Quarterly, page-137

tend to disagree GD..I don't feel that costs have sky rocketed..I'll try and explain my view..whilst ignoring the placement implications

...net operating cash flow NOCF) this quarter worsened by around $1.5M over the previous quarter

.....part of that was due to less cash being received approx $400K compared too the previous quarter (one might have expected more but this is only a timing issue) as we know revenue for the period was $2.5M of which CardioCel contributed $1M, so another $600k+ in cash is still to flow in (this excludes any cash which may be owing for longer than three months)..these $$$ are coming...

....throw in around an additional $850K in working capital increasing the balance of stocks of CardioCel (which is also an asset of the company that will be sold at a much higher price)...this was obviously needed to meet future demand for CardioCel...this is not wasted $$$

...R&D has increased by $150K compared to the previous quarter ..needed I would assume..this costs is fully recoverable...this is not wasted $$$

...that leaves staff costs which increased by $202K over the quarter....a break up of this mayhelp...these may or not be wasted $$$ but no-one here can determine this

..imo, the claim that costs have sky rocketed falls short , but happy to be picked apart..