Here are my remarks on the latest financials:

1) "Liquidity and Outstanding Share Capital

As at September 30, 2012, we had cash and cash equivalents and short-term investments of $1,788,647, compared to $1,326,399 as at December 31, 2011. The increase is due to gross proceeds of $2,553,899.40 from our financing that closed on July 13, 2012. Subsequent to September 30, 2012, $304,109 was raised via the exercise of warrants. We expect cash and equivalents on hand to finance operations through Q1 2013."

Reading the part above confirms that money in the bank without any further warrant exercise is sufficient till Q1 of 2013.

2) "Subsequent to the quarter ended September 30, 2012, a total of 846,020 warrants outstanding were 

exercised for total gross proceeds to the Company of $304,109."
 
Profile of warrants exercised; I did a quick calculation to find that c. 500k of the 25-30 cents were exercised at the time of issuing the financials and c. 300k came from the 60 cent ones. This confirms my understanding of why the share price was under pressure last couple of weeks, as a small fund lost its Health Care analyst and sold all Healthcare stocks that had positive returns even for a small premium.
 
3) Warrants outstanding - 12,417,410 
 
A few notes about those:
a) Actual number after adjusting for warrants exercised after the 30th of September is 11,571k warrants of which c. 5.2m are at 30 cents and the rest are at 60 cents. 
b) Of the 30 cent warrants, management own 1.6million shares and a special fund owns 3.4 million shares (in an Escrow account for further info read the Company's last Circular); thus leaving us with 200k or so that could hit the market at 30 cents, which might have already happened.
c) The rest of the cent warrants at 60 cents are held with a small number of funds mainly in Canada and the US. This is not to say that they will not exercise, but they are likely to do that upon meeting certain resolutions.
d) If those warrants were all exercised, the company would get more than 5 million dollars in its bank
 
So between warrants and potential resolutions in H1 of 2013, its unlikely that the Company will do any equity raise, unless its at a significantly higher prices.
 
The financials are very comforting and suggest that if good data is achieved, we will get rewarded nicely.
 
Just my 2 cents.
MMN