Peter,Great post.Perhaps we should see if the actions directed...

Peter,

Great post.Perhaps we should see if the actions directed by the CEO and mentored by the Chairman have a logical explanation.

Could the company afford to hire a senior Marketing/Business Development executive? From the end of November 2020 to January 2021 the company brought in funds from Grants ($1.4m), Option exercising ($3.9m) and R&D Tax rebate ($1.2m) for a total inflow of $5.5m plus any sales. It does not seem possible that $400k per annum for a good executive was out of the question. So inability to afford such a person is not the answer,

Perhaps the company had sufficient management infrastructure to undertake this task. Examining the website there are the CEO and 3 scientists plus for a little while a CFO. No the obvious hole in capability in the team is selling capability. Well having that task covered is not the answer.

Perhaps examination of personnel dynamics should be examined. The CEO base remuneration for 2021 was approximately $306k. This rate of remuneration is at the lower middle for Biotech CEOs - probably appropriate for the caliber micro cap can afford. So would a CEO like to have another executive on the team that is paid more? Probably not they would no doubt be eyeing the CEO job. It would be demeaning. We know the CEO and Chair are very close. They probably agreed we can do without. We'll just put forward this just takes time, we are acting prudently. This possibility has some legs.

Another explanation could be that egos were that high that the Chair and CEO were saying to one another, as the Chair has said to me, we have made the shareholders rich what have they got to complain about, we are on a roll and did not consider capable selling hands would augment the team. This also has some legs.

Lastly, the covid-19 pandemic. Nobody would change jobs while the pandemic is on. That one does not stack up either.

Any way what ever the cause we are suffering from this lack of skill that should have been in place by the end of 2020. If any real sales were made by now, which is over due, the share price would be over a $1. What is the opportunity cost for this poor decision making.