From the audited annual report -

If Pennsaid 2% is approved by the FDA, Nuvo will be entitled to receive royalties and escalating sales milestone payments.

I believe this is a very significant and material admission - NEVER has management EVER said that the milestone payments all $100 million of them were conditional on approval of Pensaid 2%

So since day one we all have held our collective breathe waiting and hoping that sales would reach a level that would trigger a milestone payment when this statement would have suggested something else. Keep in mind that the original development plan was for Phase 3 testing and the earliest management expected approval of Pennsaid 2% was 2014. So as I read this statement MANGEMENT KNEW ALL ALONG THAT MILESTONE PAYMENTS WOULD NOT BE EARNABLE UNTIL AT LEAST AFTER PENNSAID 2% APPROVAL IN 2014 not disclosing this to shareholders. I for one would have responded quite differently if I had known this.