Ann: FY18 Results and Business Update, page-4

Whilst on it own the references to "advanced discussions is positive - and I firmly believe the outcome will be beneficial to holders. pushing the time frame from Q4 18 to Q2 19 (i.e. potentially missing by 6 months) does show some immaturity in understanding the complexities of this and future deals.

IMO, the company could do with some additional expertise in the pre-planning and execution of future deals. The market may accept this missed time frame (pending the quality of the deal) - but I wouldn't imagine there will be too many more such instances accepted.  Lesson being - if you are not sure - don;t nominate a time frame - stick to "near future".

"Working closely with AGC and the Company’s Japanese advisors, it is anticipated that a licence agreement will be secured in Q2 FY19. The licensee will be responsible for the sponsorship and funding of the Company’s Phase 2 trial of Progenza for osteoarthritis and its commercialisation in Japan and will mark a significant next milestone in the Company’s progress towards commercialisation."