delivery 101, page-6

CFP raises a question mark over Phylogica's cash position which of course is always a concern for junior biotechs.

Attention is drawn, however, to the announcement dated August 9, 2010. The Company Secretary reports to the ASX that PYC "will have sufficient cash to fund its activities over the next two quarters."

The next capital raising will most probably seek to raise investment funds from Europe and the United States;

"The company also monitors the opportunity to raise funds if required and has been developing investor interest from international presentations in Europe and the United States over the last six months."

Undoubtedly, the listing on the Frankfurt Stock Exchange will be brought into play which I believe is a positive development. Rather than an exercise in dilution, the new listing on the Frankfurt Stock Exchange will provide the corporate exposure and share liquidity for growth in sophisticated markets.