building nicely, page-8

It is building nicely but i still think steady for now until a significant milestone is reached of course more partnerships with "potential milestones" are great but they are still only the underlined & really can only be valued as the samll upronts in themselves & a little bit of speculation based on that potential. It seems to be all the market is & has been prepared to do in the past - what they want to see is real value achieved. Always pointing at an individual for the reasons the sp. has been held back while of course have some merit but it hasn't always been the case - we've had Karrelis & then Barton that may have contributed significantly to downward pressure but it hasn't always been the case so trating that as the sole reason for declines or flatlining maybe has some holes in it. Only have to remember the pressure that came over the sp. with extremely heavy selling after the Pfizer release to see another case & neither AB or Karrelis where the sellers in this case. I'd say while AB might of been responsible recently it may also be people bringing the sp. back to the value associated if you view the placement with both the issue price for fully paids & the ratio of free options allocated.

Still say it will come in time but i don't think ahything has yet been delivered to really warrant a significant re-rating although a couple of cents would still be quite reasonable. All comes down to where current projects are moving to - need to see atleast one progress to the real value add point. Not far off anyway my guess is by mid-year would should be well & truly on the way, i guess also boosted by the fact they only moved for $2M in the placement says expecting a cash injection by atleaset sometime during 2nd quarter.