Evening, It's because any capital raise is almost always at a...

Evening,

It's because any capital raise is almost always at a 15% discount to the 'Volume weighted average price' so if the share price is trading at say 21c then the CR will will be set at 17.5c in this instance.

So naturally the share price retreats to the discounted VWAP, shareholders will sell at anything above the CR price of 17.5c with the ability to try and pick them up through their entitlements.

So it's almost impossible for the sp to trade above the CR until it's closed, even with great news.

As for timing of the raise, we did have $12m cash on hand at the last quarterly report with a burn rate of about $1.2m a quarter. So on that basis we have a solid cash position, however with the Q-Gen cell manufacturing deal and the intentions to progress OmniCAR to clinic in the new year we can reasonably expect the cash burn rate to increase.

We also now know that the PTX-100 interim readout is due inside the month, this CR with the expected $5m in option conversion before March may allow the sp to have a smoother run into the new year. Not considering any potential placements to soph's and that we raise the full $8m in the spp, that gives us roughly $25m.

I'd expect the next CR to come in either Q1 or Q2 of 2023, depending on where PTX-100/200 data leads us and the budgeting for OmniCAR hitting arms hopefully mid 2023.

Hope that helped answer some questions regarding why the sp is wearing concrete boots during the CR and great announcements....Fingers crossed the interim readout is great news and we can kick on into November.