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Ib2 c due diligence report

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Ib2 c due diligence report Presentation Transcript

  • 1. DUE DILIGENCE REPORT Benjamin J. Garber 18 November 2010 Prepared for BlueTree Capital Group | BlueTree Allied Angels
  • 2. Due Diligence Team
    • Kirk Vincent
    • David Charlton
    • Dwayne Bucko
    • Jenny Karlsson
    • Jason Matzus
    • Ben Garber
  • 3. Company
    • Intimate Bridge 2 Conception (Ib2C) is a medical device company focused on fertility
    • Initial sales driven online and through infomercials
    • Ib2C is hoping to raise $1.5MM this round
    • CEO, Steve Bollinger
      • Market Advisors, Messrs. Swenson & Tovian
      • Medical Advisors, Drs. Pelekanos & Hoffman
      • Legal Advisors, Foley Hoad LLP
  • 4. Company
    • Intimate Bridge 2 Conception (Ib2C) is a medical device company focused on fertility
    • Initial sales driven online and through infomercials
    • Ib2C is hoping to raise $1.5MM this round
    • CEO, Steve Bollinger
      • NO FEMALE PRODUCT OR MARKET ADVISORS
  • 5. Product
    • Focus Touch Kit is a cervical cap devise featuring a unique delivery method
  • 6. Key Considerations
    • No indication of market acceptance
    • No prototype or claim of product efficacy
    • No Freedom to Operate Study
    • Large market potential
    • Few competitors
  • 7. Problem
    • 7.3MM women in the U.S. and 100MM+ worldwide having trouble conceiving
    • 1.2MM in the U.S. are actively seeking assistance
    • Existing IUI and IVF treatments are costly, invasive, uncomfortable, and unnatural
  • 8. Solution
    • The Focus Touch Kit is:
      • Inexpensive at $80 (IUI is $2k and IVF is$20k)
      • Do-it-yourself low technology devise; no surgery
      • Used within the privacy of your own home
      • Reduces stress associated with conception
      • Hormone free utilizing natural mechanical techniques
  • 9. Sales
    • BlueTree investment will primarily be allocated to product and strategy refinement and initial marketing efforts
    • Internet search marketing powered by GoogleAdwords... later social media, Yahoo, Bing
    • Infomercials supported by GoogleTV
  • 10. Sales
    • BlueTree investment will primarily be allocated to product and strategy refinement and initial marketing efforts
    • Internet search marketing powered by GoogleAdwords... later social media, Yahoo, Bing
    • Infomercials supported by GoogleTV
    • $4.2MM marketing expense budgeted for first 200,000 unit sales represents the lower bound
  • 11. Forecasts
    • Pending 510(k) approval in Q3 2011
    • 25,500 units IN Q3/Q4 2011 (6,375 customers) for revenue of $2.04MM
    • $12.5MM in 2012 to $22.5MM in 2013
      • OTC and international launch
  • 12. Forecasts
    • Pending 510(k) approval in Q3 2011
    • 25,500 units IN Q3/Q4 2011 (6,375 customers) for revenue of $2.04MM
    • $12.5MM in 2012 to $22.5MM in 2013
      • OTC and international launch
    • Risk that sales will not accelerate as anticipated and Ib2C will need additional capital potentially diluting BlueTree’s interest
  • 13. Document Review
    • Terms offered to BlueTree are same as PLSG including convertible promissory note and warrants
      • Received $200k from IW and $275k from PLSG
    • If the company sells for $20MM, PLSG would receive $1.55MM for it’s $275k in notes
    • PLSG conversion to 450k or 580k shares based on $4.5MM and $2.5MM valuations
  • 14. Internet Marketing