Talking about funding, if there is a positive outcome in kids...

Talking about funding, if there is a positive outcome in kids SR-aGVHD in the next little while, such as an AA, replacing Oaktree with another lender while extending the loan tenor is not inconceivable. With interest rates coming down and corporate credit enjoying another wind, debt capital can be quite advantageous and non-dilutive if more favourable rates than currently being paid are on offer. If a new lender can offer investment banking expertise, that would be even better. That, if coiniciding with a clear regulatory pathway for HF with LVAD, would allow the company not only breathing space but plenty of leverage in negotiating with potential partners.

The indications are increasingly taking lives of their own - think separable businesses that can even be separately sold off or listed partially, completely, or alternatively treated as individual “projects” and supported by financing at that level, with the possibility of bundling things with expected cash flows coming through at different stages so that near term projects can be used to support P3 or P4 trials/assets, and partnering on that basis - better pricing can be had because of greater flexibility in structuring.

The permutations and combinations are many and varied, and the company need not worry too much about the sales side of things.

Such an interesting juncture. So things really don’t seem as dire as a few months ago, and we may just be able to hope that the recent CR was the last of its kind, when the company had its hands tied because of past events, missteps or lack of imagination, whatever you like to call it, and the wrong parties ended up not only benefiting from it but holding back the company at the same time.