turning point, page-16

1. Indeed their balance sheet is not a thing of beauty, which is why the company has a market cap of $15M, not $100M. Its all relative.

They should be in receipt of an extra few hundred thou, depending when Transgene receives their $10M option deposit & timing dictated in Virax's agreement with Transgene.

2. Even if Virax goes bust, someone else will pick up Virax's rights to the IP that generates revenue so not sure if there is any benefit to Transgene to cause trouble for Virax.

3. Regardless of no.2 above, if Sth Africa is unsuccessful then I agree its practically game over. The market wont ascribe much value to the Transgene revenue due to the uncertainty and timing.

4. For a $15M biotech company, 175 million shares is nothing. Given how long these guys have been around, I was surprised shares on issue werent closer to a billion.

Leverage is excellent for a $15M market cap.