blastoff., page-32

I don't think many people really see what is actually happening here in the bigger picture.

The projections are travelling exactly as expected. There is no need for a "big fat pay cheque" to achieve cash sustainability as the "big fat pay cheques" are as somebody previously mentioned really just the icing on the cake. Current cash position has previously been stated as supportive through to end of 2nd quarter 2011, with $5m annual expenditure outlined & $2.8m CIB as of 1st of January all is travelling to plan. Roches required (but undisclosed) payment for completion of the first stage is probably something in the area as outlined by PoS - and this should equate to stretching the funding out until end of 3rd quarter. Really to achieve cash sustainibility it only requires $1.25m revenue per quarter. I think Nick Woolf is taking a very prudent approach in stating 2012 for cash sustainibility even though he may believe it will be deliverd much sooner a larger timeline at this stage removes the risk of delivering an unmet target - it is better to call it on confirmation.

With atleast 3 partnerships targetted for this year & completion of the first stage of AZ's partnership with subsequent milestone it really would be quite easy to assume 4th quarter cash position is also spoken for. But the approach to not call it ahead of time i think speaks highly of him.

It is how the model works & as time progesses and the patnerships advance the milestone payments do also increase towards their eventual targets - 6 patners all reaching milestones as time progresses is significant funding for a company with very little expenditure yet such large IP.

Until of course one of the partners does uncover a significant discovery where the cost of long term royalties makes aquiring the company to cover the payments & at the same time ownership of the entire IP portfolio + ongoing business line a greater opportunity.

i think if you have those concerns though Andrew really you should just exit your position. :-)