Mudpecker, I have to agree with most of what you say. This goes...

Mudpecker, I have to agree with most of what you say. This goes back to my point about business development. If the business vision is not clear, then how can you develop the business? There is just the hope that the technology will success and, by default, the company will prosper.

Where I disagree is I believe that management thinks what it is doing via various presentations does define a vision for the future. My opinion is  - and I have said this many times before - that the company presentations (the business/investment ones) are generally not well presented and do not show where the company (not the technology or pipeline) is going. They do not give investors a real idea of how the company is going to be profitable, they just show a pipeline, market caps of other companies and let the listeners make up their own mind. Not a good formula imo.

The IPO document talks about possible partnering etc as means to develop the company but it is all very wishy-washy. I would prefer to see something more substantial in terms of size of the market (usually provided in presentations), the market share we expect to achieve for each of our products (therefore how much revenue we expect to get) and the timetable to revenue based on the pipeline timetable. The last point may have to be qualified by saying how we think that these pipeline products will be attractive to partners and at what stage. This kind of detail would give investors an understanding of when they can expect to get a return on their investment and the risks associated with it. Right now, ROI is anybody's guess, and I think that is a problem which deters institutional investors.

I agree that some new thinking is required.