how low does it have to go?, page-7

At these prices a further 300m shares would not raise enough money to continue with all of our programs for a year.

When the additional costs of clinical trials are factored into our current burn rate and we also add in some increased revenue from licences, I think we will need at least $12M. Another way of looking at it is that we will need almost as much as our current MC which, at these prices, means almost a 50% dilution.

This is why doing a deal now would be so much better for existing shareholders.

Still, if a private placement can raise $12m it would guarantee the future of the company and, as I said before, that would be a whole lot better than nothing at all.