i was wrong, page-13

my opinion, of course...

running this business is no longer about sales skills. it is about execution skills.

that means - getting things done. to say something will be done and then doing it. and sometimes to be blunt and say something cant be done. or wont be done for many years.

its about knowing the industry your working in and how to work within it. the timeline provided at the agm was finally a snapshop of what we can hope for. i will be watching it. unexpected set backs and delays should not occur repeatedly if you know your subject.

looking back over this last year, i see lots of expectation but not as much execution:

- since the deal in june 2012 we have been expecting revenue ramp up over the year and more deals.
- since october 2012 be have been expecting deals and development cash to stem the losses.
- since december 2012 we have expecting confirmation of another deal from the customer performing stability studies.
- the worlds biggest user of prefills and our key partner (sanofi) yet to sign on the dotted line...

in a world of limitless and costless money this cycle can continue forever until it finally "comes good". but in the real world this cyle burns existing shareholders and shows up each and every day - in a steadily declining share price.

now that we have more institutions on board with large stakes we could be in for a turnaround in execution success. they can push management to execute and shorten these timelines.

im still long uns... just being realistic here. for me this ones a long termer with a more realistic return profile than i had wished for back in 2009.

(awaiting the next quarterly. see you then)