Phase 1 interim results imminent, page-54

Sentiment on here definitely follows the share price, and speculation is rife when information is limited, few and far between.

However, I do think my recently-expressed sentiments are analytical rather than emotional.

Even taking into account the long-term nature of scientific research, I do think there is some valid scepticism to be had of management.

Ross' adage of 'no news is good news' means that trust needs to be put into management not to hide potentially bad news. Considering the trial has quite obviously been delayed, I'm disappointed at the misleading tact management took in the quarterly by stating: 'we are pleased with how the trial is progressing' instead of being transparent upfront about the delay and its details.

As a result, I do not believe the 'no news is good news' adage in the current context. This lack of trust is what has turned me from a 2-year holder into an outside observer waiting for a trough.

Specifically, I do not think the risks of a delay are adequately priced into the current share price, on the assumption that they are further from the 8th patient than the market thinks they are - if they were only one or two patients away, I would've thought that they would've said that (assuming they're allowed to) because it wouldn't push the share-price down.

On a side note, I think that the 50% increase in executive remuneration is worth considering, especially in the context of 'rewarding long-term shareholders' and the relative lack of management buy-in.