updates, always updates, page-11

I also think that a capital raising is a distinct possibility.

Dr Reddy's has $20m of expenses to recoup before Alchemia gets anything from fondaparinux, and then it will be collecting its share of profits at the end of each quarter. So even if approval comes this month and sales ramp up within a few months, it could be six months or more before Alchemia gets any real income.

Meanwhile progress with HyACT is stalled.

So I for one would be quite happy if Alchemia were to raise $20m at (say) 70c. About a 15% dilution. That should be enough to push the phase III HA-irinotecan trial through.