You are correct in that Dr. G, never reported the reasons why the pre-clinical trials were not completed. He has said to me (my visit there earlier this year) and as well to those that asked him directly, that only half the study was completed but ran out of funds to continue it. He should have put this in writing in one of his press release to all shareholders, and reasons for it.

I am surprised that he started the pre-clinical with only half the funds to complete it, or perhaps the trial costs ran into difficulties or different direction/protocol ? I am not sure how the cost structure was negotiated, but just before the trials, he did raise substantial funding and promised investors that it would fund the pre-clinical trial. As an Investor, I am pissed that the pre-clinical trials were not completed , as you are.

I recall asking how the results looked so far with 1/2 completed trials, but he said that he did not know the results but was confident that based on his lab data, that they were good. He also mentioned, that the trials would not have to be re-started and just have the rest (1/2) completed.

IMO, Dr. G is a very clever scientist, but lacks the entrprenual know-how to get things done financially.