why the down trend, page-2

The most obvious reason is the time of year ... late June, tax-loss selling.

As for why there was no boost to the SP after the positive announcement (the opposite in fact), that was really wierd.

The point is that the opportunity to buy low is right now, this is a stock for the future. However, unlike most biotechs it should be generating an income in the near term future, so hopefully we won't have to wait too long for the SP to rise (& rise & rise).

There is also an advantage to buying within approx. 12 weeks of the listing date, due to a 1 for 2 option rights deal they've built in. See the prospectus for details.

Cheers.