholesterol, relax blood vessels, slow the heart rate, and prevent blood clots. Both groups fared equally well after an average of four and a half years, according to the study.

The study was conducted on patients with chronic stable angina. However, in Indian practice, interventional cardiologists claim that patients with this subset constitute only 10 per cent of the total number of interventions performed. Around 60 to 70 per cent patients have unstable angina and the rest present with acute myocardial infarction (MI). For the large group of patients who require angioplasty, it is important to understand the evolution of stents.

According to analysts, the Indian market uses 80,000 stents annually and is likely to grow at 15 per cent over the next two-three years. Lifestyle-related diseases like diabetes and stress would be the key growth drivers. With only 20 per cent of patients coming for regular health check-ups, a huge market remains still untapped.

Preventing Complications

"The biggest problem with balloon angioplasty and coronary stenting is restenosis"

- Dr Uday Khanolkar
Interventional Cardiologist, Apollo Victor Hospital, Goa

Initially, stents were needed to prevent acute complications after Plain Old Balloon Angioplasty (POBA) e.g. acute occlusion of the coronary artery, and to maintain the lumen of the dilated segment of the coronary artery. However, follow-ups showed that patients who had received a stent faced reduced chances of restenosis compared with those who did not.

"The biggest problem with balloon angioplasty and coronary stenting is restenosis. After the coronary intervention, the patient might need to come back for re-intervention within six months. With the usage of stents, restenosis rate was reduced to approximately 12-25 per cent as compared to 50-65 per cent without it," states Dr Uday Khanolkar, Interventional Cardiologist, Apollo Victor Hospital, Goa. Hence, intensive research in stents took over.

Regular use of stents has also simplified angioplasty as it reduced immediate complications. Simultaneously, anti-clotting (antiplatelet) drugs were developed which reduced the early thrombosis of the stent.

"Once the stents started showing long-term results, more refinement began in stent technology with sleeker and malleable stents (which could pass through even difficult anatomies and torturous vessels)," explains Dr AV Ganesh Kumar, Chief Interventional Cardiologist, Dr LH Hiranandani Hospital, Mumbai. Moreover, people started using stents in almost all balloon angioplasties as the results were better.

With the revolution in stent technology, stents today have moved from Bare Metal Stents (BMS) to Drug Eluting Stents (DES). Today, the world of medicine is all gung ho about imminent biodegradable stents.

EuroCor Research

At EuroCor, the innovator of the DIOR Paclitaxel-eluting balloon dilatation catheter and modern DES coronary stent technologies, animal tissue tests were executed by implanting tiny plastic sticks and stainless steel sticks into the same tissue. After six months of evaluation, the plastic sticks could be pulled out from the tissue easily, while the stainless steel was fully encapsulated and grown into the tissue. This finding may also explain the delayed healing after DES implantation, which was often reported by pathologists like Renu Virmani et.al, notably referring to Cypher or other DES with synthetic polymer coating technology. In order to prevent any risk of early thrombosis, the patient needs to take clopidogrel (antiplatelet drug) to keep the blood thin, apparently for several years. Such antiplatelet therapy also seems to be necessary in order to compensate for the potential problems of delayed healing, due to delayed stent encapsulation into the arterial wall.

Bare Metal Stents

"The new BMS available with cobalt chromium with thinner struts have further reduced the risk of restenosis"

- Dr Haresh Mehta
Interventional Cardiologist
PD Hinduja Hospital, Mumbai

While stenting technology has gone from strength to strength, mention has to be made of BMS. They, with their tubular, lattice structure can be assembled from a range of materials, including nitinol, gold, stainless steel and cobalt chromium. "The new BMS available with cobalt chromium with thinner struts have further reduced the risk of restenosis," explains Dr Haresh Mehta, Interventional Cardiologist, PD Hinduja Hospital, Mumbai. Palmaz-Schatz stent, the first stent approved by the USFDA was introduced by Johnson and Johnson (J&J) in 1994. In the past decade, over 25 companies have used various materials and designs in the construction of BMS.

Today, the cost of a stainless steel BMS is between Rs 25,000 and Rs 30,000 and the cost of cobalt chromium BMS is between Rs 35, 000 and Rs 40,000. "Today, in India and Europe, around 30 to 40 per cent of stent market is for BMS," explains Rakesh Dube, Vice President, EuroCor GmbH, South Asia. Even as millions of people have undergone angioplasty using BMS, restenosis rate was as high as 30 per cent.

Drug Eluting Stents

The idea of coating a clinically effective drug on the stent for local drug delivery at the lesion site led to the first DES from J&J in early 2000, named Cypher. DES hit the Asian and European markets in 2002 and the US market in 2003. The first drug used was sirolimus. Subsequently, everolimus, tacrolimus, zotanolimus and paclitaxel have been used on stents in clinical practice. These drugs are loaded on a polymer, which is a ‘carrier’ of the drug in the stent. The drug is gradually released on the walls of the coronary artery and prevents inflammation and retards neointimal formation on the stent, thereby reducing restenosis. Simply put, this drug inhibits aggressive growth of the smooth muscle proliferation to prevent restenosis.

Patient data for thousands of patients, studied in controlled randomised clinical trials, confirms the superior patient outcome after implantation of DES vs BMS. “The major clinical endpoint is the reduction of the Late Lumen Loss (LLL) after stenting, which indicates the neointimal thickness that develops after stenting. DES provides clinically proven lower loss of the arterial lumen. The LLL seems to correlate with the rate of restenosis. The restenosis rate of DES is between 8-12 per cent, six months after DES implantation," states Dr Michael Orlowski, CEO, EuroCor GmbH, Germany.

Nanyang Technical University’s future biodegradable stent

A bare metal stent

First Generation: The first generation DES devices apply a synthetic polymer coating on the stent. The drug is embedded into the synthetic polymer and is released by diffusion through the polymer within 30 days. Current scientific publications reveal an increased risk of late thrombus formation, even two years after DES implantation. Those late adverse effects may be caused not only by the synthetic polymer but also by the drug. Clinical Pathologist, Dr Renu Virmani and her co-workers from the USA consistently publish report on polymer-induced late adverse effects, like blood clot formation and MI. Clearly, any synthetic polymer is not tissue-friendly and sends inflammatory signals to the arterial wall, often resulting in serious consequences for the patient.

