Vote NO Abstain NO - My Open Letter to Shareholders, page-100

I think most holders are the same ZolRab, already heavy into CYP, a shame to not be underweight at prices like this.

Mgmt should be at least trying to make retail investors a little more happy, when you have so little liquidity, it's retail that can move the price in a big way. A positive is that it doesn't take much to move the stock in either direction and hopefully don't have to wait too much longer for news re phase 2. Even a negative response from Fuji in the near term would at least see us moving the project through to phase 2 on our own, rather than just sitting and waiting for phase 2 to go ahead. Hopefully mgmt/fuji continue to work behind the scenes so that phase 2 can be activated quickly once a decision is announced.


Also I disagree with those that have been posting here not seeing value in the JVs with universities. These pre-clinical trials are important to move to phase 1 and 2 trials in other applications (as our technology has been proven safe I believe we can skip phase 1, just a little more risky going straight to the more expensive phase 2). I think we're much better off having these pre-clinical studies at very low cost and then being able to offer a partner a lower risk proposal.

We're all waiting and it's not reassuring to see a drop like today but we have to be patient, and continue to be patient. Easy for frustration to sink in and easy for us to doubt our investment decisions. I think it's unreasonable for us to expect any phase 2 trials to be announced without the phase 1 report being completed and released. These institutions also have an obligation to their investors and need to demonstrate prudence in moving ahead. I came in at the start of phase 1 trials and I think we've run a good speed since then. In fact, delays that almost always happen with small caps didn't happen here. You can argue we should have made more commercial deals but it's only been 2 months since results and we are still waiting for the study. I'm surprised we locked in Fuji so early, I'm guessing first right of refusal on future applications was the kicker.


I would however like to see more buyers coming in, the selling doesn't worry me as volume is small and all stocks have sellers (sometimes people have to sell for external reasons, others for some reason have a short term view on illiquid start ups and can't hold long especially if price falls), just don't understand why this can't be marketed to investors better. Perhaps they need to make the financials clearer, they talk about the technology but need more emphasis on cash flows associated with both fuji exercise and with us going alone...it would provide a more rational argument.