massive breakout today, page-17

Nobody likes losing money, me included. I bought into this company thinking that the odds were good that one of the two major projects, AOD9604 and AVC1, would pay off. I felt the surer bet was ACV1, since it had what looked to me to have really solid research behind it. I also felt that AOD9604 might prove efficacious in the end.

I still believe that AOD9604 was not trialled into the right test population, which IMHO should have been limited to individuals with age-related impaired pituitary function, perhaps individuals with blood IGF-1 levels below 80 nanograms per milliliter.

It's water over the dam now. I was wrong on both counts, but that's not Roland Scollay's fault. He didn't agree to become the CEO on the basis that the company was developing two impending massive failures. I'm quite sure his disappointment in these two failures is nearly as great as my own, even though he didn't fare as badly finacially as a result as I did.

Nevertheless, Scollay should have foresworn any bonuses or "golden handshake" related to his leaving.

What is driving the present mini-rally is anyones guess. I rather think that there is some development in the background that remains to be publicly announced, probably not related to progress on any of the company's projects. I'd say it's more likely news on M&A activity.

ASX will be making an inquiry, I'd expect.