CPACS: Research, Results, Market Comparisons, and Valuations, page-81

I don’t think I said that we are still designing the trial, but we are certainly still writing all the documentation required for the trial. This is a massive job - for example I spent pretty much all of yesterday reviewing 3/8th of just one of the documents and I am a very fast reader.

So why couldn’t everything be written in advance? There are two major reasons - 1. We needed the non-clinical data to write the documentation & 2. RAC is a small company so we can only do so much at once. We get about as much done as US biotechs that have 3 to 4 times as many employees, but there is a limit to how much even an amazing team can do. I am sure if we increased our cash burn to $25m a quarter we could get more done sooner, but I am not sure you guys would be happy with the number of shares we would need to issue to support this level of spending.