I can't see why it hasn't been mentioned here already but...

I can't see why it hasn't been mentioned here already but management are quite clear in their AGM presentation...

"Expert global sales es1mates for VitroGro® ECM; US$1 billion per annum"

The estimates provided by management are for the global market. The launch markets realistically only include the UK, Germany, Italy, Netherlands, Austria & Switzerland for the next 2 years.

Now if we refer to page 13 of the AGM presentation there is also a pie chart showing the split of the various markets around the world for wound management (I note there is no reference provided for these figures by management).

So from this chart the launch markets account for UK (5%), Germany (10%), Italy (3%), Netherlands (not disclosed), Austria (not disclosed) & Switzerland (not disclosed).

Now I can see why they haven't bothered disclosing the last three, if you refer to Wikipedia's 'List of countries by population' the last three are in fact smaller than Australia, two of them much smaller, so they're not really of note.

http://en.wikipedia.org/wiki/List_of_countries_by_population

If we be really generous and give the last three countries 1% of the world market each (and I think that's generous considering Italy holds 3% of the world market with a population of 60 million, double that of the last 3 countries combined) then the total percentage of the world market that Vitrogro will be launched into over the next 2 years is 21%.

So realistically the sales potential of Vitrogro over the next 2 years according to management is 21% of the global sales potential ($US1 billion) which equals...$US210 million.

So when Steven Mercer says that he expects only a few hundred thousand dollars in sales revenue next year, for a product that isn't launching until Q2, and in only 3 markets of note, I fully believe him.

Let's just spell this out now, seriously misleading retail investors of a public company on sales figures is illegal in Australia when it comes from the company's management. Even if you have an excuse such as wanting to hide from big pharmas. If you don't believe me just Google 'CORPORATIONS ACT 2001 - SECT 1041E'.

Me personally, I agree with microtrader here, big pharmas aren't worried about Vitrogro...yet. I think they'll continue on with their current business models happy to keep making copious amounts of money whilst waiting for Vitrogro to slowly launch around the various world markets and see what the market penetration is like and the what the damage is to their existing products before putting a generous price on TIS in the current climate.

Just some food for thought.