Countdown to Cashflow Positive, page-34

I think it also requires revenue from multiple other sources eg, more products launching, milestones on launch as just testosterone alone will not do it as the math does not work out.

ACR's cash outflow from operating activities (including the R&D handouts) has been anywhere between $A(8.5)mil to $A(11.0)mil on a rolling 12 month average over last 2.5 years.

Per ASX announcement Testosterone market is USD20mil (so approx $A27mil) with 4 marketed generics. If ACR makes 5 then we will drive the market size down as we can only compete on price, assume the brand has left and it's a 100% generic market.

For the exercise and taking the best possible position, assume our commercial partner immediately gains fair share of market being A$5.4mil (20% of approx $A27mil), ACR gets a % of this as royalty (or % of profit share) both which are going to fall well short of driving cashflow into the positive.