Correct re the options, very savvy structure, options are ATM versus the issue price and will see $12.5m coming in April 1 next year.
From speaking with the company this fully funds the US pivotal study and the business should be cashflow +ve while the study is being completed via the Sonic Healthcare sales...such is anomalous versus 99.9% of biotechs around the world!
As the options are a non-renounceable entitlement issue it will encourage further stickiness in the register in the 1st 12 weeks after listing.
Balance sheet says that average entry price = $0.22 and these guys have been funding GBI to dot all the i's and cross all the t's prior to an IPO for the last 5 years so I wouldn't expect a wave of selling anywhere near the issue price!
If you recall the valuation posted some weeks ago GBI is a 4 bagger just off the Sonic deal.
Operating leverage means that dditional deals will see effective incremental EBIT margins >50%
Lets wait and see how the market disseminates the numbers and the GBI tangible opportunity!
GBI Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Not Held
