"Do the competition management pay themsleves almost 50% of the...

"Do the competition management pay themsleves almost 50% of the capital raised... "

I think this is the crux of the issue. I suspect that they don't and that they are reaping the rewards of increased share value which is probably benefitting them financially many times more than if they paid themselves large salaries.

Think of what we all (management included) would have gained had we not burned through so much cash in terms of higher share price, options remaining in the money, faster progress of ADAM, higher conversion price for QVT notes etc, etc. Success snowballs in this kind of growth industry and the rewards would surely be many times greater without a huge ball and chain slowing us down.