prochymal.. pre.15 months .., page-2

And important crucial 15 months (or thereabouts)ahead.

MSB will need revenue on the horizon within the next 2 years, or they will need to do a cap raising or partnering or rationalise indications. They won't want to have 6 stage 3s ongoing with less than a year of cash let with no recurring income locked in. Hold on to your hats.

I believe it was $310m at June at a current operational burn rate of $70m PA. This Osiris deal is $53m AUD cash, plus potentially another $50 but could be in stock rather than cash. Under new structure operation cash burn expected to incease by 15%, gets us to $80m burn per year but to be conservation assume it increases to $85m PA, so

June 2013 $311m
Osiris cash ($53m) (assume rest paid in stock)
2014 burn ($85m)
2015 burn ($85m)
2016 burn ($85m)
Bal approx $3m.

I've excluded interest income on cash, but bound to be incremental corporate costs to offset this.

Still pretty strong position, gives 3 years worst case and partner op could be best mitigation. Keep the cash coming in and gobble up all the talent and resources.