shares on issue, page-54

Hi TDA,

I recall that PS in his last conference call mentioned a 1 for 1.

So ACL - Onc would have 280,000,000 shares [unless they spin off with a rights issue or some other raising]

Not only will the current CR cover the corporate transaction costs of the spin out, the CR will also cover the execution of Phase3 and Ph2 costs and the finalisation of the manufacture of HA-I.

Assuming a 1:1 issue of shares in ACL Oncology, the spin off will only have a budget of what is left from the CR. That is, $20M less the cost of the corporate transaction costs and less that spent on PH 3 and 2.

Pick a figure of say $10m. Is that going to be enough for execution of phase 3 trials and finalisation of HA-I manufacture?

It is possible therefore that ACL Oncology will need to raise more cash at some time.

Of course, as you point out, the frame work is yet to be revealed and is subject to shareholder approval.

Interesting times are in front of us.

Mulac1