The second part of your post is 100% correct of how it...

The second part of your post is 100% correct of how it could/should have worked. But it hasnt eventuated. Maybe still an outside chance for PNOO but clock is ticking.

We are looking at what the market is saying. If market was confident that the next injection of cash would be 1.5c or above, then we would see solid buying at these lveles and the sp would rise.

But the market seems convinced PNOO is dead, hence no buyers even at 0.1c

The next conclusion is we need capital. And its 100% accurate. Can we delay until after a positive announcement? Probably. But still risky buying much higher than current sp because dilution is on the cards.

So the sp is probably about right, not fundamentally, but from a sentiment view. Fundamentally we are so much more advanced than 12months ago but sp is same. Thats ridiculous.

An interesting play could be to buy 1 share and hope for an SPP, but I believe rights is more likely.

I can see an argument to raise considerably less, to avoid dilution and add shareholder wealth. And if it came at expense of Tripeptofen delay, I can handle that.

But a big marketing campaign and quick followup launch of SAvantac and Red are a must imo. So minimum $1mil, but preferably $2mil. More if we want to accelerate Tripeptofen.

You need to understand John's job is to build a company. Shareholders come second. So if a cap raising results in debt free, cash flow positive company with a growth pipeline, he has succeeded. Even if shareholders get diluted to do it.

Long term dilution will be overcome by strong sales figures. You need to spend money to make money.

Thinking outside the square, their are a few possibilities for PNOO, and they cant be announced until trade on them stops this week. So maybe an update next week?