white rabbits

Man, you go away for a week and miss all the fun...

I spent some time yesterday reading through the two Griffin reports, (again!), tragic I know, but not for the obvious reasons, just to try and get a handle on where we are and what we have to look forward to.

My take on it is quite simple. So far this year we have hit every milestone as forecast. Well done.

Two imminent developments are: Introduction of the Unifill Select to the Pharma industry, which is laid down as H1/Q2 in both reports, plus signing a Supply Agreement for the Unitract 1ml with a pharma company.

Interestingly, in the first report this is simply described as being 'with a pharma company', whereas in the second report it is described as being with an "unafilliated pharma company." I take this to mean non-Sanofi. Either way, it will in all likelihood be one of the majors with whom the company is already in discussion about a number of things.

Then of course in the next little while we have the real money shots to look forward to - Supply Agreement with Sanofi plus the first Supply Agreement with an unafilliated pharma company for the Unifill RTFS. Or as Alan Shortall recently decribed it, "Real short term revenue opportunites."

In the meantime, while operating in the most challenging financial crisis we are (hopefully) likely to see in our lifetime, the SP is holding its own against a tidal wave of overall negative market sentiment. Not only holding its own, but if last week's trading volume is any indication, generating high-level interest where it really counts. Construction of the new HQ is on-budget on-schedule, if not moving faster than expected, which presumably means the first 60 million unit Mikron assembly line is also coming together in similar fashion.

Notwithstanding all this, for me, the truly critical achievement of the past six months is the ongoing development of the executive team. The best Chief Executives surround themselves with the best people. This this is exactly what Alan Shortall is doing. The quality and expertise of the talent that has joined Unilife in the past six months should not be under-estimated. You can bet your money, if not your life, they are not sitting on their fannies twiddling there thumbs while Rome burns.

I believe it is this, along with inclusion in the Russell 3000, plus all the media/investment exposure, the rock-solid blue chip partnership with Sanofi,(and the imminent prospect of more such partnerships), which is keeping us where we are. Not only that but placing us in the very enviable position of having a superior foundation for future growth.

If the manure really does hit the fan in the months to come, no company will be immune. Despite these challenges there will always be those that survive and prosper. These companies will be identified as having locked-in recurring revenue streams from multiple sources, along with tremendous year-on-year growth potential. There won't be many that fit the bill, especially in the emerging biotech sector, but Unilife will be one of them.

IMO :)