A Swiss study found 3.3 more heart attacks and deaths per 100 patients with DES than with the BMS. Results showed more MI and death in DES group due to the non-re-endothelialisation even after 33 months. Endothelium is a thin protective layer which is supposed to grow within the stent in one month after implantation. The drug which is eluted from the first generation DES not only inhibits the smooth muscle cell proliferation of the vessel wall, but it non-selectively inhibits the growth of endothelium, sometimes permanently, unlike in BMS and now the more recent second generation stents. Therefore, when the free flowing blood is exposed to underlying naked stent (devoid of endothelium), it has a tendency to clot.

Clotting Concerns: Between 2000 and 2005, cardiologists thought that they conquered restenosis as the figures of restenosis in non-diabetic patients were less than three per cent, whereas in diabetic patients it was less than 10 per cent. However, DES came under the scanner after speakers at the World Congress of Cardiology (WCC), Barcelona last year suggested that DES carries a higher risk of potentially fatal blood clots than BMS. A March 2006 presentation of the results of the Basel Stent Kosten Effektivitäts Trial- Late Thrombotic Events (BASKET-LATE) suggested that between 7 and 18 months after implantation, the rates of nonfatal MI, death from cardiac causes, and angiographically documented stent thrombosis were higher with DES than with BMS. US FDA came up with a warning to be more vigilant and expressed a concern over DES usage. It is proven that compared to BMS, efficiency wise DES gives significantly long-term results and is good to curb restenosis. “But the dilemma that the patient will suffer a late stent thrombosis is always at the back of the mind," says Dr Mehta. In the opinion of some interventional cardiologists, first generation DES have withstood the test of time and are far more efficacious than BMS and the newly evolved second generation polymerless or biodegradable polymer-coated DES. The answer lies in right selection of cases for the use of DES (diabetics, long length lesions and small calibre vessels). One can still use BMS (with almost comparable results) in 40-60 per cent of cases, which do not fall in the above subset. Therefore, the concern is not of increase in MI or death due to late thrombosis, but of overuse of DES. "Of late, in my clinical practice, on many occasions when I wanted to use BMS for low-risk patients for restenosis, patients have demanded DES due to the hype surrounding it," states Dr Ganesh Kumar. According to Dr Anand Rao, Interventional Cardiologist, Holy Family Heart Institute, Mumbai, the occurrence of late stent thrombosis in Indian patients may not be as high as in the US. "The reason could be that our patients are on antiplatelet drugs for a longer period. The antiplatelet drug also comes at a very cheap price. However, we also do not have 100 per cent follow-up of the patients coming to us, especially who live in far away villages,” says Dr Rao.

Second Generation: Driven by the suspicion that polymer could be the culprit for late stent thrombosis, continuous research was conducted to maximise the safety aspect of DES, leading to second generation DES with biodegradable polymer or polymerless stents. Some companies like J&J and EuroCor now have come out with polymer-free DES as well. The polymer's function in polymer-based DES is now taken over by the newer designs of craters and wells in the second generation stents, which hold and slowly release the drug in the blood vessel. When the stent with biodegradable polymer is implanted in the artery, the drug does its work in the first two months and then the biodegradable polymer dissolves in the next 120-180 days. So, what remains is only the stent. "Long-term studies about the effect of polymer in DES are still awaited. Moreover, some cases have shown hypersensitivity reaction even to biodegradable polymers," informs Dr Ganesh Kumar.

The EuroSTAR study with Conor's CoStar stent and Jupiter study with Janus stent have shown that there is no late stent thrombosis in second generation as compared to first generation DES.

The problem of late stent thrombosis of first generation DES has been addressed by the now second generation polymer less DES, as shown by 18 to 24 months of follow-up studies of second generation DES. However, there is a catch here. In a complex subset of cases like diabetes with smaller vessels and long length of the disease, efficacy of the second generation DES cannot be compared with that of first generation ones. “For this subset, one needs more data with the second generation stents and at this point of evidence, I would still advocate the first generation stents for these complex cases,” explains Dr Ganesh Kumar. On the other hand, for instance, in a 75-year-old patient who cannot take clopidogrel for a longer period due to pending non cardiac surgery or GI intolerance to dual antiplatelets, BMS or second generation polymer less DES should be preferred over the first generation DES. This is because clopidogrel can be stopped in both the stents after two to three months, which is not the case with first generation polymer based DES.

A flip side of the DES is that there may be a late thrombosis of the stent more than 30 days to six months after stenting. However, this incidence is less than one per cent ( 0.16 per cent) per year. "Such a miniscule incidence of complication is at present being unduly highlighted. Interventional cardiologists all over the world would like to reduce even this miniscule complication to near zero percent. If DES is strictly used for appropriate indication without including the ‘off label’ indication and if Clopidogrel is used for more than one year, even this miniscule complication may be avoided," informs Dr Khanolkar.

"Fifty per cent of all coronary artery disease patients in this country are suffering from diabetes and our genetic background shows we have long blockages in small arteries. This makes DES an indispensable choice," said Dr Brian Pinto, Director, Cathlab and Head of Cardiology, Holy Family Hospital, Mumbai at the Interventional Cardiology Summit-2007, in Goa. Experts at this conference also pointed out that the benefits of having to avoid repeat stenting or bypass surgery far outweigh the 0.2 per cent increased risk of in-stent thrombosis in DES treatment.

A magnisium alloy stent

A biodegradable stent

Bioactive Stents

"Long-term studies about the effect of polymer in DES are still awaited"

- Dr AV Ganesh Kumar
Chief Interventional Cardiologist
Dr LH Hiranandani Hospital
Mumbai

Bioactive stents are not DES, but are metal stents coated with bioactive materials like titanium nitrous oxide which are presently in commercial use. Doctors have been using these stents parallel to DES. Data has shown that these bioactive stents have less restenosis than BMS (but slightly more than DES) and also are much safer on stent thrombosis issue. Nitrous oxide may help as a vessel regulator by keeping the vessels open with less reaction. "Companies manufacturing this stent claim it to be a bioactive stent. Although the results have shown that they perform better than BMS, efficiency wise they are not as good as DES. Therefore, they should not be labelled as DES," says Dr Ganesh Kumar.

