Cash £350k at 30 September (2014: £366k) following fundraising of £267k through the online equity crowdfunding platform PrimaryBid.com in July 2015. The Company remains keen to minimise dilution to shareholders and it is focussed on moving into profitability as Fruitflow® revenues increase, but while the Company remains in a loss making position it will need to raise working capital on occasions, and based on its current level of cash it will be seeking to raise funds over the next three to nine months.
That is what has been officially stated. I believe I know Mr Ford's ways sufficiently well to assume that he would not expand on that in any phone conversation.
This to me is another failure of the board, their lack of vision around funding, Giving half of it away. This is more significant imho than EFSA.
What does jointly owned mean???
The Company will provide primary funding for the collaboration work and the associated patent filings on a tightly managed budget, with the results from the collaboration being jointly owned by the Company and the University. The option agreement between the Company and Inven2 gives the Company an exclusive option to license the University's existing background intellectual property, and any new joint intellectual property developed as part of the collaboration.
Yea, I don't fundamentally disagree with any of that.
To be fair on a couple of points though. It's easy to criticise the board, and they, especially Buck, deserve a lot of that, but very few were criticising when the Agreement was announced, so there's a fair bit of "wise after the event" involved there.
Also, there are lots of natural products out there who have people who are as passionate about them as folks are about Fruitflow, and EFSA approval hasn't been as significant for us as I'd expected it to be.
I still think Fruitflow's up there with the top 10% of products in the nutra area, but it's a long slog and, much longer term, pharma is a possibility which would change the game a bit.
I'm been invested elsewhere for years in an AIM Pharma stock which is now valued at over 1,000 million and has recently gone through an IPO on Nasdaq. The difference in quality and vision of the two BoD's is huge, but, with all due respect to Ford, he's just a bean counter and Buck's not exactly been a raging success in business iver the years, so you get what you pay for and hope for the best.
I think over the years there have been huge mistakes by the BOD. They had and still have a small town mentality. Whereas with a bit of presence of mind this could have been out and huge a long time ago.
They may have signed the AA for food and drinks and tried the alternative route of going down the pharma route in the states. That way they would have had the fall back of the DSM deal to show to potential investors. If the CEO was decent and connected to the Pharma and finance industry they would have got cash for more research into Fruitflow and its effects medically. We have seen the NASDAQ BIO index and IPO's go through the roof over the past 5-10 years while we raised money from Alfas money box in his office.
They are effectively doing a drugs trial in Norway at the moment for the Blood pressure. But is it a drug because its a tomato...doesnt matter you sell the same story but its even better.....no side effects.
So all in all i think the postman down the road could have delivered a better message to the public about this product than the people running the company
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