Ann: Phylomer licenced to Le metier de Beaute , page-40

I guess with a real 2.2m in cash at end of June (net of current assets and current liabilities) and a 1m burn per quarter then they could technically last to dec 31st and try to wait out the govt rebate. That will give them through to March assuming they don't really want to be held to ransom with 12 weeks cash left. It's worth a shot with more big deals in the pipeline hopefully with upfront payments attached but it's a big game of chicken. Does anyone have a good idea of the timing of progressive payments occur under existing deals and are they locked in or success dependent? Management could be supremely confidentmbecausemthey know 4m comes in from existing deals but releasing the r&d announcement again makes them look a little desperate to show they are ok for cash for now.