Jag-this,

Why use such inflammatory language when you have acknowledged that you do not own a single share of Cardiogenics and have no experience managing the operations of an early stage medical device company.

Please recognize that INO is developing a manufacturiing process to be used in their cGMP facility to support the commercial launch of the analyzer. This will be a significantly different manufacturing process that takes into consideration efficiency, scale and cost of producing each analyzer than the prototype construction process utilized by Cardiogenics in their production of early stage units. However, IMO, if INO has encountered issues that have prevented them from meeting the timeline presented in their joint Press Release, then Cardiogenics is derelict in their financial duty to inform their share holders and the investing public of such "issues".

IMO increasing the number of authorized shares is not "outrageous" but a prudent management step to ensure the company has access to financing opportunities available to it as a publicly traded company. At this point in time, neither you nor I know what the size of the coming dilution could be. What we know from Cardiogenics latest 10Q is the company needs an infusion of cash to continue to operate and the likely source of this cash could be through the issuance of shares to an investor. IMO another PIPE is on the way, hopefully with no warrant coverage.

How much money the company will raise is open to discussion. Given the terms and conditions of the last PIPE, I anticipate the dilution will be as small as Dr G can make it. I would guess that he wants to secure positive data from the head-to-head study and possibly execute a licensing deal for the analyzer before he raises any significant money to fund the operations of the company.

Ante