attendance at agm, page-7

My take home points from the AGM:
1) The short-term (3-6 month) goals from the slide should be taken as 1-4 months from now (deck was made in September)
2) A partnership deal on HA-I (maybe for mCRC only) is a very high priority for two reasons:
a) to "de-risk" (which I interpret to mean up-front cash in case the study results are not statistically significant, or cannot proceed to market without additional work) - this means we lose some upside;
b) to get started on path to market, so that the product starts to generate money as soon as possible after a positive trial result (if that's what they get) - this was the point that was emphasized.
3) Monetizaton of Fonda is at an early stage of 'price discovery'. This is the bit where we find that someone is only willing to give you $50m (not he $100m you think its worth) for the promise of $20m a year. Hopefully we are not forced into accepting a low-ball offer to keep unnamed shareholders happy.
4) There was a question/comment from a private investor who was grumpy (like me) about the capital raising which was restricted to institutions and privileged investors. As the questioner noted, this was galling given that the company had declined to allow over-subscriptions from shareholder on two previous occasions, and was effectively dilutionary for 'unsophisticated' shareholders. Charles said there wasn't time. No-one noted that the dilution was particularly offensive because it became necessary after some of the 'sophisticated' shareholders who were privileged in the capital raising created the need for it by demanding that the limited funds available be spent on demerger and US listing (as you can see I am stll grumpy). Nathan Drona was at pains to point out that he will chair the board in the interests of all shareholders - let's hope so.
5) Overall impression is of a mature and responsible company on the cusp of great things, if they get a positive trial result. As Charles pointed out, not expense has been spared on this first HyAct trial; if positive it validates the whole platform, if not clearly positive, might still show something worthwhile)