Although I reserve my final judgment until I’ve seen details of...

Although I reserve my final judgment until I’ve seen details of the BP agreement… presumably tomorrow
Questions that come to mind include…
Is the placement fully underwritten by BP?
Do BP have an options to buy any shares that are not taken up?
Is IMU banned from making any announcements that might affect the price and, if so, for what period?
If so, and I think such is standard practice, we are fully reliant on BP to make the case to investors?

At this stage I have to say I’m disappointed with the outcome. While I was expecting either institutional or big pharma injection I was very much hoping it would be the latter.

Why? Because I don’t see this move as an endorsement of the technology as such but rather as one in which the management team did a great job is selling the story of potential to prospective investors and then to BP…. Cynically one might say they write mighty good sales-copy.

The bottom-line as I see is that all we are attracting are what I call ‘passive’ investors. ‘Passive’ investors other than supplying the capital (while it suits them to do so) add no momentum to the company.

In contrast, a Big Pharma partner comes on-board not only because they endorse the technology but because they know how to make things happen and have the backup resources to move mountains.

Ever wondered why, for example, 75% of the FDA budget comes from Big Pharma… how about favorable trial design and directing staff resources to expedite assessment for starters.

To my mind we are now stuck with a comparatively ‘mickey-mouse’ arrangement under which if progress with the trial to date is anything to go by will drag on for years.

I really, truly hope all I’ve written is just a nightmare and when I wake up the sun will be shining and my piggy-bank overflowing!