It's a big loss but it's not out of line with what pre-revenue clinical-stage pharmas burn. I've thought that 25 million shares fully diluted at commercialization seems like a reasonable amount and with 17.5 million shares fully diluted, another 7.5 million shares issued at an average of $30 would raise $225 million, which should be more than enough to get to TAVR commercial revenue even with things usually taking longer than expected and costing more than expected.
Ann: Appendix 4D and Half Year Financial Report, page-5
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