keep accumulating, page-14

they had an offer back in about 05 of $1m plus all phase II & III development paid for and milestones plus royalties etc but at that stage they had already sunk about 20m into it so the board said no.

or so the story goes. . .

either way I suspect they will still be able to dredge up a deal where there is no future cash drain but I doubt they will get all they have sunk into it back unless it is registered.

I think someone putting $5m in at 12c is probably pretty likely to have a few mates who might run it to 20-30c like happened last time there was a placement at these levels. Just remember to tip a few out on the way up - these guys all have options they can excercise.