Interesting Risk/Reward, But Management Has to Prove It

Penthrox the Green Whistle is a genuinely good product with a complicated past. Methoxyflurane was used as a surgical anaesthetic in the 60s and 70s, caused kidney toxicity at those high repeated doses, and got pulled. The reputation stuck for decades, even though Penthrox delivers it at a fraction of that dose via a handheld inhaler for a few minutes of acute pain relief. The TGA, EMA, MHRA, and 30+ European regulators have all reviewed it and approved it. Australia has used it in ambulances and EDs for 30+ years with no nephrotoxicity signals at population scale. The FDA still hasn't approved it, that legacy baggage is the main reason the US remains locked out, but everywhere else the safety story is well established.

The product works. The adoption problem was largely regulatory history, not the product itself.

The Last Five Years Were Ugly

Five consecutive years of losses. $63M in accumulated losses on $115M of contributed equity. A $40M goodwill impairment in FY24 from a failed prior strategy. Shares on issue grew ~10% per year, not from acquisitions, just capital raises to keep the lights on.

FY25 was the first profitable year. Net profit: $94k on $39M revenue. Barely registers, but the direction changed, No equity raises since mid-FY25. Cash sits at $16.9M with no real debt.

The ship hasn't turned yet, but it's stopped sinking.

Red Flags

• Management ownership effectively zero — no skin in the game
• $63M in accumulated losses — long history of capital destruction
• Dilution has been brutal ~10%/yr for five years, though this should slow materially now
• FY25 "profit" = $94k, one bad quarter erases it entirely
• Respiratory segment declining, down 10% in H1 FY26, US tariffs adding pressure, no clear fix
• No substantial shareholders on record, no anchor institutional conviction
• US approval is years away and expensive, the biggest market remains locked out

Green Flags

• Penthrox is genuinely differentiated, no real substitute in pre-hospital inhaled analgesia
• $16.9M cash, no debt, can absorb a bad year without another raise
• Australian hospital segment compounding fast  up 43% in FY25, up 26% in H1 FY26
• European paediatric label expected by August 2026 — a real near-term catalyst in an already-approved market
• Capital-light pivot underway — partner distribution in France and Switzerland now operational
• Dilution should drop to ~1–2%/yr going forward

The Risk/Reward

The downside looks limited. With $16.9M cash against a ~$47M market cap, you're not paying much for the business itself. You're unlikely to lose 80% from here. But if hospital penetration stalls, Respiratory keeps falling, and management can't convert momentum into real earnings, you're looking at a slow grind sideways with ongoing minor dilution.

The upside is real if they execute. A base case of 12% revenue CAGR gets you to ~$69M revenue by FY30. At an 8% net margin and 20–25x PE, that's a $1.00–$1.30 stock — roughly 3x from here. The bull case with 20% CAGR and operating leverage gets you to $3.50+.

The asymmetry is reasonable, lose a little, make a lot but only if management actually executes, which they haven't proven over a full cycle yet.

Watchlist for me until two consecutive quarters of meaningful NPAT. Another equity raise or Respiratory deteriorating past 15% decline would be the exits.

Recent Buying

Russell Basser

30 October 2025

Buying On Market 40,000 shares at average price $0.7056 ($28,227)

Mark Fladrich 

30 September 2025

Buying on Market 62,858 shares at average price $0.7099 ($44,629)

Paul Townsend

22 September 2025

Buyiing on Market 25,000 shares at average price $0.6714 (16,785.31)

Management Bio’s

Mark Fladrich - Chair

Mark is an experienced leader with over 30 years of experience in the pharmaceutical industry, specialising in commercial, strategic, and operational roles across a broad range of therapeutic areas, including pain management.

Most recently, Mark served as Chief Commercial Officer at Grunenthal, a privately owned German company with a strong presence in Europe and Latin America. During his time at the company, he expanded Grunenthal’s commercial presence into the US in parallel with the relaunch of a non-opioid chronic pain management treatment.

