Generally speaking, I view IVRO as a reasonably attractive value/growth investment. The company may have reached a pivot point where its profitability going forward could be noticeably improved versus its past/recent performance. The stock is very underfollowed and is capable of explosive moves if even mild buying pressure hits it.
The language in its last two earnings press releases suggests that whatever operating cost improvements/savings the company has made over the last year or two will positively impact the company for awhile. From the FY 2014 press release.....
The statement by Ulmer in the FY 2015 press release suggests that once OECD adoption is complete the company will increase its marketing efforts (which should translate into increased revenue)......
I disagree with your comment that the OECD "does absolutely nothing that anyone else would be interested in". While the policies/guidelines that the OECD implement/endorses are not binding for its 34-member nations (soft law versus hard law), it is still an agency/organization that can have a significant influence on a number of things.
Res Pharma is a privately-held Italian company that has an equity position in IVRO (http://www.respharma.com/index.asp). Both Res Pharma and IVRO appear to think that obtaining full regulatory adoption of Ocular Irritection is an important move for IVRO. They would not have spent 3+ years on the clinical/validation trials for the product (plus all of the years spent working the submission through the regulatory process) if they didn't believe it was strategically important.
The chances that Irritection will become part of the new OECD international test guidelines look pretty good, based on the last available public information (April 2015) that Integra (a Res Pharma subsidiary) posted on its website.....