Ann: Executive Leadership changes - Dr John Friend appointed CEO, page-5

Yes, that is all speculation. I do note however, there is no statement from James in the resignation announcement. No friendly so-long, goodbye, and thanks for all the fish. So some might speculate from that omission that the decision to leave was not made entirely by James? It will be interesting to see where he pops up next.

What I do know is this. James Garner has left us with very little cash in the kitty. Once again we are running on a very low cash balance. Running it down to the line on the hope that some good news will come in time for the next capital raise. Both our Chairman and Managing Director have not handled equity raisings well over the years. I know it's never easy, the endless dilution needed to fund drug development through years of trials. I know that biotech stocks are in the toilet across the board. My observation, however, is they leave the capital raises too late and the market marks down the share price accordingly leading to further dilution when the raise happens.

James never did put much of his own money into Kazia. It will be interesting to see his final shareholder statement which no doubt will be released today or tomorrow.