Ann: Appendix 4C - quarterly, page-5

CEO flagged high spending in Sep Qtr for production data to respond to CE questions.He said spending will drop back after queries answered.

Nonetheless funding running low, probably reason for recent weakness. If favourable opinion in December and CE Mark Jan they will probably raise $10M for US FDA trial and $5M for working capital to get through to cashflow positive (estimate Dec15). With CE mark the CR would be heavily over subscribed and the only way to get allocation is to be holding at that point. If CHMP delays again in December doing a CR will be difficult (but necessary) and would need to be at a low level causing major dilution.

Alternative is raise before decemeber but unlikely as I would imagine investor insto or public would want to know what they are dealing with ie green or red light.

My thoughts only. (Disclosure hold 800k shares)