The Chairman's Report gives us guidance on the progress of the...

The Chairman's Report gives us guidance on the progress of the Janssen collaboration;

"Successful delivery on this project should trigger a significant licence fee payment in early 2014," page 3.

So what is early 2014? The Director's Report provides a tighter timeline;

"In February 2014 Phylogica hopes to achieve a major technical milestone for the Janssen collaboration that can potentially trigger a significant licence payment," page 18.

So it would appear that early 2014 is in fact February 2014. A licencing deal with Janssen would be transformational. Not only would it "create opportunities to further expand the relationship with Janssen" but it would also provide compelling validation for the technology. There is much to play for despite the lean year of deal flow.