best outcome, worst outcome

The funding spectrum has potentially vastly different outcomes at either end.

The best outcome scenario:

We raise ~$4M with or without the existing shareholder participation. This takes us through to a stage where early HCV results are known and also allows for NSCLC program to continue pre-clinical work. The HCV results match those in NHP and a big player stumps up tens of millions as an offer for part of the program. Funding is then assured for several years and it is business as usual.

The worst outcome scenario:

An investor or group of investors buys 40% of the company through the issuing of new shares. No existing shareholders participate. The same investors buy a further 11% of the company on the open market. RAC recommendation is positive but no IND is filed. New investors change the Board and vote to change BLT into a private company with existing shareholders to be bought out at pre-HCV IND and results stage. Existing shareholder get a pittance and the new owners submit IND, get good results and make a killing; anything but business as usual.

I am more inclined to think the first scenario is near the reality as I suspect companies like Pfizer and GSK will be looking very closely at TT-034, waiting for positive results before making an offer. Furthermore, Carl has had 12 months of talks with these guys and hopefully has made some impression.