Ann: Capital Raising Presentation, page-153

With $20M in the bank and several catalysts due that could move the needle on positive results, the risk of dilution in the near future is eliminated and the only remaining risk is on the clinical results.

By near future - you mean this financial year? Or have you sworn statements from the directors that they won't raise funds next year under the 15% ? And that if they do there'll be no options attached?

Do you see a pattern in these numbers 70cents, 60 cents, 21.5 cents.....

If you look at the presentations from about a year ago or maybe two the financing for GVHD was completely squared away - Fuji had it covered - we were looking at milestone payments of around $2 million. Also because Fuji was a largish entity they provided a credible deterent against IP battles. You know say someone decided to just use the IP on the basis that its better to apologise and compensate or not rather than ask permission.

Then Fuji gave back the option and threw in $5million as they did so. We are now raising $6 million ish for a trial that was once going to be paid for by fujifilm. Its phase 2. How many phases do you reckon are usually required?

Yeah sux to be an investor you say - but on the flip side a whole new bunch of babies are born each year and they have no memories at all. And they can come onto forums like this and say - hey lets move on. The past is the past. It isn't prologue.

70c, 60c, 21,5c .......