unwarranted criticism

I don't buy into the criticism of the company for releasing a 65 page presentation.

People just don't like reading. However if they did read then everything they wanted to know would have been answered in this presentation.

I am invested in dozens of stocks and most of them are nowhere near as forthcoming as BDM are. The critics should ask themselves this, would you prefer to have a 65 page presentation or none at all? I know which one I would prefer.

As stated in the presentation they are into more than just vaccines.

The global vaccine market has a projected market size of $52 billion by 2016.

That is dwarfed by the infectious diseases market which has a projected market size of $161.2 billion by 2017.

Thankfully BDM are in both giving a total projected market size of $213.2 billion.

The company has laid everything out in the presentation. The challenges the world faces today that BDM wish to take on, the company's business model, the three core development programs (flue vaccines, vaccine platform and infectious disease therapies), the products, disease targets, current partnerships and development status, global partners and commericialisation networks, license and portfolio pipelines are outlined as are the plans for the next 12 months, the opportunities available to the company, program overviews, production methods and drug development are also included.

Yet still people complain about a lack of information across the board re: lacking a clear direction, target markets and a clear path to commercialisation.

It is all there if you just read the presentation.

As for timelines it is folly for a biotech company to issue such things as there are so many moving parts involved it is something that will take as long as it takes and it is never a quick process. After all there is no point making promises that you can't keep as the share price would be smashed and if investors in biotechs don't have the patience to hold long-term then they shouldn't be invested in biotechs to begin with.

Which first, licensing, revenues or research?

The presentation laid it out: the research institutions do the research, BDM then in-licenses that research and takes it through pre-clinical and clinical trials before seeking to attract the attention of big phrama through sales and marketing to out-license it and that is where the revenue will come in through either a licensing deal or a trade sale.

Needless to say I am very happy with my investment in BDM and I am here for the long-haul recognising the fact that investing in biotechs takes patience and are a long-term investment and BDM are doing everything I would expect them to be doing and can only wish 75% of the other stocks in my portfolio would be as open with the market and their shareholders as BDM are.