Our partners, page-429

The Europium presentation to industry specialists could function as a precursor to spread its application to the entire pipeline in Merck, as hinted at in the previous update.

Merck and Anteo are collecting partners/ funding opportunities for the pipeline by creating awareness of both companies are planning to do.
This is a precursor to the deal which I now see unfolding once responses to the webinar are in.
Merck is gauging market acceptance.

I therefore do not expect a deal with Merck prior to the webinar, but the presentation to be a well measured step on our way to a binding contract, possibly expanding to the entire pipeline down the track.

To give enough time for industry contacts to mature, allow for discussions and contacts to unfold, I would see a binding contract by August/ Sept. this year, which places the contract about 4 to 5 months prior to the release of the first product.


I therefore retreat from my previous estimate that a contract with Merck would be expected prior to the webinar. This is not necessary as we are currently at proof of concept stage and entering into actual development of the test now.
I would assume that our collaboration with Merck is one of the biggest price movers this year and vastly underestimated by market in the moment.
This is probably due to the additional time needed to enter the binding contract.

As I see it, we have two price movers this year to look forward to.
The result of col1 testing of our CLB and Merck's binding contract.

I would therefore envisage a strong price movement from July onwards.
The cooling of our price currently reflects such outlook.
I would see a price of 2.1 cents as our bottom from where we would move up again during June anticipating those outcomes described above.

The anode work on composite and full anode development are medium and longer term and would come into play next year.
The REAL price move should happen with Merck's first product on market early next year for which the webinar already functions as advertising and the CLB funding arriving in second part of this year, in time to convert the options before Dec.


Our BOD has therefore funding lined up to cover their current expenses and costs and I do not see the need for further CRs down the line.


All IMO