Ann: Investor Presentation, page-18

I like these numbers but I have my reservations around how the prospect of further dilution in the months ahead will affect the SP.

If the FDA Type B meetings confirms the need for two well-controlled trials, Invex will be forced to consider whether another capital raising to run an additional trial is worth securing the FDA registration.

Given the laggard share price, my feeling is that the market is expecting the FDA to ask for 2 trials and Invex being forced into another capital raising to fund a second trial to satisfy the FDA registration.

They could go alone on one trial and secure EMA registration only, but given they want a buyout, it'll reduce their valuation by around half without the FDA.