Prior to this, Mark spent 23 years at AstraZeneca, holding various senior roles, including Vice President of Global Strategic Marketing, Country President roles in Germany, Australia and New Zealand and Regional Head of Southern and Western Europe.

Mark has also held leadership roles at Allergan and Faulding Pharmaceuticals in Australia.

Currently, Mark is the Chair of QBiotics, an Australian life sciences company, the Chair of the Strategic Advisory Board for Atacana, a global pharmaceutical and biotech industry consulting firm and serves as a Board Observer and Strategic Advisor at HealthMatch, a Sydney based digital startup who have developed a patient centric platform for clinical trial recruitment.

Leon Hoare - Non-Executive Director

Leon is an accomplished commercial leader with expertise across multiple Life Science sectors. He is currently the Managing Director of Lohmann & Rauscher, Australia & New Zealand (ANZ), a private EU based medical device company.

Previously, Leon was Managing Director of Smith & Nephew (S&N) ANZ, one of S&N’s largest global subsidiaries outside the USA. He served as President of S&N’s Asia Pacific Advanced Wound Management (AWM) business for 5 years and was a member of the Global Executive Management for the AWM Division (as one of three Regional Presidents).

In his 24 years with S&N, he also held roles in marketing, divisional and general management.

Leon’s career has also included a senior role at Bristol-Myers Squibb, and as Vice-Chair of the board of Australia’s peak medical device industry body, Medical Technology Association of Australia. Leon is also the Chair of MDI’s Human Resources Committee.

Public company directorships in the past 3 years:

Polynovo Limited since 27 January 2016

Christine Emmanuel-Donnelly Non-Executive Director

Christine is an experienced IP and business development professional having 35 years’ experience locally and internationally.

Christine is a former Executive Manager of Business Development and Commercial at the CSIRO, where she led the management of CSIRO’s IP team and IP portfolio for 14 years and managed the CSIRO equity portfolio for over 5 years.

Prior to this role, Christine was in-house IP Counsel for Unilever in the UK and practised as a patent and trademark attorney for Wilson Gunn (UK), Davies Collison Cave and Griffith Hack in Melbourne.

Christine is also currently chairwoman of Impedimed Ltd and non-executive director of Polynovo Ltd, Pikcha Holdings Ltd, trading as Seminal. She was previously on the Board of the Institute of Patent & Trademarks Attorneys of Australia for 13 years.

Public company directorships in the past 3 years:

Polynovo Limited since 13 May 2020

Impedimed Limited since 2023

Russell Basser Non-Executive Director

Russell is a qualified physician, with over 30 years of international medical and biopharmaceutical experience. He has worked as a medical oncologist in Melbourne prior to joining CSL in 2001.

During his 21 years at CSL, Russell held multiple global executive roles, including Head of Global Clinical Development, Chief Medical Officer and Senior VP of Research and Development for CSL Seqirus. He has substantial expertise in international drug and vaccine development and spent several years based in the USA.

Russell currently serves as a non-executive director on the Boards of Starpharma Holdings Limited and Doherty Clinical Trials. He has previously served on the Board of the ANZ Breast Cancer Trials Group and the Hadassah Australia Medical Research Collaboration.

Paul Townsend - Non-Executive Director

Paul is an experienced global finance executive with a strong commercial focus and reputation of delivering results across diverse industries, including manufacturing, resources, consumer products and academia.

Paul has substantial ASX CFO experience at organisations including Nufarm, Asaleo Care, and Pacific Hydro, as well as Monash University, bringing a wealth of knowledge to MDI.

His extensive track record includes business turnarounds, new venture start-ups, mergers and acquisitions across local and global markets, navigating equity and debt capital markets and implementing changes necessary to deliver strong earnings growth, robust cash flow, and balance sheet optimisation.

Paul’s strategic mindset and leadership have consistently enabled successful business outcomes and the generation of long-term value. Paul has a Bachelor of Business (Accounting), FCA and GAICD.

Brent MacGregor - Chief Executive Officer

Brent joined MDI as Chief Executive Officer in November 2020.

