RE: My 2 cents.....................$$$$$$
The FDA has not "approved" Phase III trials because they haven't taken place yet.
They've given them the go-ahead to CONDUCT Phase III trials, the results of which won't be known for YEARS (and many millions of dollars later).
It is important to keep this straight.
The big news is that they've missed another deadline for submitting the e-coli vaccine package to the US authorities, though in their defense it doesn't sound like it was there fault.
The best defense against these chronic deadline misses is to add 6-10 months to all their estimates. This is the only way to continue to hold this stock and not go completely crazy. But, as can be seen by the stock price not everyone is thrilled by the waiting.
Finally, it is worth mentioning, that Mr. McRae is an optimist by nature (how else could he have stayed in this business so long?) and doesn't seem to hit too many of his own estimates. Long time BNC owners are accustomed to this.
Happy investing all ....
QA