Future Prospects

Future technology in stents will include biodegradable stents and better drugs. The dawn of biodegradable stents has taken stent technology a step further with its capacity to get dissolved after a certain period in the body (in 30 days to six months). Biodegradable stents are at primary stages of research, with some ‘first in man’ implants done in lower limbs (below knee). The stent is still not out in the market and has evoked mixed reactions about its effectiveness from cardiologists. These stents have mainly two types of platforms: absorbable metal alloy (like magnesium alloy) and bioabsorable polymers. Initial studies in both have shown hopes. In biodegradable stents, the stent will be degraded with biological tissues after a certain period of time and thus, no residual stent material will be left in the wall of the coronary arteries. This will be possible when some inert polymer materials are used in the manufacturing of the stent. "Active drug coated biodegradable stents have a great future and I believe it will be possible to have them for routine use. However, it is difficult to comment if they will be able to prevent restenosis in bifurcation lesions," says Dr Prof Asok Kumar Kar, Department of Cardiology, BM Birla Heart Research Centre and Peerless Hospital, Kolkata.

However, bifurcation stenosis is one area where biodegradable stents can be used more favourably, feels Dr Rao. "At this moment, clinical trials for biodegradable stents are scarce and thus it is difficult to come to a conclusion until more large multi-centre trials are conducted in a large number of patients," he adds.

"Biodegradable stents are a very good concept, as after a certain period of time, the stent material is completely removed from the vascular system. This is likely to reduce late complications of metallic stents which remain in the vasculature for ever," opines Dr Subash Chandra, Consultant Cardiologist, Wockhardt Hospital, Bangalore. According to him, the most likely candidate for this technology is a metal ie magnesium-based metallic stent where the magnesium alloy gets absorbed in 90-120 days. Also, there is a polymer-based bioabsorbable stent which is more difficult to implant. These stents are likely to be better in all clinical situations including bifurcations.

What’s New!

EuroCor GmbH, Germany is on a verge of introducing DIOR - a new Paclitaxel-eluting coronary balloon dilatation catheter. This technique promises to reduce restenosis significantly by providing patient treatment opportunities, mainly for two medical indications, for the successful treatment of coronary in-stent restenosis and for provisional stenting. Up to 30 per cent of the total patient number treated by a coronary stent may be helped by DIOR. It will also eliminate the stent-into-stent treatment approach which was typical for the treatment of the in-stent restenosis. The cardiologist usually re-opens the in-stent restenosis by a conventional balloon dilatation catheter and places another stent into the previously stented artery lesion site. Such treatment may stiffen the lesion site by too much metal implantation and lead to further partially heavy patient restenosis problems. In DIOR (Dilatation of Restenosis) catheter technology, the in-stent restenosis is dilated and due to the simultaneous Paclitaxel-elution to the retreated coronary lesion, the patient is treated without using a second stent, much more successfully. The clinical efficacy of DIOR seems to promise a significant drop of the incidence of the re-occurrence of any restenosis.

Most importantly, the patient who is treated by this catheter always remains accessible for further treatments, if the first attempt would still require another DIOR treatment. In contrast, a patient who received a second stent into the first stent is much less accessible for any further re-intervention. His further treatment options are significantly reduced, his risk of life threatening complications increases. However, this technology will replace the stent for the stent-into-stent treatment of the coronary in-stent restenosis. The many patients with bifurcated lesions also may save one stent. Small diameter coronary arteries (< 2.5mm) may be treated exclusively, without any stent. The long-term patient outcome after treatment with DIOR may be compared with drug-eluting coronary stent patient results. A "first in man" clinical study revealed excellent and promising results on using a Paclitaxel-eluting balloon catheter. (New England Journal of Medicine, Nov. 2006). Further clinical trials are needed for more patient data. DIOR is in registration process for availability in India, which is expected by May 2007.

The Future is Biodegradable

Dr Mathew Samuel Kalarickal, Director, Interventional Cardiology and Cardiac Catheterisation Laboratories, Apollo Hospitals, Chennai, says, "The future of stent would be bioabsorbable stents with medication. Trials are already ongoing on patients in different parts of the world and the results are encouraging. Once the stent is dissolved completely, none of the deficiencies of the present stents like sub acute thrombosis or in stent restenosis will be there. If this stent is workable, it would virtually replace bypass surgery completely."

However, cardiologists voice concerns about this future stent technology. "The whole stent will not vanish in one go. The thinner parts of it will get absorbed before the thicker ones. And a time may come during the natural process of bioabsorption when the linear cylindrical tube of the stent may have only a few struts hanging here and there," says Dr Ganesh Kumar. There also is a possibility that those hanging struts would hit and damage the vessel.

Market at a Glance

Cypher, developed by Cordis, a Johnson & Johnson company, in 2002 is coated with rapamycin (sirolimus), which is an immunosuppressant agent and also acts as anti-inflammatory. Such drugs are usually used for blockage of organ transplant rejection. The key function against restenosis is the cytostatic effect on smooth muscle cell division. The substance prevents migration and proliferation of SMC´s into the arterial lumen at the lesion site. The second DES developed successfully is Taxus, a paclitaxel-eluting coronary stent, made by Boston Scientific, USA. Paclitaxel was also evaluated as being antiproliferative, thus preventing SMC proliferation, causing intimal hyperplasia at the lesion site which was stented.

Innovation for the Ideal

The research in stenting technology has been more or less an outcome of the consistent innovation in their constitution and designing. Currently, stents with resevoir technology (canals/holes in stent strut) are available commercially, which either have no polymer or have biodegradable polymer. Further, research is done on microporous (even smaller holes/canals) technology and nanoporous technology for drug elution. Stents with larger cells have increased the possibility of free flow of blood in the bifurcated vessel adjacent to the main vessel with the stent. "The larger cells of the stent will help not to compromise the flow of the blood to the bifurcated vessel, which will reduce the chances of blockage in this artery," explains Dr Rao. The new generation DES and BMS are now available in the market with this design of larger cells.

