Ann: Invion announces $2M placement , page-5

Chairs,you have a right to be cynical.I'll outline my thoughts to your questions.
I assume the delays to the original cap raising were that not the bulk of share holder’s participated.(keeping in mind that Cbio holders have previously invested large amounts and some were not prepared to commit further, (I know a few.) I stand to be corrected and these figures are only guesstimates,say we have over 400 share holders, on the amount raised participation rates would barely be a quarter.So ample opportunities were given to existing shareholders to top up and avoid dilution through large parcels of shares passing to sophisticated investors.According to the cash burn rate they needed to raise up to $5 mill.
The five day moving average for our raising had to be replicated to sophicated investors,it is unfortunate that the average moved down to 3.8 cents-on the other hand it could have gone the other way.
Any delay to raising would have impeded the progress of the company and its ability to carry out trials.
As far as the legal battle is concerned we have one ex director who has seen the light.My legal knowledge is limited,but it is up to the other 3 previous directors on how far they want to take this,as you would know this can take time.

You state that there is lack of progress in the Bronchitis trial(Smoking).I believe the company has made amazing progress-don't forget that Invion only came into being last August,(2012). Cbio took over 10 years spent $100 million of shareholder money with no conclusive outcome and that was mainly for one indication,yet here we have a company that has been in existence only 10 months and during that time has obtained 2 FDA approvals, 2 trials in phase 11 and a third starting tomorrow the 13th.(USA Date)which is Lupus cpn10.Also noticed in the June investor presentation a new chemical compound is also to be investigated.

Extract from June investor presentation re Lupus"IND submission April 13 and phase II trial commencement June 13"
How good is this? Maybe I'm the one that is overly optimistic?
We will find out when the interim results are out later this year, but I find it hard to believe that we have Australia' most sought Bio Tech Executive joining Invion for a company that is going nowhere-I quote from the outgoing Ceo Dr Bill Garner “In founding three companies and creatively listing all three at EGB Advisors, LLC, I have learned to strike quickly when an opportunity to recruit talent at the top of their game presents itself,said Dr Garner, who will remain Invion’s largest shareholder.
Dr Garner also said “I believe Greg is the most sought after executive in Australian life sciences, coming off the sale of his last company in 2011 and the subsequent approval of their lead drug in the US in 2012. I look forward to working with him to the benefit of all of our shareholders"
Chairs, I do not think for one minute your investment is being stolen-your investment in due course I believe will be greatly enhanced.