annual report, page-11

From the confidence expressed in the following statements, it would appear that some collaborative product developments have been demonstrating great results.

Firstly, under strategic collaborations we are told

"We are con?dent 2012 will see further partnership opportunities which focus on developing products leveraging the TPM® technology platform."



More specifically, with respect to the current collaborations with

a) a major global company developing a novel anti-acne therapy and

b) a global player to develop a new cosmetic product with expectations of other products to follow

“We believe there is strong potential to reach licensee arrangements with either of the above global players during 2012.”



Then with respect to diclofenac gel

“We are con?dent the Themis arrangement could lead to a license arrangement with a global pharmaceutical company for the rest of the world (excluding India).”


Such confidence suggests it's looking good for commercial deals through 2012.