Broker data, page-81

Than's not quite true Maldowl. With OTC essentially holding it's own and the Computense/GW Pharma nexus pointing to an external clinical trial (using the midkine antibody in combination with other treatments) .......... further expenditure on midkine R&D is discretionary. Some of the current cash burn is discretionary. Cellmid can survive and prosper on OTC alone but regardless of what the company does or does not do .... midkine royalties will continue to grow ..... and grow ..... and grow.

If the company could get its mits on a billion dollars and I were at the helm, I could spend it wisely in turning all of the companies pipelines into clinical treatments in say a 5 year time frame and deliver supernormal returns to investors in the process. We could spend that much if we had it. The company does not have a $ billions and so must rely on partnerships and collaborations on the midkine front while attempting to maximise bang for the buck on US OTC sales. This has been the business model for several years now and it is starting to pay off.

My view is that the info channel promotion that has worked well in Japan will work exceptionally well in the US ...... due to the culture of the US consumer ....... and we can already see Evolis products being developed, modified and or repackaged with North American market tastes and preferences in mind.

As a caution, the company also needs to ensure that the profitable Japanese business isn't there to cross subsidise too much else. It is good to hear that Australian sales have significantly increased because they needed to.

cheers