Ann: Chairman's Address to Shareholders, page-8

R&D & business devlopment expenditure has risen four-fold in three quarter. Salaries are around an average 220k per employee. Then there is the $1m+ travel expenditure for one year. Then there is the executive options scheme. The benefits of NASDAQ is largely seen in its capacity to getr further funding (dilution) down the track.....all this epxenditure, and to cut right to the chase, in terms of the one project that can potentially deliver value...there has been a grand total of 7 patients dosed in 18 months.

Where is all the expenditure going? Where are the controls? Correct me if I'm wrong. but this look like a gravy train for management. They must be having a grand old time.