Those rights were voted on at the last AGM. The associated AGM...

Those rights were voted on at the last AGM. The associated AGM papers contain a full list of the performance hurdles so have a look at the archive of releases on the CUV website about 13 months ago and you can find all the details.

There was A LOT of discussion about the package back then, both here and on other sites. It was a controversial award, with almost 40% of votes cast against it, so it almost didn't get up. I'd summarise the arguments against as saying many of the triggers are a bit soft. Not all are (such as achieving a $7.5bn mkt cap vs the current $1bn), but there are several things that are really no more than a biotech CEO doing what a biotech CEO is paid cash to do. Still, the vote was approved and the scheme is in place. Since it's now a fact, I hope he cashes in every conditional right since that would mean strong progress has been made in the company.

Afamelanotide has been around a while. There is plenty of quality scientific evidence of great benefit in many indications. One thing that CUV has been strongly criticised for over the years is that they've not made much of "the story". In the last few months their attitude seems to be changing. I don't think you can level a charge of historical hype or marketing spin at CUV's door. In fact, quite the opposite so knowledge of the potential maybe isn't where you'd expect it to be for an ASX200 company.

It's been a very slow process, but CUV has quietly built a profitable, cash positive business based on EPP alone. Now they have the internal funding to drive further developments, it could all get pretty interesting and pretty quickly (maybe that's relative to their history though). Remember that EPP has only ever been the indication to get their foot in the door. This is especially true in the Australian approval from today. Australian EPP revenues will never be a big contributor, but imagine what comes next...reversal of UV related skin damage (amongst others) perhaps?

Hopefully "the story" will be explained fully in the looming strategic update.