how low does it have to go?, page-8

Hello Hoyland "At these prices a further 300m shares would not raise enough money to continue with all of our programs for a year"

You are right. If there is no JV I would expect something like a 100 to 1 share consolidation followed by a capital raising of say $10 million at $1 a share. This will mean more than 50% dilution when costs are factored in. But it will also ensure that one or more products get to the clinic. If these products fail clinical tests, then we've done our dough. If they are successful then we reap the rewards. The expiry date of BLTO also needs to be factored in.

I personally would prefer to remove the financial risk of not being able to reach the clinic removed from the equation and would be willing to bear short term pain for long term gain. Other shareholders may have a different veiw so implentation of a sometheing like the above strategy will be a difficult decision for the BOD

The above scenraio is pure speculation on my part and I'm sure there are better minds than mine looking at the problem. This is not investment advice.