I can't imagine the fully diluted shares exceeding 45 million when commercialization happens. The average cost for a company to get Premarket Approval from the FDA is about $130 AUD (depending on the exchange rate). With the fully diluted right now at about 15 million shares, another 30 million shares at $9 would bring in $270 million, which should easily get us there.
This is assuming Anteris goes it alone and doesn't enter into a partnership or get bought out. Obviously with a partnership we'd get less dilution but have to give up a royalty so one way or another there will be a cost but I think it's very probable we don't exceed 45 million shares and may wind up with a good bit less once DurAVR revenue start being generated.
AVRO, page-372
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