Video: Paradigm Biopharmaceuticals (ASX:PAR) conducting Phase 3 osteoarthritis trial, page-9

Exactly, people saying that we have to give them a chance to clear hurdles before deals can be expected seem to forget we're not standing waiting here for the first time.

PAR (Paul Rennie himself) was loudly claiming that they were deal-ready upon Phase 2b readout. We waited for a deal, and instead we got a pivot.....PAR would instead go to Phase III on their own. With hindsight, they probably just didn't get any proper offers and going alone was not so much a choice as a necessity.

Then, again, as "a Phase III asset" we had the ramping about excitement among potential partners and imminent deals. At the 2022 AGM Paul said that 30 NDA's had been signed by organisations who were now privy to the dataroom. He claimed a timeframe had been set to create 'competitive tension' amongst bidders. What happened there? Same story?

2023 was the year of non-dilutive funding, ramp the belief that irons were in the fire, getting hotter and hotter - right up until mere days before a substantially dilutive cap raise at the lowest share price we'd seen since 2018.

Now, fellow holders are urging - and they are welcome to, of course - that we have patience because we have to get clarity on this, and more information on that, before a partner would be ready. The cash generated from that CR was basically swallowed in a single quarter.

Everyone can have their own views. I'm not trying to make anyone agree with me. However, at some point, I have to consider that the company is using the "forward looking statements" disclosure as cover for a complete mis-representation and mis-selling of the true company outlook. And, at some point, I have to consider that I am not being faithful, I am being a classic mug. Each to their own though.