announcement out, page-44

Most certainly agree with you Bluebush in P&G being our beauty care FMCG, pointing towards the products range within the company where our technologies most likely will be implemented.


The milestones you refer to were listed chronologically, which does raise a few questions in terms of timing for OBJ management.

In my very personal opinion, management does set itself up to load up as many performance shares as possible before shareprice really takes off, rightly so as I might say.


We have now met conditions of number one of the performance right issue, but have no royalty or financial details mentioned in the ann from yesterday.
This should see price fall back after initial spike, as amg and I speculated yesterday, as market should brush this off, particularly in current chaotic global circumstances which put cash as king more than usually.


When OBJ then would announce the partnership with PNO, as suspected, for their own pain patch, it should hardly entice market to buy heavily into OBJ at that point in time since PNO is nearly bankcrupt.

By that time, management would have secured 2 rights issue already pending only the commercial component of milestone number 3, which clearly points towards GSK, in my opinion.


In context with Glyn's comment of an expansive year 2012, I would expect to see a commercial deal with GSK in the second half of the year ( successful in vivo results would nearly force GSK to come forward with its checkbook ).
We are now with P&G at the point we had reached with GSK in May last year.
Remember what that collaborative agreement for Oral Health did to the shareprice for OBJ?
Not much.

I expect the same effect from our current announcement.

In May 2011, GSK shared with us its company name and target area for our product development.
We now have the same information for P&G.
P&G partner developments should get interesting in 2013.



Back to the chronological hint from management regarding performance rights which is pretty much the most concrete forward looking statement of OBJ we can go with ( from a management which decively declared not to announce forward looking ).

My previously assumed announcement for RB for a pain patch development to preceed our own pain patch program notice is probably flawed.
I now believe that within the performance rights time table that we look at a collaboration ann with PNO first ( this might help PNO's shareprice but certainly not ours as investors will fret where the money for such development should come from ).
This explains why PNO CEO John Palermo bought 30mil shares of his own company in a very uncharacteristic manner not long ago.


The milestone 3 should then provide the immediate answer to the financial questions for OBJ to develop its own program and rerate OBJ on the spot.

In this context, I do wonder wether our FMCG 1 pain patch program is actually still in tact as we never heard from them again after the marketing team assessment more than a year ago ( wink at Pman ).

I would like to speculate that OBJ management might actually see larger IP related income by going it alone or at least partner on equal footing with another company.
A prospective GSK deal would more than provide the financial means for OBJ to develop and produce its own products for pain relief and would therefore allow for much larger income streams.

We were told though that partnering might be part of our own pain patch development.
How would OBJ management use the 5 years testing results of, assumed RB, to move this into its own pain patch program?
Could it be that RB is interested to move together with OBJ and PNO to collaboratively develop the pain patch since internal testing on Nurofen was assumed successful?
Does that finally explain why Tripeptofen is under such lockup from any public information for years but adds one patent after the other successfully in different global markets?

If that is so, be prepared for a big surprise of OBJ's own pain patch development program in dimensions which were so far way out of reach.


Second half of the year should solve this riddle and could well be a very very big surprise for many who have paid little attention to Jeff's own pain patch program.