explosion time ,finally time for a re-rating.., page-15

You have a very good window to see the tangible timelines of any of these deals, inc the most promising to date Hikma may play out

We have the capability to commercially produce one device platform. Unifill.

To be commercial we must have A) regulatory approval to see. B) manufacturing capacity.

To expand Unifill will take 12 months and some capital investment. We know that the generic manufacturer was likely to be paying $1.50 per Unifill. Talk was Sanofi were typically $0.90. The Hikma Nexus likely to be less again.

The gross margins are an average across our portfolio. I am not sure that our (in my opinion its effectively pilot scale @60-70 million units per year) that at that scale of manufacture we are actually making money on each unit sold.

The more we make, the cheap our cost of manufacture. If the company comes out and informs investors at the cross over point of when our scale of Unifill manufacture becomes profitable than ... giggity giggity.

In the meantime I think the company is making VERY POSITIVE inroads, but by AS's own words...the company wont be profitable next year. He didnt even commit to being profitable in 2015.

So I am encouraged that with cash flow coming in from deals and supply of Unifill that we may be able to get through the next 18 months purely on the ATM for funding, plus maybe some debt to secure lease arrangements for equipment.

But for me the real moves will be when our devices actually get one of the two things they need to be commercial. Either the capacity to manufacture. Or the regulatory approval for sale. I dont think they need both....but with neither you are still looking at a decent time frame before commercial sales

But, the company at least has revenue to carry some of the weight of the business...they have done a good job ahead of 2014. Will be an interesting year...