update, page-12

Very good point Jase.

I can not recall an announcement from OBJ ever being worded like this in the last 6 years.


OBJ management has made it clear in the past that their announcements are not forward looking in general, which is uncommon enough as it is.
The mention though of only including information until almost a month ago seems to point towards a particular reason for withholding information available in April.


A speculated scenario of a material update soon would enable management to point towards the uniquely decisive timeframe of this latest update in order to not have withheld information already accessable illegally.




I was mentioning in earlier posts that I'm expecting a major rerating event on the heels of a positive GSK ann regarding the conducted in vivo testing over the last 9 months.

Now we are not only told that GSK decided to include additional key oral health active ingredients into the collaboration, but also that GSK pharmaceutical groups in the US are part of our expansion within GSK.

These news are material in themselves as they point towards the successful completition of our first row of in vivo tests.
It must be near unbearable for management to not be able to announce successful in vivo tests with GSK in a seperate update.
Only tightening confidentiality clauses, whilst nearing commercial outcomes, can explain such behaviour, in my opinion.


Another hint for long termers are the news about our pain patch program.
The company is evaluating the level of investment required.
This surely will not be satisfactorily met with 3.7 mil in the bank.
To evaluate the financial scope of the program internationally at this stage seems to be a very condifent move by management if no money from a license deal would be in sight.



2012 should be expansive regarding the scope of our updates and licence deals.
Glyn informed us of this not long ago, the update of today only reinforces this statement.






If some argue here that the beauty care FMCG is being put on the back burner, the positioning of the FMCG to be the first company mentioned within the reporting hierarchy tells another story.

We still expect the JDA to be first announced, followed by GSK results.


I expect both of those announcements within this financial year.