Moreover, the newer stents are sleeker, with less thick struts which has increased their trackability inside the artery. These stents also show signs of getting endothelialised early in comparison to stents with thicker struts, further reducing the chance of late thrombosis. "Today, research in stents has been captivated by the comparison between different types of DES, and also between the newer kinds of drug combinations to be coated on stents to find a solution to the problem of late stent thrombosis," explains Dr Praveen Chandra, Senior Consultant and Director, Cardiac Cath Lab and Acute MI Services at Max Devki Devi Heart and Vascular Institute, New Delhi. In the opinion of Dr Subash Chandra, the ideal stent would be completely inert, not activate the clotting system and will disappear after a given period (four-six months).

Says Dr Kar: "There cannot be an ideal stent in the near future. Stenting is not based on sound biological principles. It is a mechanistic therapy for a diffused biological abnormality and it should be tackled by proper pharmacological therapy rather than putting metallic stents. Otherwise, the ideal stents should be biodegradable with 100 per cent restenosis prevention and zero incidence of stent thrombosis, which can be deployed anywhere in the vascular tree in an effective manner by any interventional cardiologist with minimal training."

In the near future, the technology that is being talked about is that only BMS will be put in the artery, whereas the balloon will carry the drug. This will reduce the restenosis rate as well as the complications of DES. "The new drug delivery mechanism of the balloon, which inflates the narrow artery itself carrying a drug, which will be delivered to the endothelium will either delay or reduce restenosis," states Dr Ravi Kasliwal, Director, Cardiology, Escorts Heart Institute and Research Centre, New Delhi. Nanyang Technical University in Singapore has developed a self expandable, biodegradable stent with multiple drug delivery capability. However, these stents are still in primary stages of development and long-term data with large multi-centric randomised trials are needed to establish their safety and efficacy.

The Right Selection

The selection of stents by a cardiologist depends on the clinical data available on their long-term safety and efficacy. "We in India not only select the stent based on the financial criteria but also look for what is best for the patient. For acute heart attack, with a higher risk of thrombosis, we hugely prefer BMS," explains Dr Pankaj Bohra, Consultant Interventional Cardiologist, Soni Hospital, Jaipur. In India, while selecting the stent for the patient, the socio economic angle also cannot be overlooked with BMS available for one third the price of DES.

The presence of Certificate of Excellence (CE) on the stent is another criterion considered by the cardiologists to verify the authenticity and safety of the stent. "For the cardiologist, it makes sense to differentiate the application from DES to BMS or cobalt chromium stents, according to the diameter of the coronary artery to be treated. Artery diameter larger than 3.25 mm may be treated by non-coated coronary stents (BMS) only. DES may be preferred for arteries with a diameter smaller than 3.25 mm," explains Dr Orlowski.

There are diabetic patients who require such favourable stent implant quality. However, according to Dr Orlowski, BMS will not fade out. “There are new cobalt chromium stent systems with super-thin stent struts which reduce the total metal implant volume. The long-term patient outcomes with these new cobalt chromium stents have been favourable,” he adds.

Many cardiologists believe that stents are being overused all over the world, which should be discouraged. Many patients can be treated by proper medical therapy rather than by putting multiple stents. "A patient of acute MI without any post-infarction angina does not need any stenting just to support the much maligned open artery hypothesis," says Dr Kar. According to Dr Rao, more than the insertion of any particular stent, it is the compliance with medication and patient follow-ups that hold the key in the Indian scenario.

[email protected]

"Investing is simple, but not easy." - Warren Buffet

IP Logged

Vivek Sukhani
Senior Member

Joined: 23/Jul/2006
Online Status: Offline
Posts: 6675

Posted: 24/May/2007 at 7:54pm

Opto Circuits India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 24, 2007, has proposed the following, subject to satisfactory receipt of all statutory, regulatory, corporate and other approval including shareholders at their Meeting, as may be required.

1. Issue upto 12,00,000 Convertible Warrants on preferential basis to

(a) Promoters and Promoters Group
(b) Directors of the Company
(c) Directors of the Subsidiaries
(d) Employees of the Company

2. Issue upto 12,00,000 Equity shares on preferential basis to Strategic Investors.

The above issue of Securities (1 & 2) is being made on preferential basis at an approximate price of Rs 360/- per share / warrant (face value of Rs 10/- and premium Rs 350/- pet share / warrant) which is in accordance with the "Guidelines for Preferential Issues" prescribed under SEBI (Disclosure and Investors Protection) Guidelines, 2000.
----------------------------------------------------------

Hi Deepinsight,

How do you read this......first time this company is denying general public....??????But employees and promoters buying at 360 per share.....the company appears to be on a different track altogether now....

What do you say?

Regards,

Vivek

IP Logged

deepinsight
Senior Member

Joined: 18/Sep/2006
Online Status: Offline
Posts: 980

Posted: 25/May/2007 at 7:11pm

Originally posted by Vivek Sukhani

Opto Circuits India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 24, 2007, has proposed the following, subject to satisfactory receipt of all statutory, regulatory, corporate and other approval including shareholders at their Meeting, as may be required.

1. Issue upto 12,00,000 Convertible Warrants on preferential basis to

(a) Promoters and Promoters Group
(b) Directors of the Company
(c) Directors of the Subsidiaries
(d) Employees of the Company

2. Issue upto 12,00,000 Equity shares on preferential basis to Strategic Investors.

The above issue of Securities (1 & 2) is being made on preferential basis at an approximate price of Rs 360/- per share / warrant (face value of Rs 10/- and premium Rs 350/- pet share / warrant) which is in accordance with the "Guidelines for Preferential Issues" prescribed under SEBI (Disclosure and Investors Protection) Guidelines, 2000.
----------------------------------------------------------

Hi Deepinsight,

What do you say?

Regards,

Vivek

I saw it. Any dilution is always looked at critically. However, the way it is structured - its at today's price so:

1. if one does not want to dilute one can buy some more shares.

2. the total dilution is approx. 5%

3. management is also taking warrants at the same strike price - so they just do not want to dilute. Of cource - warrants gives them a time option value.

4. they will need the USD 20 million either for an acquisition or for getting the US FDA approval for their stents. -Both cannot be easily funded by internal accruals.

5. In the past management has been judicious and careful in diluting and if diluting giving high returns on the capital rasied.

I am giving management the benefit of doubt & would vote with them.

If you are willing buy 5% more and make your holding intact. My two bits.

