Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-27

Cash burn is OK, given most of the studies mentioned are wrapping up. But it goes to show why PAR need to sign a partnership deal for MPS, bothto get it off their books and to raise some cash up front. Plus it would show the world how someone else values their asset.

Cash burn should be slightly less next quarter (say 13m), but significantly less for the quarter thereafter (say 8-9 m), so a capital raise doesn't have to take place until Q2 next year. We may be looking at a 60 million raise, followed by another raise of 30-40 million to get us through to trial completion and NDA submission.

Given this, the near term outlook for PAR appears bleak unless PAR sign a partnership deal and raise funds via non-dilutive measures. However, I expect general sentiment to improve in the final quarter of this year, so maybe we will be able to raise funds at a price that more appropriately reflects PAR's value.

My views, dyor