Ann: Notice of Investor Call and Presentation, page-140

Take my back of the envelope maths -

In the Bell Potter Presentation last year(22min), Duthy estimated the costs of the trial to be around $16M and $3M for drug acquisition costs. Presumably the $3M drug acquisition costs was the preclinical work and formulation that they've now saved with Peptron.

Let's say they decide to run a second trial/double the amount of patients to satisfy the FDA, then the costs of both trials might be double at $32M.

We haven't accounted for the synergies in already having the same trial staff and Phase III infrastructure in place. Or considered the R&D Rebate and additional funding from research grants e.g. $3M grant Sinclair from the Sir Jule Thorn Charitable Trust.

The company has ~$33M in the bank. Given the tight cash burn up to now, it's not a unreasonable suggestion to think they could even run two phase III trials within their current balance sheet.