biota is at war, page-5

Excellent post Autoflight. BTA contravene most if not all of the principles outlined.

Selection and Maintenance of the Aim.
Its obvious to everyone (except the board and managment) that the aim should be to exploit the distinct and unique assets that BTA has i.e the leading drug currently (Relenza) and in the forseeable future (Lani) for the treatment of influenza,the most common ailment in the world.
Instead BTA dabbles in development of products of questionable value (i.e. its compound for RHV, which was determined by one partner not to be worth further developing and possible tratment for HCV - an area in which there are a host of treatments in the pipeline)and more recently early stage drugs (Years from potential marketing) in countries where BTA doesn't even have a presence

Maintenance of Morale.
Completely lacking among shareholders. As a consequence anyone thinking of investing, or perhaps making a takeover offer, would make the assessment that pontial price will be less then otherwise might have to be paid. Probably, if there is any talent among the staff of BTA, they are looking for the best opportunity to exit.

Offensive Action.
The opportunity for BTA to exploit their distinct advantage was during the influenza crisis last year. BTA did nothing but chain themselves to Daiko, minimising any opportunity to take the initiative

Security.
Despite being awash with cash last year, BTA recently was forced to undertake a capital raising.
Surprise.
The only surprises from BTA are there ongoing failures to achieve significant outcomes (e.g. decent marketing deal for Lani, poor sales of Relenza).Poor sales of Relenza cant just be blamed on GSK. BTA could be out there promoting the product.
Concentration of Force.
See comment re. selection and maintenance of the aim.
Economy of Effort.
As above.
Flexibility.
BTAs failure to maintain adequate cashflow, refelcted in the recent capital raising, undermines any flexiblity

Cooperation.
BTA's behaviour is characterised by a lack of cooperation with shareholders and significant investors.
Sustainability.
The uncertainty about sustainablity of cash flow re. royalties from relenza, places BTA in a weak position regarding negotiations for licencing LANI, reinforced by a lack of flexibility through the tie up with Daiko.

I traded BTA last year, with some success, but also invested a small amount because of the unique advantage it had with LANI. I think like many investors,despite LANI, I'm waiting for the opportunity to exit at a decent price. Because of LANI there is a limit to the damage that incompetent management can inflict.