AGM, page-38

Trip .
1.The money from Lanstead (approx$11 mill after adjustments )has been both beneficial and a bit of a curse When the money was committed Neuren needed the money as the stock price pre consolidation was around 6 cents.There is no doubt in my mind that the deal done with Acadia would have been a lot less if we were on our knees with approx $1 million in the bank .Since then Lanstead has been dribbling the stock out which has been putting a handbrake on the stock price (some hc posters think they sold down with a couple of large sales but nobody has appeared in the top 20 ).Lanstead is a very sophisticated investor/trader /financier and has a number of strategies that the normal investors do not use.
2.Lansted has been known to swim in the shark end of the pool and many life science funds do not like to get into the pool when Lanstead is around .
3.Another issue for Neuren is that life science funds like to put in a substantial investment in companies at a substantial discount through a placement .Neuren currently does not need the money and does not want to dilute existing shareholders .