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Colltech was given a dream start, no highly involved EIS for plant as its waste was allowed to go into the Collie power station waste system. This provided huge time and money saving in regards to the building of the plant. Additionally, Colltech was also always going to benefit from various government grants and incentives.

The development and the licensing of its collagen products progressed in what seemed to be an efficient and timely manner. Remember, Ovicol C was ready for the market 18 months ago. That market is the multi-billion dollar cosmetic market. Colltech should have been in a position to generate revenue soon after it received product approval!

To date Colltech has failed to secure a single significant sales contract for its product. Even the universal example 'the Widget maker' starts marketing and secures sales before the fist widget rolls of the production line. Colltech by any reasonable standard should have been a great 'cash cow' by now.

Colltech's performance from the perspective of an IPO investor - this rights issue brings the total shares to 257M and 64M options which effectively dilutes the 97M IPO shares by two thirds, plus the 20c IPO price has lost about 9.25/10 of its value. Thus every $1000 IPO dollars is now only $60. On this basis, the continuous cash burn of over $700K per quarter and no income I think the board and management teams (both past and present) performance has been abysmal with a score of 6/100.

With this pathetic performance record these characters are line up to give themselves millions of free options exercisable at 4c. What a joke! They shouldn't be in the money till they get the sp above the IPO price of 20c.