polite warning at 6.1, page-29

Short term funding is not an issue but immense dilution is. The funding will be provided by an equity drawdown facility provided by Fortrend which will allow PRR to place shares with Fortrend over the next three years. $12m of it. The corporate advantages were in place at much lower prices to attempt to sharply increase the SP due to this. Industry pundits will tell you that PRR have next to no chance to get Cvac over the line on that amount. FDA approval is extremely costly and many trials will need to b achieved - with great expense.

Anyway, let's assume that PRR asks Fortrend for a sum of money (perhaps they already have). eg. $4m. How many shares would that equal at 2c and what would the diluted market cap be then? Substantially higher. Do you think Fortrend would want a significant discount to current prices? Yes. Do you know that Fortrend has been in major trouble with ASIC in recent months (again)? Maybe not.

What many will not tell you is that Fortrend and Avantogen (ACU) has also entered into a $10m equity draw down facility in Dec 08. Similarly, IMO, the initial amount of shares provided to Fortrend will be at very very low prices. Check ESI too and even more of a problem - the dreaded Rockeby Biomed (RBM) - maybe IMI too?. This form of capital raising is not the best for shareholders but at least it prevented them from going into v/a.

GL.