agm notes for the more discerning, page-7

Investors who have a negative outlook in regards to current management and their stated strategy should have sold in 2007.

Current management chose to avoid the Botox lottery in hopes of pursuing a more realistic path toward commercialization. No surprise here. Orphan drug status grants certain defined benefits (waived registration fees, expedited approval) in exchange for certain implied costs (small patient population).

The smaller population is not without its benefits to shareholders. Clinuvel will charge $20,000 to administer four minuscule implants smaller than a grain of rice (actual cost, equally as minuscule).

Let's not make the perfect the enemy of the good. We'd rather see 10 million caucasians taking it for $1k. We'll have to settle for two thousand taking it at $20k. Perhaps a bad trade off in absolute terms. Relative to the risk, not so much.