a real negative bunch of share holders, page-15

abobo
this is a trivial point and I hope it does not distract you from proving a link to the $15M spend on HRV.

Biota is estimated to burn between $4million to $5 million a month
Cash burn is not expenses. Cash burn comes from the cash flow statement and Biota were operating cash flow positive in 2007 and 2008.
Cash burn in typically only used in analysis of companies without revenue.

I appreciate you were probably referring to expenses, but even then I think your estimate is too high. Do you have any supporting evidence for $48-60M in annual expenses?
I note that in 2008, without using a calculator, that expenses appear to be around $2.7M a month.

Of course if your assertion that $15 has been spent on HRV since Sept 08 is true then $4-5M a month may be correct.

cheers
moreld