Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

Indeed, but CRs and government grants have always been the sole income stream for RCE and, in my view, always will be. I agree with your available options assessment, however;

• raises more cash - this I see as their only viable strategy - as long as the shareholders are willing to keep putting their hands in their pockets
• is bought out - who would buy it at this stage? They have nothing proven of value, just the vague promise of 'new' technology
• enters into some form of arrangement with a large pharma - if, and when, they develop something that can make money - 'til then, no chance. Curative treatments hold little appeal for pharmaceuticals

Fortunately for Mr Graham, there are probably enough hopefuls and true believers to keep the gravy train chugging a while longer.