reality, page-11

Agree 100%

Even those who bought in the past week thinking they are buying below the issue price are already undersold by management. It really does exhibit a surprising level of desperation and also indicates very little likelihood of news to support the capital raising.

Management will take whatever they can at whatever price it takes which is a far cry from knocking back institutions at 28 cents.

I see no positives when a stock is forced to raise capital and multi-year lows. Their diverted focus on other cancer indications seems to be a move to broaden the value of CVac, but nothing other than trial results in six months will have any impact on the value of the company.

I foresee a sustained drop in the stock for the next few months and then expectations causing a rise leading into November. Therefore I will not be pariticipating in the SPP.