comes back to this TDA - TIS does not have much market credibility at moment for the reasons we all know. On CE mark issue however, there will be a lot more confidence in the company. That will put it in a much better negotiating position as far as underwriters or other financiers are concerned. It will also mean that, if there is to be an equity raising, it will be less dilutory, as it will be at a higher SP.
defer us trials until cashflow, page-36
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