porky pies !!!, page-19

All, I sent AVX a fairly nasty email, saying how pissed off I was, that I couldn't understand how they misled the market and how M&A experts could completely miss the point, etc.

To my surprise, Drona worked out who I was working for through my email address, and gave me a ring.

He obviously said whilst he can understand my frustrations and disappointment he disagreed with most of what was in my emails. He said they never misled the market and what they put in the newsletters and other announcements was true and correct at the time they published it.

He also said that they talked to every single pharma company, boutique firm specialised in this space and other health related organisations over the last 2 years. He claimed they gave it their best shot, and pursued aggressively a number of opportunities.

He talked about the significant changes that have happened in the HIV landscape with a number of businesses merging, spinning off or exiting the HIV space (e.g. Roche).

He also mentioned a significant change in HIV landscape, in particular around these combination therapies.

He also said that up until Thursday last week, he was expecting this last potential partner they were talking to to send them the term sheet that would have changed everything.
Unfortunately, this didn't happen and they are now looking at these regional opportunities.

Whilst this won't bring a deal similar to what we could have expected, he believes that this can have a real impact on the sp. He also said that this was the reason for the key staff to stick around until May as they are all working on these opportunities (not sure what the atmosphere is under these conditions).

Always difficult to make any sort of assessment over the phone, but he sounded genuine, apologetic, and was trying to convey the message that he was giving this last initiative his best shot.