"Investing is simple, but not easy." - Warren Buffet

IP Logged

basant
Admin Group

Joined: 01/Jan/2006
Location: India
Online Status: Offline
Posts: 18403

Posted: 25/May/2007 at 7:38pm

I am giving management the benefit of doubt & would vote with them

________________________________________________________

All growth companies face this problem.I agree we should analyse and then overlook the whole warrant saga because this is not a unique thing.

'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in

IP Logged

deepinsight
Senior Member

Joined: 18/Sep/2006
Online Status: Offline
Posts: 980

Posted: 25/May/2007 at 9:05pm

http://www.indiainfoline.com/company/innernews.asp?storyId=33707&lmn=4

Indiainfoline has the recent call transcript

"Investing is simple, but not easy." - Warren Buffet

IP Logged

deepinsight
Senior Member

Joined: 18/Sep/2006
Online Status: Offline
Posts: 980

Posted: 25/May/2007 at 9:06pm

I will try and copy it here - but it may go a bit haywire:

Conference Call


Opto Circuits (India) Limited Concall held by India Infoline Ltd

India Infoline Research Team / Mumbai Apr 27, 2007 16:35



Transcript Conference Call of Opto Circuits (India) Limited Event Date / Time : 27th April 2007, 10:30 AM IST Event Duration : 42 mins 14 secs Presentation Session *Moderator:* Good morning ladies and gentlemen. I'm Leela, moderator for this conference. Welcome to the conference call of Opto Circuits (India) Limited. We have with us today, Mr. Vinod Ramnani, Chairman and Managing Director of Opto Circuits (India) Limited and Mr. Sachin Neema, Head of Research of India Infoline Limited. At this moment all participants are in listen only mode. Later, we will conduct a question and answer session. At that time if you have a question, please press * and 1 on your telephone key pad. Please note this conference is recorded. I would now like to hand over the conference to Mr. Sachin Neema. *Sachin Neema:* Thank you Leela. Good morning, ladies and gentlemen. I am Sachin Neema, Head of Research at India Infoline, a very warm welcome to all of you for the conference call to discuss the acquisition of two medical equipment companies by Opto Circuits. I have great pleasure in having with us, Mr. Vinod Ramnani, Chairman and Managing Director of Opto Circuits. To give you a background, Opto Circuits (India) Limited, has signed a purchase agreement, to acquire medical equipment companies in India, namely, Devon Innovations Private Limited and Ormed Medical Technology Limited. The companies manufacture products like catheters, stone graspers, stone baskets, dilator sets, etc. but different specialized applications mainly in the areas of urology, gastroenterology and gynaecology. Devon Innovations manufactures catheters and allied products for various medical segments, and Ormed deals with orthopedic prosthesis and surgical disposables. Both companies are ISO 9001 certified manufacturing companies. Devon products have the CEE mark also. To discuss the implications of these acquisitions, I would like to hand over the floor to Mr. Ramnani. Over to you, Vinod. *Vinod Ramnani:* Good morning, Sachin and good morning everybody. Now these companies, about the acquisitions that we announced yesterday - they are small in size, but I can see very good potential. These two companies which we have acquired they have a very strategic meaning, going forward, a business of strength, because as far as Devon is concerned, they are making catheters and in stents also we are using catheters. So, I thought it would be a good combination. So, I looked into it and fortunately these companies have come to us at a very lower price, due to the management which was old, and in fact, I can even tell you Mr. T. Thomas started this, that is what my understanding is, who was former chairman of HLL, and he being our - he is known to us and he just offered us - why don’t you just look into these two companies and see if you can take them forward. As our Opto strategy from the beginning, we always look at good opportunities at very good price, so we can see the value there, and with our marketing network and distribution network, across Europe and Asia, I thought it will not be a bad idea because it is not costing the company too much, and there is a good potential going forward and upside. So, that’s how the Board decided to go for it and we concluded the deal yesterday. Although the companies are right now doing their sales only in India, but I can see good potential for these products for Europe, Middle East, Asia and south- East Asia and I thought, it will be a good thing to happen, because it is a good addition to our existing products, and we don’t have to really spend money on marketing and distribution network. The products are great, and they have CE approval. In fact, Ormed, the company which was in orthopedics, was in collaboration with German Ormed. And now, German Ormed is not there, but they still have the name. So, their name brand is also pretty popular and so, is Devon, so looking into that and seeing the good potential for growing these two companies. As you are aware last time, we picked out HLL thermometer at a very good price and then the company did very well with it. So, this is one of those opportunities you get, and the company is always looking for something like that. I am sure that if we put all our marketing network and our distribution channels across, I think we can - we will have a good potential for exporting these products outside India also. So, we can really, take the company forward. And it will be a very good addition, without spending too much money. *Sachin Neema:* Operator, you can throw the floor open for questions. Question and Answer Session *Moderator:* Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press * and 1 on your telephone key pad, and wait for your turn to ask the question. If your question has been answered before your turn, and you wish to withdraw your request, you may do so, by pressing # key. Our first question comes from Mr. Nisht Shah of IDFC. *Nisht Shah:* Good morning everyone and congratulations on this acquisition. I have a couple of questions. One, what is the amount paid for both of these and, what is the actual turnover sales of both these companies -if you could share that? Vinod Ramnani: Yes, sure. Both the companies will cost us less than 5 crores. Right now they’re doing about 6-7 crores in sales. The major problem they could find is the management couldn’t handle, and Mr. T. Thomas was kind of at the retiring age. I can see a lot of potential for the overseas market which they have no reach. They were just doing the local sales, and with having ECE mark, I think the European market is very well open for us, as you know, we have a company in Germany, and our own network, so for this amount I think and in our opinion it is a good deal and we can turn it around. It is a profit making company even in whatever sales they are doing - about 6-7 crores. They’re closing in fact in June, but then it is a profit-making company and so if we really put our marketing efforts, I think it will have a good potential to take them forward. Nisht Shah:* Will this acquisition impact the backward integration that you were thinking about targeting a company in Europe, will it impact that and…? Vinod Ramnani: No, these are different products. The company which we are targeting in Europe is in the coronary catheters and this company is totally in renal and gastro catheters, but as I told you, technology wise, it is all same. So, it is not a bad idea to have complete range of catheters and as I told you earlier, once they have the CE approval it is much easier for us to - because we are selling balloon catheters as it is in the market. We are using the same distributors, so we can use the same distributors for these products and give them a marketplace outside India, which they have never explored and that is the idea behind this. Nisht Shah:* Will it also