Meeting (continued . . ..)
The question-and-answer period was stunningly different from August's meeting: there was a genuine attempt to answer questions.
An early question concerned the "burn rate;" according to Bernie, it is now about $60,000/month. The Company is no longer incurring the expenses of the ill-fated attempt to launch AndroVir (and then AndroCar). That prompted two lines of questioning: why was the Company not aggressively marketing these, as they had been ready to launch, and why had they been "back burner-ed."
Bernie was quite emphatic: these have not been "back-burnered;" management and the scientific advisory board consider the appropriate marketing of Andrographus a very high priority. He also claimed that the previous "attempt" was not so advanced as one might have been led to believe, and was problematical in other, unspecified ways.
Another line of questioning concerned the "dilution" of our stock by the authorization to issue an additional 15 million shares. Nelson Campbell commented that there is in fact no dilution if the issuance of stock results in a Company that is worth even more. In that these shares are necessary for the infusion of an additional half million dollars of working capital, there is no real dilution. ((Another editorial comment: this is an authorization only; it is not as if that many shares will be sold soon. Furthermore, the shares that go to Biomar are restricted; they cannot appear on the market without notification. [But why would Biomar sell shares anyway, reducing the value of the remainder of its vast holdings??]))
Another line of questioning concerned competition: who else is doing functional assays. According to Bernie, currently there are no competitors.
As regards personnel: scientists are needed to determine the optimal battery of functional assays. Paracelsian's scientists are very talented, and able to accomplish their mission. Additionally, two of the Directors-Robert A. Buchanan and Hira Gurtoo (see Press Releases for their qualifications)-will be travelling to Ithaca to work with Paracelsian's scientists. The use of the functional assays for BioFIT certification does not require scientists; lab technicians will suffice.
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