Previously, Brent was the Senior VP Commercial Operations for Seqirus, from its inception in 2015 until 2020. He has also held roles as Head of North America for Novartis Vaccines and Diagnostics and Managing Director ANZ, Managing Director Japan, VP Global Marketing, and Global Head Strategic Planning for Sanofi Pasteur.

Brent is also a board member of Dynavax, a Hepatitis B vaccine company.

Brent has a BA in Political Science/Economics from Carleton University, Ottawa Canada, MA in Political Economy from Reading University, UK and an MBA from Kellogg – Northwestern University, Evanston IL USA.

Anita James - Chief Financial Officer

Anita joined MDI in May 2022 as Chief Financial Officer, bringing extensive senior finance and commercial experience in ASX listed environments.

Prior to joining MDI Anita worked at Pact Group Holdings Ltd, as General Manager Finance and Investor Relations, and other ASX listed companies in the mining and resources sector, including 12 years with the multi-national mining services Company Orica Ltd.

Capital Raising (Last 10 years)

In last 10 year raised approx $101.24m, today market cap is $42.8m at today price $0.38

·      July 2024 Raised $10m, $5.5m placements and $4.5m entitlement offer at issue price of $0.38 per share. https://announcements.asx.com.au/asxpdf/20240726/pdf/065ymvh74jhzf0.pdf

·      August 2022 completed the placement and institutional entitlement raising $30m at a price $2.00 per new share. https://announcements.asx.com.au/asxpdf/20220808/pdf/45cmpm852scgx5.pdf

·      December 2020 SPP Raised $11.768m at a issue price of $6.50 per share. https://announcements.asx.com.au/asxpdf/20210121/pdf/44rx7xg0fgl8kb.pdf

·      December 2020 completes $25m placement at price of $6.50 per share to a number of institutions and sophisticated and professional investors. https://announcements.asx.com.au/asxpdf/20201214/pdf/44qxj14w5l9qzb.pdf

·      August 2018 SPP Raised $7.475m at a price of $4.00 per share. https://announcements.asx.com.au/asxpdf/20180919/pdf/43yg2hm0lpgylz.pdf

·      August 2018 Raised $17m at a price of $4.00 per share from number of sophisticated and wholesale investors. https://announcements.asx.com.au/asxpdf/20180808/pdf/43x5bbhzqw57r5.pdf

Acquisitions

·      December 2015 MVP acquire Avita Medical’s Australian Respiratroy Business. Includes the Breath-A-Tech branded range of products. Total Consideration is circa $2.64m. https://announcements.asx.com.au/asxpdf/20151224/pdf/4341t3dfsv178p.pdf

[Courtesy of Claude]

Short story: this got massively over hyped, now it is written off. But sales continue to quietly increase.

The market cap, as low as it is ($46 million), actually understates how low the valuation is. MVP holds around 40% of it's market cap ($18.7 million) in cash.

The big question is when they start showing real profitability? My take: they were free cashflow positive for the most recent 9 months. This is only likely to improve as revenue continues to increase going forward

3 things give me confidence:

1. The consistent revenue growth over time

2. The very cheap share price. Almost no success is "baked in"

3. The quality and uniqueness of the product, plus the lack of competition

[Sorry for the spam posts re this company. Can't help myself. I promise to shut up now. For a while. Maybe]

Could this perennial underperformer finally be starting to deliver? It certainly looks possible.

Genuine cashflow positivity. Sales improving both in Australia and Europe

Even after the 35% jump in the share price on Friday, this is still cheap. Market cap $57 million, but they have $18 million cash and no debt. EV/revenue is not much over one.

Paediatric approval (age>6) in Europe is about to happen and will almost certainly boost sales.

This quarter's figures would have looked even better if "respiratory" revenue (basically asthma spacers etc) hadn't dropped (it seems to bounce around quite a bit). So the performance of the core product was even better than it looks at first glance.

