Ann: Investor Webcast, page-86

I'm actually pleasantly surprised by how well spoken Bob is, he addressed things succinctly and with conviction. Clearly believes in his own products. I expected him to be a bit nerdier.

Unfortunately, the narrative for the last year or so has been "we don't believe anything Alexium says anymore" so it's still a waiting game.

However, if you were to dare look at it with a clean slate, a lot of promising things said.

"Alexicool sales will be 50% higher in CY19 than any previous period" ... well most of the revenue ever made by AJX has been Alexicool, so does that mean 150% x highest previous period of revenue? I'm going to guess a period is a quarter. Anyone remember the highest quarter? Didn't we get to $24M revenue at one point? So say a quarter is $6M and 50% higher makes that $9M.

"FR will make up over 50% of revenue within the next 24 months without much increase in operating costs due to the toll manufacturing model" ... so if in 6-12 months we get $9M revenue from Alexicool then 24 months later we'll have at least an equal $9M from FR, then that makes a minimum of $18M revenue as a bear case.

At this point, still content to wait patiently. The narrative seems to have improved over the last 6-12 months.