Ann: Investor Presentation - Business Plan , page-18

Cash on hand $70.5m plus US$20m from NovaQuest = $91m
(NovaQuest invested is Not loan)

By 2H2016, Bronchitol for CF would be approved, and PXS still will have cash $30m estimated (current annualised net cash outflow is $20.3m). Meantime, for Children probably would be approved in EU as well, then US, then, total estimated revenue for Bronchitol for CF- $435m p.a.

Let's say our plan was overestimated, cut by 50%, $217m p.a. for CF, net profit would be at least $40m, plus cash on hand $30m, will share price still hover around 18c? valuing company at $55m???

I will definitely buy more and hold onto it.

We don't forget PXS still have bronchiectasis with potential revenue of $800m p.a.