Ann: Investor Presentation - Quarterly Investor B, page-10

re: Ann: Investor Presentation - Quarterly In... I also exited. I've held this stock for a while as i couldnt determine whether Bronchotil just wouldnt sell in the volumes they expected - or it would take time and effort but progress would slowly be made and sales slowly progress. As it stands, they have stalled at 900 14 day units in Germany for the quarter. The would equate to roughly 200 users. Even more concerning is that they have improved adhereance rates to about 80% - so they have stalled whilst improving adherence and arent even picking up many new patients.

Whilst the UK is growing at present it worries me that they will also peak at a user level and progress beyond that will be painfully slow. too slow for the cash burn rate.

It is these issues that management should have addressed in their investor conference - what exactly is happening - is it the fact that the market is smaller that they predicted - there is a finite niche within the overall market that Bronchotil works for? To simply say - there are no single specific issues isnt good enough.

Whilst term sheets are on the table this will only establish partnering deals to help fund trail and FDA applications in the US + two research programs. But these will be partnering deals to reduce costs to PXS - not increase revenue. So if sales arent growing - and worse, it become evident that they peak at a certain niche user level in each market, then their cash position will still burn at an unnaceptably high rate.