$100m m/c, page-52

Cash burn IMO is not an issue we need to worry about for at least 12 months. Here's why:

At 30 September 2011 ANP had $1.474m (with a burn rate of $860)

In November they received an R&D Tax offset of $380k

Also in November they received over $450k from ANPAK option conversions

Given that, they should have approx. $2.304m in the bank. Assume burn rate of approx $800k a quarter stays the same that will give us just about to June 2012. Where this will come very close to the July 2012 expiry of the main ANPO options.

As the ANPO are easily in the money, they will all be converted so this will give ANP an extra $1.409m cash from now until 31 July 2012, depending on conversion timing.

all imo and dyor