Dolce, it's not the slippage which is troubling - more that they're not reported in a timely way. We can argue about whether it's material or not, but it seems to me a symptom of the broader pattern of behaviour which doesn't report bad news.
Would you at least concede that it's surprising, if not suspicious that they have never reported anything bad? Compared with any other life sciences company you care to name?
As for specifics:
2011: said that within the "near term" ( which I have somewhat arbitrarily decided means a year - definitely near term in biotech development) they would:
Complete Ph2 spinal fusion. Not achieved.
Complete Ph2 disk repair. Not achieved.
2012: expected in the year ahead:
CHF Ph3 commencement - not achieved.
Commence Ph2 diabetic kidney - not achieved.
Commence Ph2 lung disease - not achieved.
Commence Ph2 rheumatoid arthritis - not achieved. Well, actually, they say "ongoing programme, which isn't the same as starting a Ph2"
2013: expected in the year ahead:
Commence Ph3 orthopaedic spine - not yet
Clinical results in diabetic neuropathy - not yet
Of course, they've achieved lots of other things, which I haven't listed here, as MSB tell you about those as soon as they can. My view is that they should be more candid about the things that go less well, which are equally material, and equally covered by the rules of disclosure (ie, you tell the market as and when you know).
you may be right that I let this colour my view inordinately. I may be too suspicious and cynical for my own good. As you say, being in biotech is a bit of a gamble, though hopefully a calculated and informed one. I guess we've just reached different conclusions by reading the same data.
MSB Price at posting:
$3.92 Sentiment: None Disclosure: Not Held
(20min delay)