My take: the product has always been good, that's what prompted me to invest in the first place. Management was overly optimistic and tried to do too much all at once. MVP has struggled and underperformed for years. Maybe management have finally found a path forward

I have a small, deeply underwater position that I have held for some time. Almost tempted to add more.

Some Background - Why Am I Even Bothering?

(Perhaps against my better judgement and experience) last year I initiated a small position in $MVP (of Green Whistle fame), given some indications that good growth continues in Australia, and the impending European pediatric indication (August 2025 HPRA extension approval for children > 6 years) bodes well for growth in Europe, given that having a combined adult and pediatric indication increases the likelihood of adoption in emergency rooms and ambulances/paramedics (Evidenced by one NHS Trust already).

Having struggled through the pandemic for obvious reasons, having abandoned its attempt to enter the US (legacy of historical reputational overhang of toxicity in previous high-dose, anaesthsia applications in the 1960s and 1970s), having upgraded management and board with more internationally credentialled people (bye bye DW), a number of historical negative flags have been taken down, and so I now hold an initial 1% position (RL) having avoided the business for the last 8-9 years.

I'm still not convinced it is a good move, and will await a couple more quarterly reports before deciding to add or drop. That's because I need to see if Australian momentum can be sustained, and if UK/Europe usage ticks up. If that happens, then the business could start to look attractive. It is currently on an undemanding FY26 revenue multiple of 0.8x.

Today's report is not bad. I'm not going to get too excited about positive operating cashflow for the half, as there is varaibility from period to period, and we need to see Europe come to the party and start driving stronger growth than the somewhat anaemic +10%, given low current adoption. At the first sign that this is happening, I'll add.

Their Highlights

• Positive cashflow from operating activities for FY26 half year.

• Penthrox revenue up $2.3 million.

• Penthrox volume growth of 26% in the Australian hospital segment.

• Penthrox PBS Prescriber Bag eligibility extended to Nurse Practitioners in Australia.

• European in-market Penthrox volume growth of 10%.

• MAGPIE paediatric study published in Injury.

• Approvals for the Penthrox paediatric label in Europe progressing to plan.

• Cash balance at 31 December 2025 of $16.9 million.

My Analysis

Here's my usual 4C trend analysis over the last 8Q.

Costs were well controlled, albeit receipts weaker than trend, driven by softer revenue in the last Q.

The 8Q trend indicates that the business is moving into overall cash generation, and so the question is can we see uplift in Europe over the coming years?

There's good volume growth in Australian hospitals to provide a robust revenue base, and the extension to Nurse Practitioners in Australia, while unlikely to be material, add some support. (There are about 2,250 nurse practitioners in Australia, a tiny part of the c/ 138,000 registered clincal prescribers. But they could be an important first line users in remote and regional areas.) Rather than being major news in its own right, it is part of a continued pattern of wider adoption of the product.

Conclusion

An OK result, neither thesis confirming nor destroying. I am prepared to monitor while holding a small position over the next few quarters, unless the capital is called away elsewhere (which is entirely possible!)

Disc: Held (RL 1%, but low on conviction list)

Quarterly Activity report

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02940296-3A666948&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4

Well the market certainly liked it (up over 30% so far today)

Nice to see genuine cash flow positivity

Things seem generally headed in the right direction. I like the management focus on reducing costs and concentrating on Australia and Europe

Main concern is the lack of increase in revenue from the main pain relief segment and well as the poor outlook for the second half due to "phasing" and "currency". I need to understand better what is going on there

Remains very cheap. EV/revenue is less than 1, even with the big SP rise today

IF they can continue to grow revenue in Aus/Europe and control costs, this could easily multibag.

The product has always been good. From here it's all about management executing

The historical pattern seems to be that the SP jumps on positive announcements and then drifts back down. If that pattern repeats, I may be tempted to add to my small irl holding

Been meaning to take a look at Medical Developments International (MVP) for some time now. I did mention this to @acarbone1 and @Arena42 at our recent catch up.

Well, they released their quarterly report (find it here) today, safe to say it must have been good with it being up ~25% at time of accessing this from Commsec and now up ~43% at time of posting.

So what's good?

