27.1 million cr, page-15

I've been thinking about this. Firstly I was disappointed as I, like many others, was looking for a much higher price or a partnership / takeover.

But I'm now on the side of thinking this is a good step forward. Looking at other Bios that have substantially increased their share price recently this has mostly been due to good clinical promise, good management, and identified funding. VLA had two of those and IMO was held back by funding queries: now they have all three boxes ticked.

I dont think dilution is a big issue - as evidence already mentioned all SHs can buy discounted shares. And more importantly the co will have $27 mill cash. Thats equivalent to its current MC of $27m. If theres any logic in this market, and any value given to its research and intellectual property, the MC is going to rise presumably to around $54m. So we shouldnt be diluted and if anything our share price will benefit.

But the main thing is that there is now some certainty, theres a couple of years funding and we wont be facing several SPPs of $5-$7.

And, we have hopefully some large, well connected, and savvy major shareholders.

So I'm going to say well done and will participate. The market seems to agree with that. All I want management to do now is to speed up these trials and meet some deadlines.