capital raising is now the key issue, page-2

I should perhaps add that, given ACL's current market cap, any solution re the capital raising dilemma is likely to require shareholder approval and thus take some time to implement. An alternative ? but higher risk ? option would be to raise around only $8-9mill now (i.e., the max that can be raised without shareholder approval), and negotiate with Reddys to delay repayment of the $10mill loan. This way, fonda profit share earned over the next 6 months could go straight into funding the phase III trial. The advantage of this option is that it minimises the amount of cash that needs to be raised at these low levels.