RWE for 2nd MSB COVID-19 ARDS P3 Trial, page-426

Given the need for additional trials and no short/medium term prospect of significant inflows, MSB needs to raise something now in the order of $150m at least, with a further similar raise to come later (hopefully at a higher valuation) before it has any prospect of becoming cash flow positive.

And for the reasons you give, I see little prospect of that occurring by way of a conventional placement. Another US$40m or so in debt is simply not going to cut it.

Maybe a partnership? Apart from the fact that the few partnerships have not yet generated that kind of cash (save for the Cephalon deal some 11 years ago), MSB's track record in this area has not been good with Novartis, Mallinckrodt and Celgene all walking (and we don't know how many others had a look and declined the opportunity - certainly the company has long spruiked the high levels of interest from potential partners so presumably there must be lots more).