truth, page-12

There is always hope. The question you are really asking is whether there are good reasons to believe.

To invest or even to stay in, you have to see this one as 5 year proposition. and you need to ask yourself if you want your money languishing for 5 years. There are better companies - that's for sure.

It is clear that the company is intending to pursue a strategy of very slow and very expensive development of new products. They refuse to make themselves accountable by having publicly announced deadlines and will milk large salaries/bonuses out of Axiron revenues for years to come . They do this by creating artificial goals to achieve with little connection to holder value. There will not be any pressure on them to move fast or run lean and mean because money is rolling in and large holders have failed to support smaller holders by making management accountable. Clearly, whoever is really in charge, is happy with all this, as change would have come by now - so any change from now on will either be slow or non existent.

There current idea of getting new products to market in 2019 sounds to me like a timeline based on the highly/extremely delusional belief that they are a great outfit. In view of the previous paragraphs, this date should be considered to be rubbery in the extreme.

I think they will lose their patent appeal. Appealing is still smart because it creates uncertainty amongst the competition and anyway Lilly are paying the bills. Dividends will not re-commence because the money needs to be kept for the very slow and expensive product development.

So there are no good reasons (or any reasons of any kind) to believe in the short or medium term. However, all of this of this bad shit is probably priced in now because a few months after you have made your first investment (and you have started to lose your money) you look closer - and the state of play becomes plain for you to see.

As holders we have been profoundly let down.

However, in the long term the picture is probably different. Like the Titanic, this woeful crew will probably just keep steaming ahead until the products come out. So if you like the look of them, and on balance I do, then there are some reasons to hope in the long term, given the sp is now so low. Of course we may hit an iceburg - nobody is steering that's for sure (the tiller has been lashed to the deck for years) and the lookout is drinking in the bar. But sometimes luck is on your side and you get through the ice field anyway.

That's my opinion on where it is at. Not a good company. My worst ever investment and biggest loss.