BPO 0.00% 0.3¢ bioprospect limited

bpo - what to make of the report

  1. 3,638 Posts.
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    Hi all

    I have had a read of the first couple of pages of the annual report, and while they are some inconsistencies (surprise surprise), the general tone IMO is positive.

    What is striking is that throughout the review of operations and chairmans letter, they mention seeking registration of Qcide in Australia. There is no mention of registration in overseas companies.

    They then remind us that progress has been 'measured', and that the process towards commercialisation is long. We know this already. There is no need to include a statement like this. Just like the statement about 'precious cashflows'. The market knows BPO are a junior biotech company that is trying to commercialise a product, of course cashflows are going to be precious.
    I can't see any logical reason for making these statements. They tell us nothing, but produce a negative tone to the report.

    They talk about collaborations with multi-national companies to ensure the international market is broken into by Qcide. Yet they only talk about registration in Australia. .?? Of course this multi-national company will have the financial resources, BPO certainly doesn't. Another pointless statement.

    This was the first time I can recall they actually saying that negotiations are taking place with 4 companies.

    Why the secrecy regarding the leading Japanese agrichemical company? There cant be too many more out there surely. Also, was this the first time they mentioned Endura of Italy were evaluating Qcide?

    The key sentence I think is the one about field trials being 'almost complete and have provided excellent results'. They talk about excellent results, but they really need to announce these. Not cloud them in an annual report. And also, we have no idea whether they are talking about the Qcide results already released or not. I dont think they are, but they havent exactly made the results public... yet.


    The Qcide announcement in June talks about it being effective against adult mosquito and housefly, also cockroaches. This was the Japanese trial results. The independant trials in Sydney found Qcide performs in line with existing products for spotted mite, diamond back moth and green peach aphid.

    The annual report talks about 'outstanding results were achieved with resistant flies, mosquitoes, ants, mites, and termites'. It seems they could be talking about different pests here, or maybe they are just changing around the words to glorify it a little bit... I dont know.

    The update on the termicide product AP778 was as waste of time. They didnt tell us anything! In the highlights they talk about a developemtn project, but they havent mentioned one thing about what is going on. Complete and utter non-communication on that one.

    The natural plant extract library seems to be kicking along. They mention several international companies have been attracted to it, but this has not been announced to the market. Why is it that some collaborations are announced, like the Apath LLC and Diversa, but these others arent? Does make much sense does it?

    They do talk about seeking financially robust collaborations seeking high-value medicinal targets... but you would hope that would be the case.

    The review of operations ends with a stupid sentence by BPO. They say that interest in the biotech sector, plus holding all the IP 'will drive positive results in the new financial year'. You would think that Qcide and the collaborations using the plant extract library would drive positive results. Doesn't seem to make much sense really.

    So overall IMO the announcement hasnt said anything. In fact they are confusing people with the wording used in the report. Either Qcide doesnt work so they are warning us of the fact. Maybe their company secretary and editor didnt do a very good job of proof reading the report before it was published. Or maybe they did it on purpose.

    Who knows.... but really, nothing much has changed.






 
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