Ante,

"CGNH could not have established a commercial relationship with a better company IMO.

Why Merck failed to commercialize the beads is a mystery to the investing public;"

Does it even cross your mind that perhaps the beads have proven not to lend themselves to commercial scale production? That could be one explanation that you have not itemized, especially if Merck Chemie is as good a pharmaceutical company as you seem to believe they are. I believe that is one possibility, and the silence on the part of the company for the extreme delays in commercial sales of the beads from original projections are a second failure on the part of the company in addition to the snafu with the analyzer testing that you acknowledge.

This post, of course, is all in the interest of "objectivity" which you rightfully distinguish from "bashing".