26 July 2011 – final results

Final results have been released and it would seem that a lack of patience from investors has pushed the share price lower.  Revenue was £8k (2010: nil) and at this stage no meaningful revenue was anticipated.  More importantly, net cash burn was £4.8m versus £4.9m a year earlier and as at 30 April net cash was £12.2m (2010: £16.9m).  We rate the shares as a BUY.