help you when you want to manufacture the coronary catheters as and when you do the decision and bring it…. Vinod Ramnani: It will definitely because there are good people there, there are technical people there, so, it is more on a comfort level also, because catheters are catheters, of course, the processes are not really the same, but basics definitely would be a helpful thing. Nisht Shah:* But at what stage are we now in terms of clinical trials, for the US market? Vinod Ramnani: We are just beginning it. In fact, people are sitting in US and we are in touch with the doctors out there and you I don’t know whether you are aware of our Goa conference which took place a few weeks back. And there has been a lot of interest that has been shown. So, I think the trials should be starting probably I would say around middle of May, or end of May, or maybe another six to eight weeks, that is what we are planning, that is what we are working towards. Nisht Shah:* And how long will it take to get it over? Vinod Ramnani: Well, to get FDA approval for the stent is a very long process. So, I will not say that we can get it before 24 months. I mean, anywhere around that time frame. Nisht Shah:* In the meanwhile, what is the game plan in terms of taking forward the stance with the CE approval that you have, that gives you right to market in the European market as well as in couple of other markets? Now, how are we positioning what kind of marketing bandwidth we are increasing, and all of that? Vinod Ramnani: That is an ongoing process and we have a very good product and we have already started - you can see the sales are jumping even in India, I mean, for that matter, after this Goa conference and this is very important for us to market it right and give a proper exposure and create a brand. We already started doing that. We have another conference in Barcelona in May, where we are participating and that is an international conference for coronary products. I am sure, it is moving very, very fast. We are trying to capture as many markets as possible, including China and Russia, except for US, we can’t really enter right now and so also Japan. But in all other markets we are going very aggressively and we are seeing very positive results. Nisht Shah:* Anything in the recent three, four months developments, which are important enough for us to know? Vinod Ramnani: Well, the important thing is the company is doing well and it is growing, and as per expectation, or maybe more than that. Because in India, the sales have picked up real good and so in other places. Now, I’m sure that once you have this conference in Barcelona, where everybody else is participating around the globe, we’ll have some studies, and by that time I am sure, that will again give us a good boosting as far as the stent market is concerned. But overall, as you said, three, four months we are on target and the order booking is good. We have a lot of new distributors coming in stent, and particularly DIOR also picking up, the product which we launched in Goa. So, the signs are very positive. Nisht Shah:* Thank you. Moderator: Next question comes from Basanth Patil from Iden Investment Advisors. Basanth Patil: Sir, it is very interesting to understand your acquisition strategy. You know, you have been picking up companies across the country, and now they seem to be in similar segments. But what we fail to understand is why get into non-coronary catheter at all? I believe Ormed is more into orthopedics. So, how does that help you as well? Vinod Ramnani: See, Ormed is in orthopedics, we have some distributors in the Middle-East Asia, and South-East Asia, who have been asking us to get them some orthopedic products. Now, this was a combined deal, when we say coronary catheter is one thing, but other catheters are also required. So, Devon and Ormed, these are like sister concerns. As I see there is nothing wrong, because as I told you, the total price what we have paid is not that much and they have a good name, if we can revive Ormed as the German collaborated company with good quality products. Unfortunately, they have not really kept the market - they couldn’t do it. But I could see the value there, because of the brand name and their product line. They have very good total hip replacement joints, and they’re working on the knee. All those were designed earlier in collaboration with Ormed of Germany. So, as far as quality is concerned, it is very good. If we can market those products right, and as you can see the risk is not all that great. We have hardly paid much for it. But I can see there is very good market for it even in India and outside. And we have some distributors who are very keen to have these products also in the basket, so I said fine, I mean, nothing wrong as far as it is a minimal risk proposition and nothing wrong in exploring that market. Basanth Patil: So, what it actually implies is that you are actually trying to leverage on your marketing network. Vinod Ramnani: Absolutely, why not? Because when I am paying approximately a crore or a crore and a half for Ormed, I mean, that is not a great risk, whereas… Basanth Patil: I understand - could you tell us about this marketing network? We did a little bit of work on the distributor you have appointed in Europe for marketing of stents, and it was not extremely encouraging to read about that. Because those - I forget the name of that company, the distributor you have in Europe for doing the… Vinod Ramnani: See, we have various distributors. One we have is Nicholas. We had Fumedica earlier, but now we have changed it to Nicholas and that is much bigger distributor. See, what happens initially when you are a small company, when you are picking up a company, when the product is not very well known, you always have to go with whatever is available. But as you grow, as you add on more products, then there are big distributors who are looking at you and then you can easily tie them up. So, we bought the European company only last year, and they didn’t even have enough products, and the supply chain - they were not producing enough although they had very good product line, but we have revived that now, and it will happen. Of course, it is a process and we have to just see that suppose we reach to a level even bigger than now, I am sure we can have the best distributor in Europe. But it is again a matter of time how strong we are going to make the company and the brand and we are working very aggressively to do that, because the product is really good. I am sure you must have read all those news items, which came after our Goa conference. So, there is no hassle as far as the product is concerned. It is just a matter of time and getting your brand recognition. Once that happens everything changes slowly and we’re not really signing with any distributor for a life time - it is just that they will pick up minimum quantities of this and this and this and if they don’t, we have the right to change them. So, we have kept that option open but I am sure that as we go forward, you can see things change. Basanth Patil: I am sure the company will grow and will be able to get more and more sales through distributors, but my guess was - we were trying to gauge as to how a product like stents would get sold? That would probably happen with medical representatives in India and maybe abroad. Vinod Ramnani: No, different countries have different marketing networks. Like in India, also we are selling through two distributors. And their sales have picked up 28%-30% after our conference. And so, if you go to Europe, there also it has been sold through the distributors, and there are no medical representatives. It is distributor who hires his own people, and they are always in touch with the cardiologist, they keep the product there, in fact, sometimes they are present while they’re doing the procedure, because if they have any issues, their representative would be there. So, this is a