Ann: Appendix 4C - Quarterly-RGS.AX, page-3

Bubby, I may have my rose coloured glasses on, but I agree. Someone correct me if I'm wrong, but the company has essentially arranged for a loan to use over the next year or so until they can repay the loan using the next R and D tax rebate. This is an alternative to raising more capital via shareholders or a placement etc. To me this oozes confidence in the future position of the company. I'd say they would have to be thinking that the Japan deal will bring in the required dollars for the Progenza trial and they can then raise capital if required at a much higher share price down the track for the other programs.