glyns answers and other things spoken about, page-32

No offense taken chookman,
You have every right to be impatient as biotech investing is certainly a challenge.


Everybody has different angles from where to approach the timelines in the industry, mak seems to rely on the assumption that market does show by price and volume increases that a deal is in the making.
I would be partly supporting that notion, on the other hand, we had seen tremendous price increases in 2010 only to be fallen back to levels prior to that run.

PRR is also a good example of an early excitement and a followup cooling of sentiment as market realises that
the process towards commercialisation will still take some time.
There is obviously a lot of hype surrounding the industry created by the enormous revenue outlook in case of a successful program.



In our case, even at the danger to sound like a broken record, we do have indeed milestones of development coming up on multiple fronts.
Wether that will be license deal in itself or a statement from GSK, for example, that in vivo testing has been positive and significant permeation increases were shown, will have to be seen.

When I say that I expect significant announcements, I do not necessarily anticipate the license deal in all those occasions but an additional step towards commitment from our partners.

The outcome of the JV discussions is certainly material, so is the in vivo outcome of the GSK testing and so is
product development stage for the UK FMCG after positive consumer testing and marketing team assessment.



In biotech, contracts are offered at very different stages of the product development in a partnership ( whenever the partnering company feels that it needs to secure the contract ), hence my increasing anticipation to receive such a contract with forward looking milestone payments mentioned as we are nearing important steps in many of our programs.