big buying stated , page-64

Hi Ray, imo no need for a capital raising anytime soon as the company had nearly 40mill in the bank and some costs being paid from the grant in Germany. Also a credit facility for some millions is available if the need arises. Nasdaq does not affect the capital structure at all as the ADRs do not come from new shares but from existing shares at a ratio of 30 shares for each ADR. Only a capital raising for any reason would impact the capital structure.

At some stage down the track new capital may be required but that is imo too hypothetical for me to concern myself at this stage. The focus should be and is on proving the product. That in itself if successful imo would create significant shareholder value. In terms of commercialisation there could possibly be a number of funding options that could be considered including equity, borrowing,partnership/merger the latter already being mentioned in the Nomura analyst report and also I think I recollect in a Dr Frazer presentation.

cheers