future milestones/approvals, page-6

In relation to Sanofi, the industrialisation agreement stipulates that upon completion of the industrialisation program (installation/verification/validation of Unifill line), Sanofi will negotiate in good faith with Unilife to develop a commercial supply agreement. So, it was never expected that an agreement would be signed as of yet.

There is the expectation that the details of such a supply arrangement would already have been fairly well nutted out between Unilife and Sanofi. It's easy to let fear (of another St Mary's) creep into your thinking, but I can't see any rational reason that Sanofi will not place a commercial supply order now that we have come this far.

In relation to other potential customers, no agreements have been signed as of yet. We can only speculate as to why. I agree with cgt, that it is odd that we haven't entered into conditional contractual supply arrangements.

Cheers,