Ann: Successful OrthoATI clinical trial, page-28

OCC just announced statistically significant ATI vs surgery trial results that coupled with the ATI vs corticosteroid trial results and thousands of anecdotal cases (that OCC management did a crap job harnessing) make a very compelling case for regulatory advancement of ATI both in AU (probably alone) and the US partnered. The trading day not out, and already the usual self-fulfilling share price malaise talk takes over discussion - I use the phrase sparingly, little actual discussion emerging of the great ATI results above, beyond a perfunctory sentence or two.

J&J anything but declared gone, and the company in fact declared:

"With this successful study in lateral epicondylitis completed, Orthocell is now well positioned to engage partners to explore the next stage of development of the product for US FDA registration. The Company will be reviewing its options to progress OrthoATI™ without the need for significant investment in the near term."

We don't know that J&J aren't playing hard ball (takeover vs partnership) and management struggling with them. I was surprised by the new Chair's very deliberate talk of fending off a take-over. He is s seasoned guy and knows such statements should not be made lightly in case ASIC give you a tap on the shoulder. They refer to "partners", not potential partner singular. As usual with this mob, its not a well worded guidance note, but they were inferring even taking ATI to market themselves before in the US. Unless I am taking the language too literally - it is undeniable this lot have been too forthcoming at AGM's, investor prezo's and informal discussions with shareholders, inferring a J&J ATI partnership - clearly they have interested plural potential US partners in ATI.

We know if you take out ATI and Remplir R&D the company effectively cash flow positive already on Striate cash revenues reported last quarter, the baby brother of Remplir, that they are now solely focusing their efforts on getting to market, whilst they let the ATI results sell itself to US suitors. That now the vast mainstay of R&D expenditure on Remplir, means OCC gets to full cash flow positivity, including R&D costs, far quicker.

The required re-rate arguments already at least partially met with swiftly growing Striate revenues. Investors need to do at least a little forward extrapolation.