I can't say that I'm very happy after the AGM. I had expected that management would deliver on all or at least some of the promissed updates both Philippe Wolgen and Stan McLiesh have touted on numerous ocations. The CEO wrote this in July, 2017:
"In the coming months, a number of publications will centre on the restructuring and repositioning of CLINUVEL, illustrating how we aim to take the Group to gradual growth while providing more visibility in US, ASEAN countries, and the EU."
Management made investors believe that a "restucturing" of the group was imminent and that there would be an enhanced focus on the US market. Possibly even a strengthened presence / new office.
None of this materialized and investors were again left hanging. Hence the sell off.
The fact that the NDA is again delayed doesn't bother me much. That's just bio. What bothers me a lot is the blatant disrespect for investors and the amateurish PR by Lachlan Hay. The CEO told investors that the NDA would be finished by summer, 2017. When July had passed and nothing happened, Lachlan hay gave an interview to an online media (behind a pay wall) where he stated:
"… we like to be aggressive in our targets. Certainly by the end of this year."
Now, we know that February 2017 is the earliest possible and more likely April or May.
Clinuvel is playing investors for fools when it comes to timelines and promisses made in PRs. What the heck ever happened to that restrucuting they where going to tell us about "in the coming weeks" ?!?
That said, I still think 2018 will be a good year. Clearly, Clinuvel is not a very professional entity (just look at the fact that Philippe Wolgen is negotiating in German - I think ICON would have staffers ready to hire for that task) but they seem to have the eye on the target nonetheless. At some point the European roll out will get up to speed, and if they manage to lodge the NDA dossier in the US in H1 that will make a splash.
I have no faith in the OTC products they are now promissing to launch in Asia next year. Perhaps in 3 years. But organic EPP growth, hopefully NICE approval in H1 (unless they let a non English speaking person do the negotiating) and a finished NDA in H1 could get us past $10.
My wish for 2018 is that Stan McLiesh is replaced with a younger, more vital and more straightforward person. Also, I wish that Lachlan hay is made permanent office manager in GB and that media and PR will go to a real professional. Clinuvel will be crushed in the US (if they ever list there) with the current level of misinformation.
Still loving the product.
