"Points, not so many, I borrowed some from my friends. "
"For example——"
"Zhou Ru Ji lent me a million dollars."
"Really? "
Xin Qi's face turned dark all of a sudden, and when he spoke, there was a gloomy wind, "Isn't there still a patient in his family? Do you have the nerve to ask him to borrow it? "
" Sorry, he borrowed it on his own initiative, and the money arrived the next day."
Xin Qi looked at her in disbelief: "Are you willing to spend it? "
"I'll give interest."
"How much worse?"
"One million. " "
"Who are you going to borrow the million from? "
" MBO may not be successful, the money may not be available. I'm thinking... short-term personal loans, the kind with low interest rates, fast approval, and fast release. "
"Pull it down. "
Xin Qi looked at the sky.
"Don't worry, there is still time," Min Hui said, "There is always a way."
"That's right, there is no unparalleled road. "
Xin Qi squeezed the paper cup into a ball and threw it into the dinner plate.
Finally, at night, unable to withstand Cao Mu's repeated pleas, Min Hui went to see Xin Qi with her.
After all, Bai'an's research and development is She was in charge, and the PPT was also written by her, so she spoke more confidently, and it was convenient for Xin Qi to ask questions and answer.
Seeing Cao Mu working so hard to find money, Min Hui felt that she was also a member of the management team, and she had to contribute at least "You don't need to have too much psychological burden," Cao Mu said, "
"The east is not bright and the west is bright. I will meet with other investors tomorrow. It doesn't matter if Xin Qi didn't agree with each other. We have GS1.0, and many people come to our door. They pick us, and we pick them. "
The talks took place in BBG's conference room. On BBG's side, apart from Xin Qi, there are financial director Chen Yuan and technical director Ling Jian Bo.
Cao Mu first gave a ten-minute general introduction, and then Min Hui introduced the company's main products and R&D achievements in the next forty minutes.
After that, Cao Mu introduced the company's financial and sales situation respectively.
When entering the questioning session, for the first 20 minutes, Min Hui was answering a series of technical questions raised by Ling Jian Bo.
Afterwards, Xin Qi asked: "Have your products applied for CFDA certification? Without this certification, there will be no qualifications for market access, and many large hospitals will not be able to purchase, let alone enter the medical insurance system."
"According to your introduction just
now , Baian’s operating costs are still relatively expensive, if there is no certification, we are worried that it will affect the company’s long-term development.”
Chen Yuan also said.
Xin Qi really didn't buy on impulse. Min Hui thought that only those who have a certain understanding of this industry will mention this node that all medical AI companies are most concerned about.
CFDA is the abbreviation of China Food and Drug Administration. In order to ensure safety and effectiveness, the country has strict regulations on the use of drugs and devices. Medical AI is an emerging industry, and the country has not yet formulated a set of standards and regulations to measure its effects.
"Our products have certificates for Class II medical devices, and Class III devices are in the process of being declared. As you must know, Class II devices can be directly applied for at the provincial Food and Drug Administration, but Class III devices must be approved by the State Food and Drug Administration. , and clinical trials are required. Our products are still in the clinical trial stage.”
Cao Mu explained.
"According to the process, AI products have to go through six steps: product finalization, testing, clinical trials, registration declaration, technical review, and administrative approval from application to review. The six steps cannot be carried out at the same time. The first step must be passed before the second step can be performed. Now all the three types of applications are stuck in the step of clinical trials. Since the country has high requirements on the safety and effectiveness of medical products, the approval is very cautious. So far, no AI company has obtained the certification of the three types of devices. .” Min Hui said.
"Specifically, how long does the clinical trial of your product take?" Xin Qi asked.
"Clinical trials are divided into two types: prospective and retrospective. Our products require a large number of cases, and the cost of clinical trials is also very expensive—"
"How much is the cost?" Chen Yuan asked.
"About 10 million."
Min Hui replied, "It will take about two to three years to finish all the work."
"It is an established medical device company from afar, and many of its products should have passed the CFDA's three types of demonstrations. Well, it should be easier to sell if it is equipped with AI." Xin Qi said.
"Yuan Lai didn't pay much attention to this, but we did cooperate to carry out the deployment, and the effect was quite good."
Min Hui took out a stack of papers from her folder and handed it to him, "This is the specific description, which is in the attachment of the business plan. There are also."
"BBG's Dong Cheng Technology is a company that produces high-end medical equipment, and has obtained three types of certification. Since we also operate in overseas markets, the United States Food and Drug Administration will speed up the approval of medical AI. If your Products can be added to BBG, can apply for FDA certification in the United States, and then be packaged and sold on Dong Cheng Technology’s equipment.” Xin Qi said.
"Yes." Cao Mu smiled. After talking for
nearly an hour and a half, Xin Qi said: "Mrs. Cao, how is the financing going?"
"We still need 60 million yuan in investment.”
“BBG is willing to invest 130 million yuan and give the management team a 20% stake.”
Xin Qi said concisely and forcefully, “But we are only willing to invest exclusively. You need to convince the two Private equity withdrawal."
Cao Mu hesitated: "This...I need to think about it."
"I can only give you one day to think about it."
"Our management team requires 30% of the equity."
"As we talked about just now, your products are still unable to obtain the certification of Class III devices, and clinical trials will take two to three years, which means more investment and less output. It is not a small risk for investors. 20% is a Reasonable ratio."
Xin Qi remained motionless.
"28%, I was able to persuade one of the private equity to withdraw. In addition, the two private equity gave me a higher shareholding ratio than you."
"But they don't add up to me. 23%, both private I want to withdraw."
"If the two companies withdraw, 25%."
"23%, exclusive, is my final offer. I need your reply before 8 o'clock tomorrow night, otherwise the offer will be invalid, and I will not consider it again in the future."
Min Hui stared at Xin Qi silently, no expression could be seen on his face, his eyes were calm and cold.
Cao Mu thought for a while and said, "Thank you. I'll go back and communicate with the team first, and I'll reply to you tomorrow."
"Okay."
Everyone shook hands, and the meeting ended in a friendly atmosphere.
It was a cold night in Bei Jing. Back at the hotel, Min Hui asked Cao Mu: "What do you think of BBG's offer? Is it acceptable?"
She doesn't know much about finance
, but she just intuitively thinks that 130 million, 23% equity is a good deal conditions of.
"I have to discuss it with Yan Cheng Li. But I'm afraid it will be difficult for us to accept this offer." Cao Mu said.
"Why?" Min Hui asked in surprise.
"This is just an initial offer. He said 130 million yuan. The final contract is not necessarily this number. Because there is still due diligence, he will find out the loopholes in Baian's finances and sales, and use this as a basis By reducing the amount of investment or even withdrawing. Since he is exclusive, if it doesn’t work, I won’t have time to find someone else.”
Cao Mu said, “This is one of them.”
"Besides, I have already verbally negotiated with the bosses of those two private equity companies. One of them is an old friend of mine, and he helped me because of my character. I don't want to go back on my word and let people think I am Throw small fish at big fish."
"That's right."
"Tomorrow afternoon, I will meet with two investors to see what conditions they offer us, which may be better than Xin Qi's."
"Well, I heard Yours."
"All in all, this is indeed a good offer."
Cao Mu said with a smile, "If it weren't for those two private placements, I would probably agree straight away."