somewhat perplexed, page-14

So they are currently sitting on $80.1m in cash. Market Cap is $81m. So basically, all existing programs are valued at ZERO. They are discussing spending existing cash, Partnering and/or Cap Raising to bring LANI to market.

Err - I don't think so.

I think this calls for an EGM seeing that the complete landscape has changed. I don't know the legalities as to whether these guys have a mandate to completely change tack, but with $80m sitting in the bank and big question marks over whether LANI will have a customer in the US Govt, I suggest they must put a freeze on everything and start consulting with their holders.

And with the following comments, are they actually trying to scare the SP into freefall so they can perhaps buy up at bargain basement prices? Now things are starting to stink. Perhaps there is scope for a shareholder revolt. I wonder what the big holders in the US are doing and/or whether there is some behind the scenes plotting going on?

"Based on our current strategy and operating plan, and considering the potential costs associated with advancing the clinical development and preclinical development of our product candidates, we believe that our existing cash, cash equivalents of $80.1 million as of March 31, 2014, along with the anticipated proceeds from our existing royalty-bearing licenses, the collection of accounts receivables and a final termination settlement under the BARDA contract, to be collected over the next month twelve period and other existing license and collaboration agreements will enable us to operate for a period of at least 12 months from March 31, 2014.

However, if we choose to advance laninamivir octanoate into Phase 3 clinical development in the future, we will likely need to enter into a license, co-development, or other collaboration agreement with a third party, or otherwise raise debt or equity capital to support the development costs, which could be substantial. We cannot assure you that we can enter into any such agreements or raise additional capital to support the future development of laninamivir octanoate on acceptable terms, if at all.


We currently do not have any commitments for future funding, nor do we anticipate that we will generate significant revenue, aside from existing revenue from royalty-bearing arrangements and the recently-terminated BARDA contract. Therefore, in order to meet our anticipated liquidity needs beyond 12 months to support the development of our product candidates, or possibly sooner in the event we enter into other transactions or revise our strategy or development plans, we may need to raise or secure additional capital. We would expect to do so primarily through the sale of additional common stock or other equity securities, as well as through proceeds from future licensing agreements, strategic collaborations, forms of debt financing, or any other financing vehicle. Funds from these sources may not be available to us on acceptable terms, if at all, and our failure to raise such funds could have a material adverse impact on our future business strategy and plans, financial condition and results of operations. If adequate funds are not available to us on acceptable terms in the future, we may be required to delay, reduce the scope of, or eliminate one or more of our research and development programs, or delay or curtail our preclinical studies and clinical trials, or reduce our internal cost structure. If additional capital is not available to us on acceptable terms, we may need to obtain funds through license agreements, or collaborative or partner arrangements pursuant to which we will likely relinquish rights to certain product candidates that we might otherwise choose to develop or commercialize independently, or be forced to enter into such arrangements earlier than we would prefer, which would likely result in less favorable transaction terms. Additional equity financings may be dilutive to holders of our common stock, and debt financing, if available, may involve significant payment obligations and restrictive covenants that restrict how we operate our business."