Ann: Quarterly Activity Report & Appendix 4C, page-4

Come on Col, you are better than this commentary. The only way 30 cent oppies, as you call them, get exercised is if the stock is persistently and well above the 30 cents call exercise price. You can't have it both ways and call a decimated share price on a capital raising, but also call options being exercised with the stock well above 30 cents. Now a rally above 30 cents and a capital raising, if you are suggesting that, I will gladly take?

That's just basic indisputable math, regardless of your view on the stock/company.

The company was quite clear:

"The Company closed the quarter with A$12.1m in cash. Net operating cash outflows for the quarter totalled A$4.1m. The expenditure incurred in the quarter was significantly higher than the projected average expenditure in the forthcoming two financial years, largely due to payments related to the start-up stage of the Phase 2 aGvHD clinical trial, and other non-recurring costs."

Its funded in its LUMC/NHMRC partnered trials. It has vastly reduced cash burn prospects with partnered trials, as Silviu has finally heeded a little too late (and I own MSB). Sector has gone and you know who gone quiet bagging MSB. No need to wander on here and bag CYP anymore.

Show me a pre-FCF bio-tech company that did not splurge during the great Central Bank cash giveaway and now looking a little tighter on capital. The GvHD is a strategical error in my opinion, but nothing I say going to change that. The largest partnered Phase III Knee OA trial of its kind will dictate this company's future (and ironically MSB's GvHD adventures more than its own).