Ann: Virtual Investor Briefing, page-39

Great Question number 5, the difficulty is , if Elanco move with a Licensing Agreement that would alleviate the burden for a CR , the Aratana Deal took the full six months to negotiate.
If Elanco or PAA drag the chain a CR would be required, under the new ASX Rules you must have 2 Quarters of Operating capital , so if PAA move forward on any front , V2.0 Phase II Human Trial ,, then considerable funds must be demonstrated before regulatory permission would be granted,,, you have to demonstrate you can complete the Phase II $$$
As always Time is the Critical Factor.... Epichem basically washes its own face,,, plus feel certain a few contracts must get hit by the law of averages alone..
I feel for the long termers that had assisted the company in the CR with the sweetner of Options,,only to have the company neglect any attempt to put the options in the money ,,,plus those funds would have been Broker Fee of Commission ..

I salute the really brave souls that funded the company directly after the failed formulation by Juniper ,,they really saved Pharmaust .. highest respect to you ,,,, that was real Risk.... now the company has taken a swag of risk off the Table ,,, so why no increase in the SP,, can only be awareness..... Greater the Awareness = Greater the Participation