Melrose is at it again, this announcement is smoke and mirrors, fluffed out with re-hash of what has already been released. Hiring an un-named FDA consultant; big deal...
What this announcement does promise is additional expenses which an infant R&D company can ill afford. There will be a huge cash drain as they set up an office (and home) in Sydney and cozy up to cash-sucking lawyers, and rent office/laboratory in $US when the $AUD is weak.
Future financial reports are going to show a significant increase in cash burn.
Another view of "progress" is;
> three family members enjoyed a trip to the US
> the non-execs can see the writing on the wall and are jumping ship before they can be blamed
> this publicly listed company is now being run as a family empire funded by shareholders
Where are the plans for animal tests; when and where?
Where is the announcement with details for the pilot plant, other than say it will be built in the USA?
Why set up an office (and home) in Sydney?
Indeed this ASX release is price sensitive... what were they thinking?
RCE Price at posting:
28.0¢ Sentiment: None Disclosure: Not Held
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