Are you discounting the exisitng contracts...

Are you discounting the exisitng contracts with:
-Medtronics
-Biomet
-Smith and Nephew
?

All these contracts create income via milestone payments.

Or are you saying that there won't be any share price movement until royalty income starts flowing? (est. 2011 for Medtronics)

My own position is that positive announcments of progress by any of these current licensees will be a positive price driver.