cujo, page-8

http://www.news.com.au/couriermail/story/0,23739,24865681-3122,00.html

Delays dog biotechnology companies

EXTRACT
But at least one sector figure believes some companies use milestone forecasts more as a short-term fundraising move rather than as proper estimates. Another thinks companies need to start offering more elasticity in their time lines.

EXTRACT
"I think most of the announcements that companies make in terms of milestones are there for short-term financing reasons and not for management of the company," he said.

He said the issue of companies quietly extending deadlines was "too common here". "No one's focusing on running the business . . . that's my interpretation of it," he said.

EXTRACT
Such issues were uncommon in the US.
"Over there you would never announce an achievable milestone until you had that milestone in your back pocket," he said.

Gdavid73
EXTRACT
In the 2008 AGM, PC claimed that he doesn't keep track of the number of implants and cash-at-hand daily and cannot give an update every month as requested by a lot of the shareholders.

COMMENT
PC comments at AGM are rubbish. Other than bean counting, the accounts department reports to management for any enterprise on a regular periodical basis; that’s being monthly, quarterly, half year and full year. Haven’t come down in the last shower! SH are being treated with contempt, shown the door, pat on the head and pay the bill on the way out.

This is nothing short of grant mentality. Under the current status quo without a strategic partner VCR will be looking at more than one raising if they don’t happen to stumble on a largish handout this time round.

Quote from extract –
"No one's focusing on running the business . . . "

The plan is base on cash in hand of around AUD$8m and average sales of 20 units a month. Any dick can work out if the figure falls below this number sure there’s going to be a smallest fund raising. Don’t have a problem with that myself.

At least this lot is going to focus on value for your buck!!!

QUESTION - Why haven’t we been advised implant rates for Nov and Dec and sales so we can get a true feel of the gross cash burn rate? Particularly in the light of cost cuts. BTW Cujo still waiting on your reply re: rubbery figures.

DMR