would it be fair to say, page-30

Every single share is roughly 20% less than before the CR, hence the immediate market reaction.

Interesting to note here that the market correction after the CR news was instantaneous whereas the rise in price after the P&G news late last year was delayed and manufactured.


This sentiment that OBJ was raising money to allow shareholders to get more fill before material news arrive is awkward, to say the least.



Here is what would have happened if our partnering programs would progress the way we anticipated in 2011/ 12.
Price would have risen considerably prior to announcement, larger investors from overseas where those partner companies are located would have taken a stake in the company.
US investors are very switched on with their biotech investments, a bit of a contrast to Australian investors in that regard.
This did not eventuate.

The argument that our domestic investor base is slow on the uptake when it comes to biotech innovation is flawed when observing overseas market.


This foreign inflow of monies did not occur, for a good reason. There is nothing on the horizon, even medium term.
It if would be, we would sit around 5 to 8 cents in the moment.

There are simply no overseas partners close to a signature, otherwise fund managers close to those companies would take action accordingly.
They follow every partnering activity of those companies closely, representing many billions of dollars revenue a year.
Does anybody here honestly believe that little OBJ would fly under the radar when those investment houses are close to the action?



Jeff and Kevin Hammond are stationed in the UK, GSK was therefore always one of my cornerstone interests for our developments. The original FMCG represented the other, most likely, UK based company of interest.
Both now do not represent any short or medium term exciting outlook, which is very concerning to say the least as they partnered with us for 7 years each.




We therefore bank our expectations opportunistically on P&G, or even Coty in some cases.

Our clinical trials though still have not commenced for P&G, being announced months ago.
The timeline had been shifted lately to initiation of that program mid this year from a previous starting point of early this year.
Why this delay is up to interpretation.
I'm sure that some of the local spin doctors would help us understand why this delay is supporting long term shareholders and increases market value in the long run.


It amuses me that I'm called emotional when I only state facts and name the disappointments in discontinued partnering efforts ( former FMCG ) and lack of updates ( GSK ) and a delayed clinical trial commencement for P&G.


One of the partnering programs has ceased to produce any productive updates since over 2 years, slowly making its way down to the bottom of the update chain and eventually disappear altogether, the other falling silent for such a prolonged period that extension plans turned into place holder cards for stagnation or slow progress.


If P&G is so keen to develop products using our technologies, why is it that those clinical trials take such a long time to commence?
We are talking about clinical trials of consumer products, no comparison to clinical trials for pharmaceutical molecules or healthcare products.
Would not the fact that they need to compete with other companies in their innovative programs dictate a speedy development?
The often quoted innovation program commentaries of CEOs of our partnering companies clearly states the urgency with which those companies propel these innovation steps.

The delay was not even publicly shared on the ASX via announcement but information was given in a personal mail to one of the shareholders.


P&G is currently our only promising partnering company.
My original investment was based on analgesic treatment with our transdermal patches.
This outlook has been nearly entirely sidelined within our partnering programs but, interestingly, prioritized within our own product developments represented in the musculoskeletal pain patches.

Does the company continue where partners discontinued?



I hope not.

Facts though currently support such notion.