Like most medical research companies, Cynata has yet to make a profit -- let alone a single sale -- with operations sustained entirely by its ability to continally tap shareholders for extra cash.

Indeed, the number of shares on issue have increased 50% in the past two years alone with the company burning through around $3m in cash each year (at the current run rate). At this pace, it will be looking to pass the collection plate around in another couple years.

Yes, it COULD eventualy develop a commercially viable product, and some recent regulatory approvals show it moving in the right direction. But history suggests -- strongly -- that the odds are stacked against it and I'd class this as an extremely speculative and high risk investment.