well, page-17

It seems to me that a cap raising is required, irrespective of when the CE Mark is granted, due to the anticipated costs of conducting the FDA Trials (One trial each for Diabetic and Venous Ulcers).

Projected earnings from Vitrogrow within Europe will go no where near covering these costs. Therefore, a delay in CE Mark approval is immaterial with respect to the FDA trials (Not that I want to see it delayed any more).

Seems to me that achieving sales approval in the US (whilst being lucrative) is not the lowest hanging fruit on the tree and when viewed in context of the market size for the rest of the world, although because of the anticipated time frames with respect to FDA approval, work needs to start soon.

This announcement is a heavy dose of reality for those that expect massive returns from TIS in the next 12 months. The only way that would happen, I suspect, is if a takeover was in the offing.