And based on the last 4 years of announcements, the share price...

And based on the last 4 years of announcements, the share price will be lucky to stay up for 2 days in the event of a good result. So many frustrated tired investors sell out as soon as there is any sniff of a positive result. Sit and wait for 12 months for a major announcement to arrive and then... Start the clock and do it again.

Clearly the arrival of a big pharma is now an extreme long shot. Without cash flow the company has two options. Either do yet another rights issue or find an investor. Given they have tried to find a cornerstone investor for at least 5 years without success, it makes you wonder where this will all end. I have been involved in companies that have had 4 or 5 investors enter and leave their registry over this period, but these guys can't find anyone to take even a small shareholding.