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True amg,
Hopes for a material JDA announcement surrounding P&G after only 2 years of collaborations were always premature.


We now had news from our most recent partner company. This year should see additional announcements from GSK and the first FMCG, which in my opinion is related to our own pain patch development.
As previously speculated, the inhouse announcement for our own patch will probably preceed the partner company ann.
That will not move shareprice at the time either.

The director performance rights milestone give us a pretty clear indication of what to expect in what chronological order.


The original FMCG has fallen silent ever after the marketing team has assessed the prototype, back in late 2010.
That can mean they either decided to drop the case after 5 years of development or went ahead towards the next steps towards production.
In the latter case, we will only hear of them when product is ready for market, usually around 18 months after positive consumer studies and marketing assessment.
That, interestingly, puts it rather close to mid this year.
Given the fact that these things usually take longer than anticipated to run through the development pipeline, an ann during third quarter this year is on the cards, as I see it, provided we still are in collaboration.
According to Glyn, none of the partnerships are cancelled at this point.

It surprises at the moment that OBJ is not even being accumulated at this stage, as it was through the whole of 2011 and early 2012.
The share simply stagnates or falls further.


Again, that either points towards the fact that the players to be are set or interest has dropped entirely.


At that point research steps in and either supports the positive approach or one has to bail at a loss.



The risk ratio surrounding OBJ got a lot better since P&G have come out of the woodworks and finally revealed their identity.
The fact that they did not want to be named for 2 years and now have changed that condition can only be a positive.
The fact that both large partners want to go exclusively with us is also a massive positive.


3M has entered into a MTA with us due to requests from the first FMCG. I still believe that this partner company is very much still in the game and probably surprises this year, putting a proper dimension towards Glyn's positive expansive outlook for the year.
GSK is definately due for an update and there is a strong possibility that numbers might be attached to that update and royalty figures being revealed.


Until then, all the best to long term loyal holders.
It is always an emotional journey for investors to live through the stages of a biotech spec to eventually see their patience being rewarded.