Good to see the confidence displayed by overseas instos to become involved with a major expansion of trials....but this program could have begun months ago....we weren't cash constrained.
When I asked the MD why we weren't progressing as fast as forecast...many trial results were late, some only started a year after they had been proposed....I suggested that maybe we should have recruited more resources, and faster, than appears to have occurred. His reply? 'we have been increasing our resources recently.' Not good enough, when we should have started much earlier. Still, we generously give him 5 million options, exercisable in SIX years, for doing a good job. Price could be $5 then, if we were still in business, so he would clear nearly $6 mill that would otherwise have resided with existing shareholders.
VLA Price at posting:
65.0¢ Sentiment: Buy Disclosure: Held
