The last time we discussed Bioelectronics Corp, the company had just posted fourth quarter 2010 and first quarter 2011 sales numbers to its homepage - numbers that demonstrated growth, but not significant enough to support a price run back to over a penny.

With a novel idea that is still developing into revamped product lines and with a number of pending FDA overt-the-counter (OTC) consumer applications, what's the deal with BIEL and where is the company going as the share price bounces between .005 and .006?

Let's take a look at the good, the bad and the ugly about BielCorp.

BIEL has announced various product and patent updates over the past month or so, and the new innovations should have a positive impact on marketplace sales where the products are approved. Updates on the company website indicate that some progress - if we can call it that since Bioelectronics seems to get tossed to the bottom of the FDA pile at every turn - is being made, although it's tough to expect that the FDA will act on anything BIEL for a while.

That's what happens when you're a small player with a product in a market dominated by the big boys with money and connections.

In the meantime, while the investors that are left wait on the FDA, there is progress being made on the Canadian and European fronts. The company has provided numerous updates about the marketing campaigns being launched in those respective areas, and the next couple of quarters will be telling in regards to the effectiveness of those campaigns.

On the stock front, there's been no sign of a recovery from the drop that occured after BIEL announced that it would no longer remain a reporting company with the SEC.

Additionally, investors who have commented on VFC's Stock House have been having trouble trading the BIEL stock, at least on Zecco, and an email reply from a BIEL representative stated simply, "There should not be an issue."

Always a highly speculative play, BIEL remains moreso than ever right now. Let's break it down:

The Good:

- Innovative products in the Actipatch, Allay and RecoveryRX product lines that are still developing.

- Growing distribution channels in various international markets.

- Numerous marketing campaigns underway.

- Some movement with the FDA regarding over-the-counter approvals.

- The lights are on and staff is showing up to work.

The Bad:

- Sales growth has not been on a scale that could ward off a significant drop in share price.

- Movement on the FDA front is minimal.

- BIEL is no longer a reporting company with the SEC, a move that diminishes credibility and scares away all but the most speculative of investors.

- Shares can't seem to break the .006 barrier to approach a penny again.

The Ugly:

- Many investors are restricted in trading BIEL due, evidently, to a status of 'DTC ineligible.' This 'traps' many investors into holding onto their shares and generates a rather uncomfortable feeling for those writing in regarding having anything to do with the company. Bad tastes lead to investors fleeing when they can.

- It's painfully obvious that the BIEL is not even on the FDA's radar, and hasn't been for years now. More evidence that the little guy still has a long way to go before gaining a voice - even in America.

- Share price crash isn't even close to recovery.

The Bottom Line: A very high risk investment, but if the over-the-counter clearances ever do come in the United States, then all the waiting around - and reloading at lower prices - may come back to pay dividends.

Remember, other companies such as CTSO hung around at deflated prices for quite a while before paying off.

Same could happen here. It's my opinion that it'll take FDA news to spike, as international growth - while not stagnant - is not quite impressive yet.

Disclosure: Long BIEL.

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