Agree Pharma - also $1.2m raised from conversion of options which is in addition to the $3m SPP. I thought I had seen a figure of $1.2m for the R&D Tax credit but just can't find it at the moment. A fair proportion of the credit is secured against the debt. In addition the royalties should increase substantially this FY following some success by PEB in the distribution of their testing products. Total revenue FY16 was $4,571,599 which was an increase of 72% on the previous year. If we were able to repeat that performance I don't think there would be any need for a cap raise.
Ann: AGM Presentation by CEO, page-17
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