DEP always first, page-3

I agree with your reasoning, and DEP is also why I bought in several years ago (and continue to hold.) But I have two main concerns since then.

Firstly, VivaGel on its own has the potential to be a company making product with decent revenues and an appreciating share price. That should not be underestimated. My concern is the management's failure to execute the commercial strategy for VivaGel, which is a far simpler exercise than commercialising DEP. Whatever the reason for the latest delay - it's just more of the same, delay on delay after promise after promise, and that undermines confidence in the management to commercialise anything, which is now reflected in a depreciating share price.

My second concern is the time it is taking to commercialise DEP. This is a space with a lot of competition. The longer it takes them to validate the science through commercialisation, the more likely it is that DEP will become irrelevant. Maybe Big Pharma already know this, which is why nobody has pounced, and why those who are apparently collaborating with SPL seem happy to sit on it.

The above says nothing about those who suffer from BV or the several cancers DEP could potentially cure, with little or no side effects. They are the real losers here. Wouldn't it have been great to launch VivaGel/Fleurstat on International Women's Day for instance? I guess that would never occur to their marketing dept (if they have one) or wouldn't fit in with the "pharmaceutical cycle."