any announcements, page-34

They need the cash because the US Army funding is confined to reimbursement of actual trial expenses on one drug and they have no working capital left. This shows other funding avenues are exhausted.

As managment have given themselves the discretion to apply to take up an over-subscription the offer can be dilutionary.

Small parcels acquisitions in same denomination at same time shows buyers purchasing in multiple entities to get access to multiples of the offer.

No formula to guarantee discount from market (as used for example with BUL), so there is a limited risk the share raising may end up like PRR's fiasco.

I think NEU runs a leaner operation than PRR and the management are definately not visibly as greedy. As for the product line, who knows what will finally get up.