Ann: Interim Report 3 Months to 30 September 2017, page-7

If any $ had been committed subject to conditions being met, then such an agreement would have to be reported to the ASX. The fact that there has been no such lodgement tells me that there is no background deal that is waiting in the wings while unknown shareholders accumulate. Also, the "grant" is a R&D tax incentive and so the more we spend on R&D, the more we can claim back.

The Path to Value Creation is not new. A very similar caption was used for some presentations in the past. We all know what impact that had.

All our partners are ones where we pay them money, so how selective are we? True, our licencees do pay some revenue to us, but not much more than the cost of a pub meal and a beer.

If dilution is not on the cards, why have we got a $20M shelve registration waiting to be actioned?

I admire your optimism, but I think that the only way we will avoid dilution is if we partner on OPMD or Nant provides non-dilutive capital. I don't think any of your scenarios are plausible.