half yearly, gsk fim and strategic alliances, page-10

Hi amg,
I find the last 2 announcements informative when read in conjunction.

From the previous ann:
6.4
Technology testing has resulted in a multi test investigation into the effect of the company's newest low cost ETP technology ( this refers to the FIM technology, in my opinion, the entire paragraph does )
on the delivery .....


The ability to demnostrate biological effects in human tissues has given the company greater insight into the effects of its technologies and a new method of demonstrating the benefits of the company's technologies
in new products ( referring to FIM ).

This shows that our human studies were, most likely, conducted with our FIM technology and therefore for GSK who would lead that research as being the longest partner around and the only company so far comitting by name to our technology.

Now this part I see as a reference back to the FMCG:

This work was expanded through a parallel study ( parallel to the FMCG volunteer study ) which replicated the conditions of the volunteer study ...
... of the human volunteer study had a high correlation with drug delivery rates from the in vitro study

This is where definate derisking is taking place.

Additionally, the replicated human volunteer study is related to the FIM technology, as it is parallel to an already existing human study which can only effect the FMCG, nobody else is long enough around to otherwise have reached this point of testing.
Since this relates to FIM, it relates to GSK.
As it relates to GSK it states that in vivo testing was already conducted.

We are further down the track than admitted, thanks to confidentiality.


From our current ann:

This program ( the FIM development program )continuous with in vivo testing programs scheduled for early 2011.

Early 2011 is defined by first quarter. First 2 months of first quarter have already passed, hence the conclusion, when keeping previous ann mentioned above in mind, that in vivo studies are on ongoing with first results of replicated study already known.

I do not believe that any partner is by law bound to announce any particular testing, evaluation step.
From putting both latest announcements together, we were neither officially updated on the progress of the original FMCG nor on the FIM development in vivo testing for GSK.
These informations were hidden, in particular for the original FMCG, in the small print of an option prospectus as it referred to an improved Azopharma formulation ( even though the paragraph 6.4 named "research and development" is a give away as it refers back to the GSK ann which states a FIM development ).


I, personally, see a GSK announcement in the near future with a more official outlook of partnership and a definate license deal in winter, mostly due to the fact that human studies already have proven the convergence between in vivo and in vitro testing and the faster process towards commercialisation of a household formulation.