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Introduction Cetus Corporation was formed in 1971 to'address a striking opportunity. related programs. That business has generally followed its original plans, is self-sustaining, and can~and will continue to grow at a re- fully for current income and future rewards, principally in antibiotics- capital, identified needs, attracted clients, and have worked success- Stated simply, we intended to exemplify the leading edge of technology in applying microbial genetics to industrial processes. We raised spectable rate. However, the challenge of that existing "bread-and-butter" business at Cetus is not the principal topic of this discussion. Cetus, by maintaining and acting on its dedication to stay on the fron- tier, is, in a1L 'respects but one, poised to implement that exploitation. Our original strategy did not anticipate how quickly this opportunity would materialize, nor the substantially larger capitalization which would be needed to do it justice. We find ourselves charter members of an exclusive club, and must continue to pay the necessary dues. The investments in Cetus by Standard Oil Company (Indiana) and National Distillers and Chemical Corporation have greatly strengthened us. The opportunity is unique and enormous, the time is now. If we fail to act on~it, we stand to lose it. 1971. A wide variety of splendid opportunities await exploitation and t what even its most enthusiastic proponents could have dreamed about in The explosion of interest, excitement, need, and most important, of capability in microbial genetics in~the past five years has exceeded All other aspects of our planning are means to an end. Cetus proprie- tary processes are that end. We cannot be liberated from dependence on mediate advantage of the tremendous opportunity that has developed. mind. Only significant additional equity will allow us to take im- years to come, to significantly implement programs with~this end in supply these funds - they must come from investment of Cetus capital. Revenue from our on-going business will not be sufficient, for several client money and client priorities, nor can we maximize the profits from success unless we "work for ourselves." By definition a client cannot

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