Ann: Shareholder Update , page-6

I'm just going to pick on the Newsletter cos you know we've waited long enough

They've waited longer than usual before releasing an update as they where waiting for Janseen's extension announced on the 31st of January ?

It really took 40 days to put this update together ?

and waiting for Janssens extentsion then a further 40 days resulted in 3 paragraphs on the Janssen collaboration all of generalised information we've heard & read before ?

You where expecting something that didn't materialize ?

I'd be hoping that "juicy payment" came through ? But "undisclosed" means we can assume it's small ?

In the same paragraph it then moves to "planning" Technology Enhancements for the next 12 months holding back the newsletter ? - with what funds ? - not taking into account any Janssen payment (which i guess we'll see next month along with CIB in the quarterly) assuming it's following $1.2M'ish burn then there's $2.5M in the bank - and that's really enough to upgrade tech ?

Strengthened Financial Position because they had $600K more CIB on December 31st than they did on June 30th - well obviously you'd hope so after recieving the $1.9M R&D Rebate along with $1.6M from Convertible Notes over the same period.

Finally while i'm all for positivity -

"We completed a major upgrade of our libraries during
2012 and are continuing to upgrade them to maintain
our industry-leading position. Our second-generation
Phylomer libraries represent a clear advancement in the
field and will further increase the level of interest from existing and prospective Pharma partners."


Really ? ?

Janssen is the only new partnership in over 2 years - shouldn't there be an impetus by others rushing to finalise deals if it's running like the underlined bits ?