Yes. After the meaningless financials, they led off with the bad news about giving up on the erosive osteoarthritis indication ( which I considered a longshot). They were selling the PG story ( whatchmacallit gangregosum? The miraculous healing of sores?). Frankly, in the course of answering the analyst's questions on this one, it seemed that this disease is so rare, it will take a long time to enroll the 50 or so subjects they need for a meaningful trial. Which brought us to Uveitis, which, to me, is The Main Chance, and certainly my reason for owning the stock. Trying to understand the difference between the trials they are running and the trials which Servier is running in Europe was difficult. Under questioning from one analyst, they hedged on the release date of the trials, seeming to suggest that it might fall in early 2015, rather than 2014. This was, for me, the major disappointment.
I don't mind the failed indication so much as the CEO & Co's flippant attitude about the shareholder losses here. They are having a great time, actually laughing amount themselves trying to pronounce some acne indications. What a bunch of A Holes.
These guys really don't seem to get it.