pc gaff

Have you listened to the Nabi conderence call?

I'd suggest you do - in particular, when PC speaks and also, his responses to Nabi holder questions.

PC - "In early 2010...BARDA awarded a 231m contract to Biota..."

PC, get your facts right. You are a year too early...okay, obviously a mistake, however, you were working off notes...seriously - preparation and correct delivery is very important, especially if you are trying to enthuse Nabi holders.

Some delays and bumbling through his reading of his notes.

And then we got the usual Glass Half Full statement:

In response to a Nabi holder question about royalties being low in the last year, PC responded that sales are primarily driven by Influenza and so are therefore considered over a longer period.

If PC is trying to sell the positives of Biota to Nabi holders, he should have also mentioned that government stockpiling forms the main purchasing and that VERY IMPORTANTLY, global stockpiles are set to expire over the next 12 months - this in addition to mutation concerns over the main Tamiflu competitor (Tamiflu). Therefore, there is an expectation that we will shortly see larger than average revenue based on stockpile replenishment at a higher rate than ever before.

He was given two bites at the cherry after a second holder again queried recent low Relenza sales, but again failed to "sell" the important point that expected stockpile replenishment is due to commence shortly. He also did not discuss the anticipated increase in royalties (and possible milestone) expected from Japan shortly.

The problem here is clearly that while PC may have his strengths (perhaps on the science side), he is clearly out of his depth when it comes to the all important process of "selling" advantages to potential investors.

The questioners were very negative, in particular, they twice brought up Biota royalty income of late. PC clearly did not "sell" them - in fact, he did not need to "sell" them, just explain what is expected looking forward, not historically.

Jim, I suggest moving forward, that you are going to have to get involved - I know you cannot be in two places at once, but technology does allow global conferencing.

Please, let's not keep shooting ourselves in the foot.