the latest on our clinical trial, page-5

I think that you can read these comments as meaning:

a) The last querter expendature is atypical and therefore the company is not under any presure to raise capital any time soon, ie certainly not in the next 6 months.

b)The trials are nearing completion and the results are looking good so we expect the share price to rise a lot in coming months. We don't see it as predent to raise capital at current market prices when there is a reasonable likelihood of a major rerating of the stock in the next couple of months.

c) We have options on issue which we expect to be exercised before year end. This will provide significant additional working capital without any pressing need to look elsewhere. We expect options to be well in the money before any capital raising is required and that most option holders will exercise at that point given the Dec expiry.

d) If trials are successful we expect to be partnering with much larger companies for commercialisation and a number of companies may seek to acquire us. Either way we see our future cash requirements as being a less significant issue.