Ann: PharmAust Shareholder Update, page-118

Its true that there are a number of reasons why Elanco didn't take up the option, the sad fact is that PAA didn't tell shareholders why.
If they had been doing there job correctly they they would have known that there was a very slim chance of Elanco signing up.
But the fact that more canine testing is required would tell you that what they supplied to Elanco was insufficient.
Just by looking at what has taken place over the last 4 years would tell you that, 4 years of reformulating tables, and still no real understanding of how much of mpl is required.
Very poor performance, very poor share holder value.