AK - I understand your concern about cash burn but if you really...

AK - I understand your concern about cash burn but if you really have a problem with their packages and a few of your other concerns then maybe you should consider an exit as these are not going to go away. The cash burn is what it is - I think the company needs a CEO and CSO and the previous ones were getting around 300-400k packages as best I can reconstruct from the last 2 ARs. SU was on about 500k at a Govt institution and RH commands that in the US so we are just paying market for their services. They have been there less than 6 months and we have a clear strategy, reviewed by a global no.1 consultancy, a restructured Board, strong IR and a commitment to deliver 6 data drops in 6 months. Judge them mid year but now is too early IMHO.

My take is that for years we wasted time showing people up North what we had played with rather than asking them what they want. A couple of Aussie scientists did a good job shopping their wares a few times a year and added an offshore director occasionally. Now we have 3 US based directors (one of the as the CSO) and a Harvard centric SAB as well. Anyone seeing a pattern here? If it is heading where I think it is heading the next round of capital won't be from us, wont be at current prices and wont be 5 or 10m (the last company the new director worked for has raised 1b USD in forms of capital) . . . Of course they have to prove the next 6 months first or Akki is right - it's same old same old . . .

If only we were 'allowed' to break 4.5c again . . .