Ann: AGM Chairman address and CEO presentation, page-72

Not being able to attend the AGM, I was able to access the recording, now available through the Starpharma web site.

I could not help noticing the changes in Jackie's voice during parts of the presentation and also the order ofe subject matter. The areas where she was most confident were quite clearly AZD0466, the DEP drugs and the new partnerships. I think most of us appreciate this is where the big money is.

While she was confident discussing the mechanism and testing of Viraleze, she was much less so on its marketing and distribution. She did refer to the problems dealing with many disparate pharmacy environments, the appointment of new marketing advisers and the preparation of new material. She was clearly not in a strong position here and she knows it.

The same change of voice occurred when she referred to my question about BV marketing and why were the sales volumes decreasing, at which point she left the topic without answering.

She still did not admit that they received a CRL from the FDA, which was also one of my questions.

I remain a buyer, but I do hope that she learns some lessons from the disappointing commercialisation of three products which, from the scientific aspect, should have been roaring successes.