• Strongly improved operating cashflow - with Group revenue for Q2 FY25 coming in at $10.9 million which is $1.8 up on Q1
• H1 FY25 was $20 million was nearly $5 million higher than pcp.
• Continued growth for Penthrox in Australian hospital segment.
• Cash balance at 31 December 2024 of $17.6 million.
• Positive operating cashflow expected by the end of FY25.

A few ticks in the win column there.

Further, here's some outlook statements:

FY25 OUTLOOK: The Group expects underlying EBIT in FY25 to be strongly improved on FY24, driven by higher average Penthrox prices and operational efficiencies of ~$4 million.

CEO Brent MacGregor said, “We have delivered a pleasing improvement to earnings and cashflow in the first half through enhanced pricing and cost efficiencies. We remain on track to deliver positive operating cashflows by the end of FY25.”

They list 3 strategic priorities for FY25:

1. Improve Margins through pricing and efficiency: The Group's new pricing initiatives are expected to improve annualized margins by ~$3.5 million, with higher pricing in Australia, the UK, and Ireland. Additionally, efficiency measures have reduced operating costs by ~$4 million for the first half of FY25 compared to the previous period.
2. Accelerate penetration of Penthrox in Australia: significantly advanced its strategy to grow Penthrox in hospital emergency departments, achieving a 52% increase in demand in the first half of FY25 and implementing initiatives to accelerate its adoption as a standard of care.
3. Grow Penthrox in Europe: European in-market demand for Penthrox in 1H FY25 increased by 22%, and the Group has submitted an application to broaden its use to children as young as 6 years old, with positive initial feedback from the regulatory agency. Partner negotiations for distribution in France and the transfer of distribution in Switzerland to Labatec are progressing well, with the latter expected to complete in Q4 FY25.

Well, that appears to address the SP pop.

For those who have been watching this one for some time (insert me) - they butchered their China rollout plan and incinerated capital, and their US roll-out has also been a furry-dragon-riding-never-ending story of "it's gonna happen". It's reassuring to see that neither China or the US mentioned - TBH if China was mentioned I'd frisbee my laptop out the window after they did announce full withdrawal of this plan years ago. But was also good not to be reminded of their US hopes and dreams.

This announcement does seem different and more considered, it appears management have woken up to the need to push further in where they do have more control (Aus and UK), with Europe also being a potential further driver of growth.

I'm going to need to take a closer look at them (again), but I recall that I always seem to walk over the end of a rake when I get to the management section of my screen/review. There is a serious lack of insider ownership (from my last check), and they simply never passed my pub-test.

But this announcement does give me hope, and it appears to give the market hope... I'll be back for a closer look.

Hoping some other SM gurus can take a look to help me out with this.

Another strong move leading up to the New Year.

Up something like 45% in barely over a week. The last move, which was almost identical, fizzled out pretty quickly. Hopefully this one has more legs and is backed by imminent positive news.

23 Half Year Results - Results

MVP announced it's half year results last week, at a high level revenue up 45% to 13.9 and a net profit of 2,658. However this was only due to a refund from the termination of the China contract. Taking out that revenue and impairment net profit sits at -8,864 which is an 8% increase on the PCP.

Overall, mixed results. Not the growth required in the pain management and a surprise 80% growth in the respiratory business. After listening to their announcement below is my take on the good, bad and progress based on my watch list.

The good

1. Increasing prices in December for Australia resulting in higher gross margins
2. Gross profit margin increased to 71% from 67.9%
3. 29% Growth in UK and Ireland with the current distributor even with a deferred shipment in UK. Revenue is only recognised when shipment is made so this will flow into the FY results.
4. Positive feedback from all customers, CEO mentioned he has never heard a negative thing about the product
5. Re-launched in Canada with a new partner
6. 80% growth in respiratory and expected double digit growth in US moving forward

The bad

1. 24% growth in France is well behind the > 50% they needed to achieve 110k units. Current run rate is at 60k units which is the same run rate presented for Jun-22 quarter. Effectively meaning no growth from June quarter.
2. Negative growth in pain management units in Australia by 6k
3. Expenses increased by 16% on PCP and 27% on the last half.

