Indeed, but CRs and government grants have always been the sole...

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.