Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-4

I think you're right.

This is from the July 2021 quarter;

We are actively pursuing additional funding to initiate
a US Phase 2 trial and are in discussions with several large pharmaceutical and
orthopaedic companies to explore strategic partnerships and licensing opportunities for
Progenza™ outside Japan.

October 2020 quarter;

In light of the receipt of the latest milestone payment from Kyocera, the Company notes
that the loan facilities totalling $4m provided by Paddington St Finance and Leo Lee (see
announcement of 28 February 2020), have been cancelled, following a final principal
repayment of $1.1M.

Directors provide $4m loan facility (iguana2.com)
What happened leading up to the Kyocera agreement.

Maybe a similar sum, similar conditions to get us over the line for the US partnership and trial initiation which seems to be a priority for 2022 as Japan is going swimmingly and so is Sygenus.

Once Kyocera agreement was initiated, it took 17 days for the first milestone payment of 1.3m aud and then two months after that for 5.6m aud to come in. So, quite a quick turn around after the deal was signed. Maybe Karolis is trying to replicate this sequence of events for the American deal?

Thoughts?