H1 / FY Total Revenue

Good growth in revenue, slightly beating H120

The split based on franchise

Continued penetration of Penthrox in France

At FY22, MVP were targeting ~110k units sold in France. Currently they are tracking on a run rate of 60k units. Well short of expectations.

Management have expressed multiple reasons which include

1. Retaining / Recruiting: MVP uses a contract sales organisation in France. They are seeing issues retaining staff as they are going to companies which are offering permanent roles.
2. Hospital Staff Shortages: Staff shortages in hospitals have made it harder to get the right decision makers on-board to add the green whistle to the hospital
3. Bed Closures
4. Budget Constraints

At a high level I get the sense that for pain management, they have to invest a lot of time in education. As this is a new product to majority of French hospitals there is effort in education to promote the benefits - ease of use and quick pain relief. I would imagine after time this education will reduce as this becomes the standard of care.

Market entry planning for Germany, Italy & Spain

Not much news on this apart from the next market they would target would be Germany sometime in FY24.

With the cash bleed at the moment, it does make sense to focus on growing and learning from France before spending more in entering another market.

Direct in-market sales capability in Australia

Slight decrease in Australia units sold in the pain management section. However promising that they have on-boarded 2 ED's in Australia since October. Interestingly the indication in Australia is wider than anywhere else in the world. Overall not much of an improvement here with the direct sales team so expecting more.

Cash Burn

MVP cash position is now 37m, free cash flow for this half was -11,604. Management still expect break-even / cash-flow positive in FY25.

For the US trials, they are currently assessing a funding plan. Currently the group has no planned capital investment activities and plans to seek partner or third party funding.

23 Half Year Results - Watch list

MVP announced it's half year results will be on Feb 24th. Thought I would do a straw on items I'll be looking out for in those results. All my watching is on the pain management side of the business (The Green Whistle) as I believe that is where the greatest opportunity lies (not in respiratory). 

Progress to their strategic priorities in FY23

From the FY22 report, below are the strategic priorities for FY23

• Continue penetration of Penthrox in France
• Market entry planning for Germany, Italy & Spain
• Investment in direct in-market sales capability in Australia to drive penetration of Penthrox in hospital ED and the ambulance segment
• Further investment in platform capability to support growth

Continued penetration of Penthrox in France

France has a population size of roughly 65 million, as of FY22, MVP had 720 units sold per million population in France. This compares to 11,577 units per million population in Australia. There is considerable growth opportunity available, as part of this strategy management is expecting to sell circa 110k units in FY23, more than doubling FY22 sales (49k) but well short of the penetration of Australia. 

Market entry planning for Germany, Italy & Spain

I’m not expecting too much here as the word “planning”. However there is opportunity for MVP in these markets. The population of these four is ~260 million, taking out France of ~65 million there leaves 195 million in the remaining 3 markets. 

With Australia’s benchmark of 11,577 units per million population If these 3 markets get to that then that would be an extra 2.25 million units sold per year. 

Direct in-market sales capability in Australia

MVP have now hired a direct sales team after taking the distribution rights back from Mundipharma in December 2020. I'll be watching to see how this translates to sales and turning around the recent decline in sales, two ways it might:

• Lock downs & Sell Through Over: The decline can be attributed to lock downs and Mundipharama selling through it's stock levels so hopefully they can get the levels back to FY20.
• 
• Penetration in Emergency Departments: Secondly, MVP have said they want to target emergency departments. Currently the ambulance segment makes up around 75% of AU sales, roughly 223k units based on FY22 sales of 298k units. MVP believes the ambulance segment makes up roughly 31% of the market opportunity however there is 45% opportunity in Public ED departments.

Cash Burn

Cash burn, currently MVP has roughly 50m in cash. Management have expressed that they believe they will be cash flow positive in FY25 and the recent capital raise will get them to 2025 (with the options exercised). Study costs for the US trials will be around 12m.

