These blokes have done the wrong thing by shareholders over the...

These blokes have done the wrong thing by shareholders over the last couple of years. They raised money for MRX development when the SP was buoyant and proceeded to destroy shareholder value with it. The lack of independent chair to look after shareholder interests really shows up in the current situation.

In retrospect, my view is that the poor phase 1 progress was probably intentional. They got the funding and in my view took that to the biotech roulette table. Speculated on alternative applications rather then developing the company's core MRX technology. It would have been a fair cop for shareholders if they had actually tried to progress MRX and lost, but that's not what happened.

So here we are, raising a small amount of loan capital in desperation outside of normal biotech funding strategy, to move another inch towards a negative contrast agent that may or may not ever enter a competitive MRI contrast agent market. In that market positive contrast agents reign supreme for reason.

Let's hope these guys can do something worthwhile over the next few months.