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I always like my investment decisions to be challenged and in a strange way Alq's comments and negativety only reinforced my view that this was an excellent investment opportunity. Get the Silo ready, make that Silo's !

You might want to do that Balman, but any sensible businessmen, esecially one that has the dosh, is not going to assume the risk of its counterparties costs getting out of control and compromising its return from the deal. Dumb way to do buisiness.

Yes that is the key Bignose for most investors - needing the dosh. its amazing how many shares do turn around but it sometimes takes many years and most PI just don't have the patience nor the liquidity which is a pity. I await toorrow's price action with much interest. Volumes should be massive on the back of this, if they are not then I go back to my stakeholder theory - either way the future looks very rosy. Hopefully news on US developments not far away - that really will be another huge SP driver. Just as well Alq was not a consultant to Recordati - if thye had not walked by Xmas 2016 on his advice we would now be seeing a phased low key rollout - oh well.

The share price action is remarkably lacklustre given just a week or so away from the launches commencing. Are we sure RP is on the HK investor radar or do they all only trade on the news?

Piltick- it is very common under license arrangements and certain joint ventures for the licensor to receive a percentage of the gross revenues. The reason being it would be all too easy for one partner to load up its P/L or just be inefficiently managed thus leaving little for the other partner. If Edison meant profits, why did they not say profits, unless of course you beleive they are incompetent and the whole report is pretty meaningless, which is the view I subscribe to. The report also refers to the need to issue further equity to raise capital, but was unable to put a figure on this. Phe's own presenatioin update refers to both Revenues and EBITDA.

Surely raising more tradional debt funding would be better for shareholders - with 50% of profits already going to W2E and now ''revenue'' sharing which is worse than profits, seems there might be very little left for shareholders. Factor in all the other ways to suck out revenue/profits to connected parties and the picture looks even worse. Three guesses who the partnering third parties might be ?

Thanks SOTRR- although I expected as much. At least they should have a very positive and happening story to tell this year.

Piltick - if the deal with AFC has fallen through as you speculate how will this affect Phe's funding arrangements as AFC supplying the fuel cells would seem central to their being. As you know there are far better, cheaper and user friendly fuel cells now available - I would not be surpised if the Chinese clean up in this space and make it very difficult for others to compete without huge scale.

Good sniff - all looks set and nice to see rollout will begin in February. I think Prof referring to general market malaise. I thinbk it is going to be bumpy- paradoxically increasing interest rates signals a stronger global economy, but we are at an inflexion point where monetray policy needs to adjust to economic conditions. It will surely be painful for some, but will also create good opportunities.

Good theory warrior and hope you are correct, but don't Recordati have a respsonsibility to keep their own shareholders fully informed with future developments ? Its very odd, fortacin has been mentioned in every Rcordati presentation and pipeline updtaes for a few years, and now right on top of the launch - nada.

Bignose - very strnage indeed, almost inexplicable. Perhaps there have been delays in securing the country registrations, not that I know exactly what they are ! Even so, I would still expect some mention, even if dumb it down.

Thanks Bignose - although not sure much that RP can do.

Bignose - you are sounding very positive and of course hope its a good sniff although like Dougie I was a little surprised that no mention whatsover was made by Recordati on Fortacin - I guess there maybe good reasons. Were the recordati comments about being excited in repsonse to an email you sent them ? Recent price action would also seem to confirm a lack of liquidity.

Until Fortacin was approved and the manufacturing process perfected, what's to appreciate? The past is irrelevant now - let it go ! I expect Pharma is no different, and probably much worse, than some sectors when it comes to taking care of ones own interests first.

Alq- Feb 2017. I think the numbers/ expectations are managed carefully by Recordati for obvious reasons. Happy for Dr Prost to bang the the drum as loudly as he did for Dapoxatine /Menarini. If he is a good as you suggest, its all good. Past is history as are squabbles between KOL's ( which I supect is not an unusual occurence) - times change - his article is massivley positive and highlights very clearly the advantages over dapoxetine.

Probably the most siginifcant presriber and KOL in Germany right behind Fortacin and highlighting the shortcomings (which are significant) of SSRI treatments. http://journals.sagepub.com/doi/full/10.5301/uj.5000275 Conclusion only Conclusions PE can have detrimental effects on the quality of life of the patient and his partner with a negative impact on emotions, habits, and behavior, ultimately affecting the relationship and even leading to relationship break-ups. It is obvious that adequate and efficient medical help is needed to address this debilitating condition. Fortacin� is the first officially approved topical prescription therapy for the treatment of primary PE in adult men. Its formulation optimizes fast penetration through the glans surface while the metered-dose spray delivery system allows the desensitizing agents, lidocaine and prilocaine, to be deposited in a dose-controlled, concentrated film onto the glans *****. This leads to a reduction in penile sensitivity, thus delaying the ejaculatory latency time without adversely affecting the sensation of ejaculation. The efficacy and safety of Fortacin� have been proven in numerous large scale studies with improvements demonstrated in ejaculatory latency, control, and sexual satisfaction. The topical spray has a good safety profile with only a low incidence of mild-to-moderate local AEs seen in patients and partners, and is unlikely to be associated with systemic side effects. Overall, Fortacin� significantly improves the quality of the sexual performance, has a durable effect over time, and may help break the vicious cycle of PE. Disclosures Conflict of interest: AB is an advisory board member and consultant for A. Menarini Pharmaceuticals. Hartmut Porst is a consultant and speaker for Berlin Chemie/Menarini group and Recordati.

Sounds odd - but an 8% decline on just 20 m volume is probably positive in the light of the performance of global stock markets.

I only ever made one mistake in business and that was listening to the experts.

Alq And we expect this product to reach about �20 million to �30 million of sales, when we will reach peak sales. This is a difficult product to forecast. It's a difficult product to forecast because there is no real reference markets. The only other product that recently entered this market was a CNS, the right product Triligin [ph] and due to the, let's say, kind of connotations and the perceived side effects and so forth of CNS products, we believe that it's very difficult to compare our product with this one, because ours is a pure topical spray, much easier in kind of use, with no side effects, while obviously, the CNS drug that works on the central nervous system has a completely different profile from this point of view. So we feel that we might have some upside on this forecast that we just presented of peak sales of �20 million, �30 million, but its bit early days to say. Still, admittedly well short of Dr Mikes �230m but somewhere in teh midle would be most welcome ! I don't know what part of the equation might be missing as I have not seen the license and I ma not party to an relevant dicussions between RP and Recordati.

Coverage on TMF counts for nothing - it goes without saying that if Ezutromid has efficacy that Summ is massively undervalued. That is howver still one big 'if' although we should all hope and pray.