China Exit

Lastly, my two cents on the recent decision to cease planned trials in China. I think this is a good idea to allow the company to focus on growth in existing markets. China is a very difficult market to get into with Medical Devices, not only is the registration time for foreign companies longer with the China FDA but China has a 2025 made in China vision (Article 104). Although I’m not certain article 104 would apply to MVP, if it does, manufacturing would have to be set up in the country which adds its own costs and risks. 

A prudent approach from management (IMO) discontinuing the preparation for trials of Penthrox in China.

Whilst everyone looks to China with dollar signs in their eyes, I think this is a smart move due to the complex regulatory system and geopolitical risks associated with any activity in China.

Extract from announcement:

CEO Brent MacGregor said, “A commercial launch in China is not a strategic priority at this time. We are directing our resources into those projects that have greater capacity to generate shareholder value in the nearer term. “These projects include accelerating penetration of Penthrox in select European markets and in Australia. In the longer-term, we intend to deliver the next wave of growth through Penthrox entry into the US. Following the FDA’s lifting of the clinical hold, this process has already commenced"

Shares are essentially close to a 5-year low, whilst the business is quite different to what it was, I'm quite interested in the potential for Penthrox to further penetrate the European market, and the potential for this grow in the US.

Watching on the sidelines at the moment, not held in Strawman or IRL, but will take a closer look over coming days and may enter with a small parcel here first to wet my appetite.

Interested to hear others thoughts on the business.

Hey @ValueDownunder On the subject of MVP director buying, just to play devils advocate for a moment,

What do you make of the fact that despite the share price being very depressed David Williams hasn't bought any more shares here for years now meanwhile he has been maniacally buying up his other large positions such as PNV.

I am not concluding anything just an observation.

Sep 7th update - David Williams ASX announcement this morning shows he also went in the raise. As you would expect given the large offer discount at the time.

Placement at $2 then a proposed Retail SPP

Passing the hat around!!

Endo International plc to distribute Penthrox in Canada

• Release Date: 10/05/22 15:35
• Summary: MVP signs new Penthrox licensing agreement in Canada
• Price Sensitive: Yes

I thinking the share markets were bearish in May 2022..So MVP could get some momentum going forward..

14-Oct-2020:  Appointment of CEO - Brent MacGregor   and   Appointment of Non-Executive Director - Gordon Naylor

I don't hold MVP shares, however I note the market liked today's news because MVP's share price rose +12.21% today, making them one of today's MVPs.  This is the "green whistle" company by the way (Penthrox).

About Penthrox®

Penthrox is a fast onset, non-opioid analgesic indicated for pain relief by self-administration in patients with trauma and those requiring analgesia for surgical procedures. Penthrox is now approved for sale in more than 40 countries and has been used safely and effectively for more than 40 years in Australia with more than 7.0 million units sold. There is growing interest in Penthrox being used in patients undergoing investigatory procedures, as well as operational procedures such as colonoscopy.

About Medical Developments International Ltd

MVP is an Australian company delivering emergency medical solutions dedicated to improving patient outcomes. MVP is a leader in emergency pain relief and respiratory products. The Company manufactures Penthrox®, a fast-acting trauma and emergency pain relief product. It is used in Australian Hospitals including Emergency Departments, Australian Ambulance Services, the Australian Defence Forces, Sports Medicine and for analgesia during short surgical procedures such as Dental and Cosmetic surgery as well as in other medical applications. MVP is expanding internationally and manufactures a range of worldleading Asthma respiratory devices.

30-June-2020:  Phillip Capital: MVP: Updating our view: Accumulate (from Buy)

Recommendation: Accumulate (downgraded from Buy), Risk Rating: High, 12-month Target Price: (AUD) $7.80 (No change).

05-May-2020:  Penthrox approved - Netherlands and Bosnia and Herzegovina

28-Apr-2020:  Penthrox is approved in Thailand

Go the Green Whistle!   MVP perhaps not today's Most Valuable Player, but up +8.62% nonetheless.