At the AGM there was a perceptable group sigh of relief as the...

At the AGM there was a perceptable group sigh of relief as the question of a board restructure basically was dealt with prior to the meeting through the resignations of 3 directors. The shortened agenda was dealt with quickly. After the close of the formal meeting significant time was spent by the 3 directors present answering questions from the floor.It appears they have been working hard to bring themselves up to speed with all aspects of the company albeit in a dificult environment until the AGM.
I will try to list some of the important answers as I see them ( there were a lot )
1. The company has approximately $10 million in cash and will not require funds in the near future
2. The 2 overseas directors were overwhelmingly re-elected and are happy to be on the board of CBIO. The Australian directors believe they will make significant contributions to CBIO in the future.
3. The date for Novo Nordisk to take up their option is not set in stone - this can vary with agreement.Also CBIO has been talking to other Pharmas.
4. The RA trial produced a lot of data. Thankfully Helen Cameron ( director ) explained in laymans terms that some sets of data have added to CBIOs excitement about XTOLL eg Lupus markers, however it is taking time to "mine" these data sets.As a result they won't rush into new trials without an understanding of they results they already have.
5. It seems the current CBIO staff are committed to the advancement of CBIOs technology and the company.
6.It is possible that CBIO will be assisting other bio-techs with development of their technologies in future - a second string.
7. The new board is commited to probity. They have said they will use the companys funds prudently and transparently. Dr Craven advised that a shareholder update would be available within the week and shareholders would be regularly provided with updates on the companys activities in the future.
8.Dr Craven did not give answers about details of Novo Nordisk agreements nor about previous CBIO management. I can only guess for legal reasons.
The meeting was refreshingly upbeat with reasons provided for the confidence in XTOLL technology.
I concur " hallelujah " - bought some more this morning.