Fink - welcome to the Board. I believe you may have mis read the NR and previous NRs. They are working on two processes - one is the beads without encapsulation (completed) and one with encapsulation. Same beads but different end products. The clients (Merck + 2 unnamed IVD) are determining what they want Cardiogenics to do. Merck has two agreements - one with and another without the encapsualtion. Merck is also the only approved vendor of the beads and they have received a shipment I believe last year. When Merck sells the product, only then will a sale be registered I would imagine. The new IVD companies are trying the beads as did Merck and if the beads perform to the new companies' standard, they would then firm up their agreement and be named.

The 10k just filed is what happened up to a point in time - October 31. Anything after this date has not been reported. Be optimistic and hold your shares. I shares Ante's opinion as I believe that he has it correct.

Imagine that if Merck plus the 2 IVD companies just mentioned are part of the top 5. The market is forcasted as $1.2 billion in sales - and if we are key suppliers to a large part of that market, only good things are ahead IMO.