negative comments., page-7

Patienz,

Your line of thinking is an appropriately sober one, I think.

A bit like you, I sense, for me today's announcement raises more questions than provides answers.

For example:

1. "MSB has become aware of certain statements in the market in regards to its relationship with TEVA Pharmaceutical Industries Ltd."

But MSB has known about these sorts of statements for many months, and has either chosen not to - or has been unable to - address them.


2. Today's update was a verbatim re-gurgitation of the quote they gave as part of their reverse speeding ticket on Friday.

And that was that "discussions are taking place" about some hybrid trial, that now has an interim step, namely interim early analysis to evaluate evidence of efficacy.

[Maybe I'm a bit naive, but I thought all the discussing had already taken place and that the next step was an unequivocal committment to a fully-fledged Phase 3 trial, not some hybrid program with what looks to me has the option for TEVA to disengage from the process if they don't like what they see at an "early, interim" stage.]


3. I would have thought that a clarifying market update would include a definitive statement from TEVA quoting their full support for the licensing agreement and all it encompasses.

Yet this announcement is silent on who is paying for this trial, whatever form it takes. This is arguably THE most critical aspect of the point we now find ourselves. If TEVA aren't going to be signing any cheques, then that represents a step back from the original deal, and would leave TEVA with a free option on whatever the trial throws up.

I hope to be proven wrong, but it reads to me like there is a degree of re-negotiation underway here (if there wasn't, why don't/won't/can't MSB just say as much?)


If today's announcement was meant to send shorters covering, I think it will have failed its objective.

If anything, the opposite might turn out be the case.


Cam

PS. To MSB shareholders about to launch the inevitable assault on me, be assured I'm not trying to "undermine the company", although I would be flattered if you think a mere little individual like me can have any bearing on a company's share price. I assure you: I can't.

The sole reason for me expressing my concerns is that I have been requested to give my opinion by some investors who have been looking to acquire MSB stock.