Doc,

I for one do not want to the board to engage in a discussion of naked shorting as neither side of this issue can prove their position is correct. IMO whether Cardiogenics does or does not have a large naked short position is irrelevant to the company successfully completing development of its technologies. If Cardiogenics' management is competent they will effectively navigate around this issue in capturing the financial resources required to operate the company and successfully complete development of the two technologies.

A maxim taught to me by the Founder of the first biotech company I joined is that "when a development stage company has investors willing to give it cash on terms acceptable to the company, the development stage company should take every dollar offered necessary to complete the development of its technologies." A corollary to this maxim is that "no development stage company should ever use its cash resources to buy back shares in an attempt to drive the share price higher."

Ante