very, I would say PR-related thing, in my opinion, and at the same time the distributor hires them. Even in India, our distributor has hired I don’t know how many people to be in touch with all the cardiologists and what they want, and what sizes they want. So, it is different - in different countries there are different procedures, but by and large, it is the distribution network which takes care of the sales. Basanth Patil: Who would be your distributor in India? Vinod Ramnani: In India, we have Phoenix, in Bombay and in Delhi we have appointed another distributor, I don’t recollect the name right now, but in Bombay based, it is Phoenix, who is doing our distribution. Basanth Patil: And this would be a similar set up in Europe as well? Distributor-driven sales is how it actually happens? Vinod Ramnani: It is going to be distributor-driven sales because for one, it is easier for us, to get our money, because with distributors we have the terms. We can’t go to the various hospitals and collect the money, unless and until there is a big tender in any country, where we qualify it will be good. But by and large we have a distribution network. But I can send you the list of Europe distributors. I think we have around 100 odd. But I wouldn’t know right now. I mean, they have been changing and getting better and better distributors. If you want I can send you the latest network of distributors, across Europe. Basanth Patil: My last area, would be actually on the technology itself. We had this discussion, with some heart specialists. I am sure each of them has their own opinion, but what they said is that the market is actually moving towards bare metal stents. And that is not our strength really, am I right in saying this? Vinod Ramnani: Let me correct you here. Now, we have a fantastic bare metal stent. It is called Magic. It is one of the best bare metal stent available in the world. And we have the patent on it, worldwide and now, to counter this although drug eluting stent is going to stay. I mean, still you see the sales are 80% DS and 20% approximately is bare metal stent. Now bare metal stent, we have come up with another product which is called DIOR, which is drug eluting balloon catheter that means the small arteries can be treated with the drug by that catheter. It can reach anywhere and treat that and you can remove it after it discharges the drug. And we are coming up with the next generation stent called Magico. That product will have bare metal stent with drug eluting balloon catheter. Now that will really give them the answer for all their queries, because Magic is our best bare metal stent, and once we combine that with drug eluting catheter which is in the process - we are getting the clinicals done. That means, we have solutions for all the e various conditions and various stents - one is drug diluting stent which is Taxcor. Then, we have Magic which is bare metal stent, then we have DIOR which is drug eluting balloon catheter, then we have Magical, which is bare metal stent with drug eluting balloon catheter. Basanth Patil: What you’re saying is in the balloon catheter, it will apply the medicine and come out? Vinod Ramnani: Yes. It will discharge the medicine in that area and you can pull it out. Basanth Patil: That’s it from me. Thank you so much for your time. Moderator: Next question comes from Mr. Atul of Tata Asset management. Atul: Hello, congratulations on your acquisitions. I have a few questions on these new companies. One is Ormed, what will be the market size for these products? Vinod Ramnani: See market size, there are again big players for this space. Again, Ormed there is Dimar, which is a very big company. And for catheters also, it is just a good synergy for our coronary catheters. So, market size is huge. I would not have the numbers readily available, but definitely for orthopedic, definitely the market size is very huge. I mean, more than a billion, 2 billion dollars. I mean, every joint replacement costs you a lot of money, and with this Ormed brand, I think if we can really market it right, we can take it forward that is my opinion. Atul: This is worldwide market size? Vinod Ramnani: Yeah worldwide market size. Even in India, there is a lot of knee replacement, hip replacement taking place and nowadays even if you break your bone, you have put the nuts and rods and everything, and so all those things are available with this company. And if we really set the management right and the quality systems and give a proper exposure, I am sure the price what we’re paying would be insignificant. Atul: And what about the competition in this field? Vinod Ramnani: There are very big guys and there is a huge market. Dimar is one of the very big companies in America. Atul: And for the new product Magical bare metal stent plus DR, so what time lines you are expecting….? Vinod Ramnani: I think we should get it any time. I cannot really commit on a date, but within few months, 2, 3, 4, months. Atul: And how is the DR sales picking up? Vinod Ramnani: It is doing very well. We are just waiting for some of the registrations to take place, as you know anything to do with the drug, we need to get the registrations done in various countries and so we are in the process of doing it. But the orders on LOI already started coming, the product has started flowing and the sales in fact has actually started in Europe. Atul: Thank you sir. Moderator: Next question comes from Mr. Balaji of Sundaram BNP Paribas. Balaji: Good morning sir, actually for this product for which you have initiated clinical trials in US… Vinod Ramnani: It is not initiated, we are going to initiate. Balaji: Okay, so how long will it take for the clinical trials to get over and…? Vinod Ramnani: The total time frame I am looking at is approximately 24 months. Generally it is a long process and it will not be right for me to say something less than that, generally it takes 24 month is the… Balaji: This process, basically, how different is it from the other say, what I mean is you keep testing these products… Vinod Ramnani: Well FDA has different guidelines and CE has different guidelines, as you know we already have CE, but FDA have different guidelines and they need more data on the clinical from various centers and then the reports of those data they have to compile, they have a procedure after six months, after nine months and they have to follow and get those patients registered and they have to follow up with them and see whether there are any problems so this is a time-consuming procedure because after you put a stent, then definitely you want to monitor that patient and see how the stent is doing, for three months, for six months, for nine months and then you collect the data. Once those data go for the approval, then they have their own procedure to verify those data and finally you get (inaudible). This is the procedure, but of course the American doctors would be involved who are on the panel and that’s what we are talking to and they will be taking care of various procedures and the registrations and then we go forward. Balaji: Once you get the approval, is it a patentable kind of product or…? Vinod Ramnani: We have the patent on Magic, this is our own product, and we are starting the trials right away. As I told you in the next 45, 46, days they are already working on it, so I would not know what is the exactly date but the near future. Balaji: Any revenues from the stents from the US market would commence only after FY’09? Vinod Ramnani: Yes. To be on the safer side, it is a 24-month process. Balaji: Okay. And in India how has the response been for the product? Vinod Ramnani: It is excellent. After this conference it has given us a very good image, among the cardiology community and they were 170 cardiologists from across the globe and it was a very good success and they have recognized the company and the response is tremendous and the sales have picked up very well after the conference. Balaji: