At the risk of sounding negaive, perhaps this simple question should be asked and answered...

If Merck can't encapsulate the beads, then who can?

Perhaps the process does not lend itself to commercial scale production. Success in a laboratory does not guarantee success in a mass production environment. Maybe management can shed some light on that and also let shareholders know if the five prototype analyzers have even been completed and received for the head-to-head testing. Maybe the analyzers don't lend themselves to commercial scale production either.

Interesting food for thought for any investors with open minds.