Ann: Investor Presentation , page-5

The $3m from Novo was received some time ago now. The presentation summarises how the rights issue funds will be used.

However I am unclear why the terms of the option are already pre-determined (upfront, milestone, royalties), and yet Cbio is under no obligation to enter into a licence with NN, even if NN exercise their option (according to Lodge partners report anyway).

Also the milestone payments seem small compared to other players in this game. Maybe they are only for the phase 2b milestone(s).