Okay, thanks. Moderator: Next question comes from Mr. Dhrumil Shah of ASK Raymond James. Gaurav: Good morning sir, this is Gaurav here. I just have two clarifications; one is the acquisition of Devon the catheter they make for renal, gastro etc. can it be at all be converted to coronary with process and the technology. Vinod Ramnani: Well, Gaurav, I will tell you one thing. It is like; a car is a car is a car. There are different brands and different procedures for making a Mercedes or a Maruti whatever, but the basic principle remains the same. It is a good thing to have because now we have the complete range and with the coronary catheters which we are planning to manufacture, the technical people in Devon definitely would be a good help in India because we will definitely need the support going forward in having our own set up here. So, even the technical side of it, in my opinion it is a good thing to have. Gaurav: The acquisition we are looking in the EU - the coronary catheter manufacturing facility, what is the status there? Vinod Ramnani: We have not really signed definitive as yet because as I told you, there are some issues which we are trying to resolve and unless and until the management is 100% is sure that what we are buying is correct, we will not go for it and so negotiations are on, on some of the issues which we feel that are not acceptable to us and we do not want to expose ourselves with whatever money it is unless and until we are 100% sure that it is as per our terms and conditions. Gaurav: Therefore for the stents outlook for the current FY’08, not withstanding this acquisition, you would still have the backward linkages to have the supply? Vinod Ramnani: Oh yes. We have different suppliers, in fact we just have identified one more in US, so that is not a problem as far as the supply is concerned, we have already covered various places and I don’t see any problem there at all because that is the reason right now my three people are sitting in Europe and streamlining everything and putting the systems in place. So, I don’t see any problem as far as that, I don’t anticipate any problem as far as the supply chain is concerned. Gaurav: Sir, and lastly on the FY’09 outlook on the stent segment, when are you likely to give us some guidance there? Vinod Ramnani: We will give the guidance when we have our final annual results, and I can give at that time, but things are getting very good and positive, the product is good and people have started recognizing. It is taking a little time, but any new brand when you come up in the market and when you want to take on players like Johnson & Johnson and Bausch and all, it is always a time thing and once you do your marketing right and that’s the thing. I don’t see why we should not grow, because the market is huge and we have our own niche and we are trying to create our own niche and I am sure we will be able to grow this in a very big way. Gaurav: Fine thank you. Moderator: We have a follow up question from Mr. Basanth Patil of Iden Investment Advisors. Basanth Patil: Sir you said Magic is the best stent available… Vinod Ramnani: That is my opinion now. Basanth Patil: How does it compare with Johnson and Johnson? What gives you the confidence that it is that is the best one? Vinod Ramnani: I cannot just give you in writing that is the best stent, but what I hear from the doctors, what I hear from the cardiologists that it is a very smooth stent, very flexible and we had some in fact if I am not wrong, I have seen some of the slides which were shown to me quite some time back from Michael (inaudible) our man in Germany that how smooth it goes inside and that’s what I have heard from various doctors in India and abroad that it is very, very flexible and smooth when you deploy it inside a patient’s artery. Basanth Patil: Okay, the second question is more with regards to numbers. We actually believe that last year we were selling close to about 800 stents a month would that be the right number? And we expect almost 1,400 or 1,500 a double of that to sell this year; would that be a right expectation to go by? Vinod Ramnani: I don’t know. In India itself I have given them a target of 1,500 a month. So you can put other things together and make your own calculations. But in India my target is this quarter they should be reaching 1,000 numbers a month and so…. Basanth Patil: And in total sales, what ratio is actually with the global market and what is India? Is it 50-50…? Vinod Ramnani: As I told you that I will be able to compile everything… Basanth Patil: Just a rough estimate of what your global targets also would be…? Vinod Ramnani: I have given them a very stiff target now. They are working towards it, but we will have to wait and watch, but India definitely is picking up very well and I understand from my people that probably they will reach 1,000 a month in this quarter itself. That is the feedback which I am getting from my people. Basanth Patil: But would global itself also would be another 1,000 or less than that. Vinod Ramnani: More than that in my opinion. India is just one country, we are talking about full Europe and other Asian market including China, Taiwan, Russia, Latin America like Brazil, Bangladesh – there were 12 or 13 Bangladeshi doctors who came to the Goa conference. Basanth Patil: Okay, thank you so much for your time. Moderator: We have a follow up question from Mr. Atul of Tata Asset Management. Atul: Hello sir, just one more question. Regarding clinical trials from FDA, any new cost distribution or have you…? Vinod Ramnani: Well, the total procedure probably will cost us in the tune of around 15 to 20 million that is the approximate cost which I am putting across. Atul: For 24 months? Vinod Ramnani: Yeah, it is not up front, but once we start the procedure, because it depends upon how many clinical trials they want and how much does it cost and I think some of our data from Europe probably would be acceptable there or not, we are looking into it. But rough estimation would be around 15 to 20 million US. Moderator: There are no further questions. Now I hand over the floor to Mr. Sachin Neema for closing comments. Sachin Neema: Thank you ladies and gentlemen. I would like to take this opportunity to express our gratitude to the Opto Circuits Management and Vinod especially for giving us this opportunity to host this conference call. Thank you everybody once again. Vinod Ramnani: Thank you Sachin. Moderator: Ladies and gentlemen this concludes the conference for today. Thank you for your participation and for using Door Sabha’s conference call service. You may disconnect your lines now. Thank you and have a pleasant day. Note:** 1.This document has been edited to improve readability. 2. Blanks in this transcript represent inaudible or incomprehensible words.

"Investing is simple, but not easy." - Warren Buffet

IP Logged

<< Prev Page of 152 Next >>

Printable version

Forum Jump

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum

This page was generated in 0.172 seconds.

Bookmark this Page

Most Participated Topic

Join Theequitydesk.com Today!

It’s easy to Join and it’s free.

Here's why members would love to be a part of theequitydesk.com

Equity Desk focuses on why to buy shares and invest in share rather than what to buy.
Live discussion forum wherein members can discuss the current Indian share Market trend, BSE Sensex or the Nifty Index.
Have huge cache of information on Indian and World Share Market.
Analysis of Indian stock market, Global events, Investing insights, portfolio management strategies and thoughts,
Meet investors from round the globe check their investing strategies share experiences and learn for their experiences on stocks and shares, evaluate opinions on investing in India.

Register now while it’s free!

Already a member? Close this window and log in.

Join Theequitydesk.com Today!

Here's why members would love to be a part of theequitydesk.com

Join Us Close